Adobe scores pair of upgrades; Microsoft called a buy on Q3: 4 big analyst picks
Investing.com | Author Davit Kirakosyan
Published Oct 26, 2023 05:49AM ET
Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Microsoft, Adobe, Snap, and Live Nation Entertainment.
InvestingPro.
Shares closed with a 3% gain Wednesday after the tech giant reported its Q1 results that beat Wall Street estimates, driven by stronger growth in its Azure cloud unit. Although the stock surged over 6% immediately after the Q3 report went out, it then slightly retreated on a cautious outlook: According to CFO Amy Hood, Q2 revenue is expected to be around $60.9 billion (up or down $500 million), which is only in line with the guidance.
HSBC writes, “With PC sales and gaming revenue inflecting and MSFT benefitting from a compelling AI product portfolio, we expect MSFT to outperform on revenue growth against the sector. The company has also been exhibiting good expense discipline, and operating margins are benefiting.”
Shares were recently down 2.2% to $333.24.
Snap upgraded following Q3 /h2
China Renaissance upgraded Snap (NYSE:SNAP) to Hold from Sell with a price target of $9.00 following the company's reported better-than-expected Q3 results earlier this week.
While shares initially jumped as much as 20% in after-hours trading on Tuesday following the company’s Q3 report, they closed with more than a 5% loss the next day following cautious commentary during the earnings call, especially about a slowdown in ad spending affecting the company’s current quarter sales.
Live Nation Entertainment upgraded to Outperform/h2
Live Nation Entertainment (NYSE:LYV) shares rose more than 1% pre-market today after Evercore ISI upgraded the company to Outperform from In Line with a price target of $100.00.
The analyst noted that regulatory challenges, uncertainty about 2024’s growth, and upside to near-term estimates create an attractive entry point for the stock. “Antitrust investigations are nothing new for Ticketmaster, and we don’t believe the current DOJ investigation poses meaningful risk to LYV equity at $78/share,” added the analysts.
***
In fast-moving markets, every second counts - and InvestingPro subscribers are always one step ahead with lightning-quick updates.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.