Salesforce upgraded on historically low valuation: 4 big analyst picks
Investing.com | Author Davit Kirakosyan
Published Jan 11, 2024 06:45AM ET
Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Salesforce, Chewy, American Airlines, and MasterCard.
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Chewy shares gain on Barclays upgrade/h2
Chewy (NYSE:CHWY) shares surged more than 3% pre-market today after Barclays upgraded the company to Overweight from Equalweight and raised its price target to $30.00 from $19.00.
The bank noted that the new price target represents a potential upside of over 40% and highlighted Chewy as a promising candidate for significant returns within the challenging e-commerce sub-sector in 2024.
The analysts anticipate that revenue growth for Chewy will hit its lowest point in the first half of 2024 and then pick up speed in the latter half, driven by stable customer growth and expansion into Canada.
We see upside to consensus over the next few years as high-margin advertising (recognized as a contra-COGS) builds both on and off site, while areas such as vet clinics and insurance could drive further positive revisions longer term as those businesses scale.
Two more upgrades/h2
Jefferies upgraded American Airlines (NASDAQ:AAL) to Buy from Hold with a price target of $18.00 (from $16.00). As a result, shares rose more than 1% pre-market today.
Oppenheimer upgraded Mastercard (NYSE:MA) to Outperform from Perform with a price target of $510.00.
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Written By: Investing.com
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