Right here is your Professional Recap of the largest analyst picks you will have missed since yesterday: upgrades at Rivian Automotive, DigitalOcean, World Funds, and Harmonic.
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Rivian Automotive upgraded to Outperform
Rivian Automotive (NASDAQ:RIVN) shares rose greater than 1% pre-market immediately after Exane BNP Paribas upgraded the corporate to Outperform from Impartial with a worth goal of $30.00, as reported in real-time on InvestingPro.
Rivian lifted its annual manufacturing steerage Tuesday after reporting a narrower-than-expected loss in Q2. The EV maker reported a lack of $1.08 a share on income of $1.12 billion, topping consensus estimates of $1.43 and $1B, respectively.
Trying forward, the corporate stated it expects to supply 52,000 autos in 2023, up from prior steerage for 50,000 deliveries.
DigitalOcean earns an improve at Morgan Stanley
DigitalOcean (NYSE:DOCN) shares gained greater than 3% pre-market immediately after Morgan Stanley upgraded the corporate to Equalweight from Underweight and raised its worth goal to $36.00 from $30.00).
“Our Underweight thesis largely performed out and mgmt’s decrease outlook for FY23 rev & decrease future FCF margins represents a key catalyst within the rear-view mirror. Present outlook seems achievable, sentiment is low & giant inventory transfer extra appropriately displays dangers & macro.”
Earlier this month, the corporate reported in-line Q2 earnings however guided beneath the consensus estimates.
2 extra upgrades
Jefferies upgraded World Funds (NYSE:GPN) to Purchase from Maintain and raised its worth goal to $145.00 from $125.00. Because of this, shares closed almost 3% greater yesterday and gained greater than 1% pre-market immediately.
Jefferies talked about that the corporate has “efficiently climbed the wall of fear” whereas “estimates are lastly in a snug spot.”
“Regardless of our considerations into the print, Service provider progress positively de-coupled from V/MA in 2Q, and we now imagine above-market progress will persist for the steadiness of ’23–which ought to enhance the narrative round structural positioning and drive a continued re-rating.”
Harmonic (NASDAQ:HLIT) shares jumped greater than 7% yesterday after Raymond James upgraded the corporate to Robust Purchase from Outperform and raised its worth goal of $16.00 from $15.00. Following investor conferences with administration, Raymond James turned extra constructive on 2024 outcomes.
“We anticipate 2024 progress pushed by the addition of contributions from Constitution, Comcast’s adoption of DOCSIS 4.0, and enchancment from the opposite 96 CableOS prospects.”
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