Analyst Upgrades For USA Stock Market October 12, 2023
On October 12, 2023, a range of U.S. companies received notable upgrades from prominent financial institutions. These upgrades offer valuable insights into the investment community’s perceptions of these companies’ future potential. Let’s explore the key upgrades and their implications for each company.
1. The Clorox Company (CLX)
- Industry: Household & Personal Products
- Previous Rating: Market Perform
- New Rating: Upgraded to Market Perform
- Previous Target Price: USD 120
- New Target Price: USD 141.73
- Upgraded by: Sanford C. Bernstein & Co.
Sanford C. Bernstein & Co. upgraded The Clorox Company’s rating to “Market Perform” while increasing the target price to USD 141.73. This upgrade reflects a positive sentiment toward Clorox’s performance in the Household & Personal Products sector.
2. Core & Main Inc (CNM)
- Industry: Industrial Distribution
- Previous Rating: Outperform
- New Rating: Upgraded to Outperform
- Previous Target Price: USD 40
- New Target Price: USD 34.94
- Upgraded by: Wolfe Research
Wolfe Research upgraded Core & Main Inc’s rating to “Outperform,” with a new target price of USD 34.94, suggesting a favorable outlook for the company within the Industrial Distribution sector.
3. Central Valley Community Bancorp (CVCY)
- Industry: Banks – Regional
- Previous Rating: N/A
- New Rating: Upgraded to Buy
- Previous Target Price: USD 20
- New Target Price: N/A
- Upgraded by: Janney Montgomery Scott
Janney Montgomery Scott upgraded Central Valley Community Bancorp’s rating to “Buy.” However, a specific target price was not provided. This upgrade indicates a positive outlook for the company within the Regional Banks sector.
4. Chevron Corporation (CVX)
- Industry: Oil & Gas Integrated
- Previous Rating: Neutral
- New Rating: Upgraded to Outperform
- Previous Target Price: USD 190
- New Target Price: USD 195.97
- Upgraded by: BNP Paribas
BNP Paribas upgraded Chevron Corporation’s rating from “Neutral” to “Outperform.” The new target price of USD 195.97 suggests a favorable outlook for the company within the Oil & Gas Integrated sector.
5. Dynatrace Holdings LLC (DT)
- Industry: Software-Application
- Previous Rating: Buy
- New Rating: Upgraded to Buy
- Previous Target Price: USD 50
- New Target Price: USD 65
- Upgraded by: D. A. Davidson & Co.
D. A. Davidson & Co. upgraded Dynatrace Holdings’ rating to “Buy” and raised the target price to USD 65. This suggests a bullish outlook for the company in the Software-Application sector.
6. First Quantum Minerals Ltd (FQVLF)
- Industry: Copper
- Previous Rating: Underweight
- New Rating: Upgraded to Equal-Weight
- Previous Target Price: N/A
- New Target Price: USD 35.00
- Upgraded by: Morgan Stanley & Co.
Morgan Stanley & Co. upgraded First Quantum Minerals’ rating from “Underweight” to “Equal-Weight” with a target price of USD 35.00. This indicates a more positive outlook for the company within the Copper sector.
7. First Solar Inc (FSLR)
- Industry: Solar
- Previous Rating: Overweight
- New Rating: Upgraded to Overweight
- Previous Target Price: USD 230
- New Target Price: USD 224
- Upgraded by: Barclays
Barclays upgraded First Solar Inc’s rating from “Overweight” to “Overweight” while maintaining a target price of USD 224. This suggests a continued favorable outlook for the company within the Solar sector.
8. Gold Fields Ltd ADR (GFI)
- Industry: Gold
- Previous Rating: Neutral
- New Rating: Upgraded to Neutral
- Previous Target Price: USD 14
- New Target Price: USD 16.00
- Upgraded by: J.P. Morgan Chase & Co
J.P. Morgan Chase & Co. upgraded Gold Fields Ltd ADR’s rating from “Neutral” to “Neutral” with a target price of USD 16.00, indicating a stable outlook for the company in the Gold sector.
9. Healthcare Realty Trust Inc (HR)
- Industry: REIT – Healthcare Facilities
- Previous Rating: N/A
- New Rating: Upgraded to Buy
- Previous Target Price: USD 19
- New Target Price: USD 19.11
- Upgraded by: J.P. Morgan Chase & Co
J.P. Morgan Chase & Co. upgraded Healthcare Realty Trust’s rating to “Buy,” with a new target price of USD 19.11. This reflects a positive outlook for the company within the Healthcare Facilities REIT sector.
10. Kimberly-Clark Corporation (KMB)
- Industry: Household & Personal Products
- Previous Rating: Market Perform
- New Rating: Upgraded to Market Perform
- Previous Target Price: USD 125
- New Target Price: USD 118
- Upgraded by: Sanford C. Bernstein & Co.
Sanford C. Bernstein & Co. upgraded Kimberly-Clark Corporation’s rating to “Market Perform.” The new target price of USD 118 suggests a positive sentiment for the company within the Household & Personal Products sector.
11. Lear Corporation (LEA)
- Industry: Auto Parts
- Previous Rating: Equal Weight
- New Rating: Upgraded to Overweight
- Previous Target Price: USD 177
- New Target Price: USD 156.21
- Upgraded by: Barclays
Barclays upgraded Lear Corporation’s rating from “Equal Weight” to “Overweight” with a new target price of USD 156.21. This upgrade indicates a favorable outlook for the company in the Auto Parts sector.
12. MasTec Inc (MTZ)
- Industry: Engineering & Construction
- Previous Rating: Buy
- New Rating: Upgraded to Buy
- Previous Target Price: USD 98
- New Target Price: USD 117.50
- Upgraded by: Craig-Hallum Capital Group
Craig-Hallum Capital Group upgraded MasTec Inc’s rating to “Buy” and raised the target price to USD 117.50. This suggests a bullish outlook for the company in the Engineering & Construction sector.
13. Pioneer Natural Resources (PXD)
- Industry: Oil & Gas Exploration & Production (E&P)
- Previous Rating: Buy
- New Rating: Upgraded to Buy
- Previous Target Price: USD 258.44
- Upgraded by: Truist Financial
Truist Financial upgraded Pioneer Natural Resources’ rating, signifying confidence in the company’s future prospects within the Oil & Gas E&P sector.
14. Tanger Factory Outlet Centers, Inc. (SKT)
- Industry: REIT – Retail
- Previous Rating: Neutral
- New Rating: Upgraded to Neutral
- Previous Target Price: USD 24
- New Target Price: USD 25
- Upgraded by: J.P. Morgan Chase & Co.
J.P. Morgan Chase & Co. upgraded Tanger Factory Outlet Centers’ rating to “Neutral” and slightly increased the target price to USD 25. This upgrade reflects a stable outlook for the company in the REIT – Retail sector.
15. Target Corporation (TGT)
- Industry: Discount Stores
- Previous Rating: Buy
- New Rating: Upgraded to Buy
- Previous Target Price: USD 120
- New Target Price: USD 135
- Upgraded by: Bank of America Merrill Lynch
Bank of America Merrill Lynch upgraded Target Corporation’s rating to “Buy.” The new target price of USD 135 indicates a bullish sentiment for the company in the Discount Stores sector.
16. Visteon Corporation (VC)
- Industry: Auto Parts
- Previous Rating: Underweight
- New Rating: Upgraded to Equal Weight
- Previous Target Price: USD 158
- New Target Price: USD 151.59
- Upgraded by: Barclays
Barclays upgraded Visteon Corporation’s rating from “Underweight” to “Equal Weight,” with the target price adjusted to USD 151.59. This suggests a more balanced outlook for the company in the Auto Parts sector.
17. Warby Parker Inc (WRBY)
- Industry: Medical Instruments & Supplies
- Previous Rating: Neutral
- New Rating: Upgraded to Buy
- Previous Target Price: USD 17
- New Target Price: USD 15.88
- Upgraded by: BTIG
BTIG upgraded Warby Parker Inc’s rating from “Neutral” to “Buy,” indicating an improved perception of the company within the Medical Instruments & Supplies sector.
18. Exxon Mobil Corporation (XOM)
- Industry: Oil & Gas Integrated
- Previous Rating: Hold
- New Rating: Upgraded to Buy
- Previous Target Price: USD 110
- New Target Price: USD 131
- Upgraded by: Truist Financial
Truist Financial upgraded Exxon Mobil Corporation’s rating from “Hold” to “Buy,” reflecting a more positive outlook for the company in the Oil & Gas Integrated sector.
Final Thoughts on Upgrades
These analyst upgrades offer valuable insights for investors and provide a snapshot of the evolving sentiment within various sectors. It’s important to consider these upgrades in the broader context of your investment strategy and the specific dynamics of each industry.
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