Here is your Pro Recap of the biggest analyst picks you may have missed today: upgrades at Netflix, Nucor, BioMarin Pharmaceutical, and Transocean.
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Netflix gets upgraded by Goldman Sachs
Goldman Sachs upgraded Netflix (NASDAQ:NFLX) to Neutral from Sell and raised its price target to $400.00 from $230.00.
In its note, Goldman analysts said the upgrade reflects "the overall positive current operating performance for NFLX and continued forward positive operating momentum into 2024/2025" amid the company's initiatives to crack down on password sharing and introduce cheaper, ad-supported subscription tiers.
Netflix is set to report Q2/23 earnings on July 19. Goldman expects strong subscriber performance in the quarter due to improved results in the password-sharing initiative, including "unpaid consumption households adopting paid membership," as well as Netflix's "solid content."
Goldman continued:
Our Neutral rating reflects our continued low visibility into the pathway to that upside node, but we do acknowledge that a probability weighted outcome toward such a result makes it unlikely the shares would underperform for any extended period in the coming quarters."
Netflix shares, which closed Tuesday at $441.44, were recently up more than 1% premarket and have climbed nearly 50% year to date.
Nucor upgraded to Outperform
Exane BNP Paribas upgraded Nucor (NYSE:NUE) to Outperform from Neutral with a price target of $191.00.
The company is set to report its Q2/23 earnings on July 25. Street estimates stand at $5.39 for EPS and $9.61 billion for revenues.
2 more upgrades
BioMarin Pharmaceutical (NASDAQ:BMRN) shares rose more than 1% premarket today after BMO Capital upgraded the company to Outperform from Market Perform with a price target of $102.00.
The firm expects Biomarin's base business to provide downside protection while positive updates around Voxzogo growth and Roctavian dosing will drive upside.
Citi upgraded Transocean (NYSE:RIG) to Buy from Neutral and raised its price target to $9.50 from $6.50. Shares rose more than 1% premarket today.
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