Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Spotify, Ball, Avis Budget Group, and Melco Resorts & Entertainment.
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Spotify upgraded to Outperform
Spotify Technology (NYSE:SPOT) shares gained nearly 3% premarket today after Wolfe Research upgraded the company to Outperform from Peerperform with a price target of $190.00.
The rating change is based on several factors, including (1) the potential for accelerated top-line growth, (2) a steady expansion of margins, and (3) the likelihood of sustained positive revisions to Street estimates over the next 12 months.
Ball upgraded at Wells Fargo
Wells Fargo upgraded Ball (NYSE:BALL) to Equal-weight from Underweight with a price target of $55.00, as reported in real time on InvestingPro.
The upgrade was followed by the company’s announcement that it is exploring a sale of its Aerospace business for approximately $5.0 billion. “While we remain cautious that consistent synchronized global bev can growth will materialize, the risk/reward is now more balanced,” added the firm.
2 more upgrades
Avis Budget Group (NASDAQ:CAR) shares surged more than 9% yesterday after Morgan Stanley upgraded the company to Overweight from Equal-weight and raised its price target to $230.00 from $182.00.
The firm said that with the backdrop of normalization in the car rental industry, it looks for operational execution to preserve what could now be a higher floor for the industry.
Credit Suisse upgraded Melco Resorts & Entertainment (NASDAQ:MLCO) to Outperform from Neutral and raised its price target to $18.20 from $14. Shares rose more than 3% yesterday.
According to the firm, Melco has an undemanding valuation, and it sees a likely positive Q2 earnings surprise on the way.
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