AutoZone upgraded to Strong Buy, Realty Income to Outperform: 4 big analyst picks
Investing.com | Author Davit Kirakosyan
Published Dec 06, 2023 06:38AM ET
Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at AutoZone, Realty Income , Shake Shack, and Devon Energy.
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Realty Income raised to Outperform/h2
Wolfe Research upgraded Realty Income (NYSE:O) to Outperform from Peerperform with a price target of $66.00.
We think multiple industry and company-specific drivers contribute to an improved earnings outlook for O, while valuation is depressed due to transient events.
The analysts noted that the slowing economy benefits Realty Income, as net lease typically performs well in such conditions as lower rates help investment spreads while longer lease duration provides downside protection.
Furthermore, Realty Income's recent stock price decline, attributed to merger and tax-related selling, is seen as a temporary and opportunistic buying scenario.
Two more upgrades/h2
Shake Shack (NYSE:SHAK) shares rose more than 3% pre-market today after Raymond James upgraded the company to Strong Buy from Outperform with a price target of $78.00.
The analysts cited two primary reasons for the upgrade: 1) the belief that Shake Shack is still in the early stages of improving margins and reducing development costs, and 2) the potential for unique opportunities in 2024 to enhance margins and possibly boost customer traffic, which could lead to better-than-expected performance compared to the current consensus for 2024 (which forecasts only a slight increase in EBITDA margins).
JPMorgan upgraded Devon Energy (NYSE:DVN) to Overweight from Neutral and raised its price target to $58.00 from $57.00.
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