[ad_1]
David Kirakosian
Investing.com — Here’s a daily pro rundown of the biggest analyst picks you may have missed since yesterday.
Spotify available for purchase
The Guggenheim today upgraded Spotify (NYSE:SPOT) to Buy from Neutral. The price target is now $155, up from the previous $120.
The company said the decision hinged on its estimated price increases for its subscription plans, as well as its outlook for cost control.
“From 2018 to 2022, cost growth in these categories outpaced revenue growth in music, and we believe Spotify is in a position to manage costs more aggressively than reflected in the current consensus model. Fundamentally, we believe the music business has scaled, and Spotify’s management believes that the value creation capabilities of the company are disproportionately profitable relative to the broader market. We believe we continue to recognize incremental efficiency as a strength.”
After InvestingPro’s real-time alerts were sent to subscribers, the stock rose nearly 3% at its opening price before retreating to a modest gain. The stock has recently traded at $129.27.
Don’t miss another headline that moves the market. To be the first to get this news, start his 7-day free trial of InvestingPro.
Foot Locker’s stock gains 7% after two rating upgrades after fourth-quarter results
Foot Locker (NYSE:FL) shares are up more than 7% after Evercore ISI and Citi upgraded the company.
Evercore ISI upgraded the stock from inline to outperform and increased its price target from $32.00 to $60.00. It lists three main reasons behind the upgrade. (1) Positive New Strategy, (2) Good Analysis Shows Company Has Street/Lifestyle Downturn, and (3) Inventory/Promotional Risks Associated with Footlockers Are Misunderstood for the Near Future .
Citi raised its price from Neutral to Buy and raised its price target from $47.00 to $50.00. This indicates that the company’s flagship banner is very healthy and its relationship with Nike (NYSE:NKE) looks much better than previously expected. “The new CEO, Mary Dillon, will move stores out of malls (while closing many mall stores and closing weaker businesses) and focus on loyalty/digital. We are doing the right thing,” the company added.
Shares fell more than 5% on Monday after the company reported its fourth-quarter results. His EPS of $0.97 for the fourth quarter and earnings of $2.33 billion for him beat expectations, but the outlook for fiscal 2023 was disappointing. EPS is expected to be in the range of $3.35 to $3.65 ($4.15 for consensus), with comparable sales down 3.5% to 5.5%. , worse than the expected 3.1% decline.
New York Community Bancorp upgraded to buy after buying $38 billion signature bank assets
DA Davidson has upgraded New York Community Bancorp (NYSE:NYCB) to Buy from Hold.
It was up more than 6% yesterday and 30% on Monday as the Federal Deposit Insurance announced that the Flagstar Bank unit had acquired most of Signature Bank’s deposits and some loans. Signature Bank was taken over by regulators a week ago.
Chart Industries resumes outperforming, well-positioned to benefit from macro tailwinds
Evercore ISI resumes coverage of Chart Industries (NYSE:GTLS) with an outperforming rating and $217.00 price target as the company benefits from macro tailwinds, rapidly expanding margins and global clean energy initiatives I pointed out that we are in a good position to get
Despite inflation and supply chain challenges, Evercore ISI says its positive momentum remains strong for two main reasons. A product of Earthly Labs. Materials costs are high, but in 2023, the company believes strong demand for LNG and hydrogen will offset these costs.
Stocks rose 10% yesterday.
3 more upgrades
Morgan Stanley upgrades Harley-Davidson (NYSE:HOG) Equalweight to overweight with a target price of $50.00 given our confidence in the hardwire strategy, the “containment” of electrification risk and attractive valuations.
The company has raised its EBIT margin assumption from 2026 onwards to 13.3% from 13.0%.
Yesterday the stock rose nearly 4%.
Piper Sandler Upgrades Wix.com (NASDAQ:WIX) We have moved from Neutral to Overweight and raised our price target from $99.00 to $120.00.
“From Q4 2022 onwards, we believe 1) growth headwinds for the post-COVID subscription cohort are coming to an end, 2) price increases are driving growth without significant offsetting churn, and 3) We believe we are entering a new era of profitability deltas among the top players, where the bottom players in the space are set to be squeezed into tighter ranges than ever before,” the company said.
Shares soared more than 6% yesterday.
B.Riley Upgrades Semtech (NASDAQ:SMTC) You bought from the neutral and increased your target price from $34.00 to $52.00.
Related article
7 analyst picks of the day: Spotify buys, Foot Locker soars | Pro Roundup
Global Mofy Metaverse Limited Announces Offering of 1.2 Million Shares at $4.50-$5.50/sh
OpenAI tech gives Microsoft’s Bing a boost in search competition with Google
[ad_2]
Source link
