Analysts this week were busy upgrading, downgrading, changing price targets on and initiating coverage of a variety of companies.
Peloton (PTON) – Get Report was upgraded to buy from neutral by an MKM Partners analyst, who said the recent selloff in the connected-fitness company’s stock has created an attractive buying opportunity.
Costco (COST) – Get Report was upgraded to overweight by Wells Fargo analyst Edward Kelly with a price target of $370. Kelly cited solid membership growth and potentially “sticky” market-share gains from the now-fading pandemic. He added that recent pullback in the shares could be a buying opportunity.
Sunrun (RUN) – Get Report was upgraded by Morgan Stanley analyst Stephen Byrd to overweight from equal-weight. Byrd cut his price target on the San Francisco solar energy company to $86 from $89.
Restaurant chain Denny’s (DENN) – Get Report was upgraded by Stephens analyst James Rutherford to overweight from equal weight with a price target of $24, up from $19.
Coca-Cola (KO) – Get Report was upgraded to outperform from sector perform by analysts at RBC Capital, who called the drinks icon’s stock an opportunity as COVID restrictions ease. The firm raised its price target to $60 a share from $55.
Tanger Factory Outlet Centers (SKT) – Get Report was downgraded to sell from neutral by Goldman analyst Caitlin Burrows, who set a $12.50 price target on the mall operator’s stock.
Price Target Change
Wedbush analyst Michael Pachter doubled his share-price target for AMC Entertainment (AMC) – Get Report. The analyst keeps a neutral rating on the country’s largest movie-theater chain.
Several analysts lowered their one-year price targets for Poshmark (POSH) – Get Report after the online platform for selling high-end secondhand apparel forecast first-quarter revenue that missed estimates.
Analysts raised their price targets for Bumble (BMBL) – Get Report after the dating app reported better-than-expected results in its first quarterly earnings report.
Acadia Pharmaceuticals (ACAD) – Get Report saw analysts cut their price targets for the biopharm after the U.S. Food and Drug Administration paused a new drug application for pimavanserin, the company’s psychosis treatment. Stifel analyst Paul Matteis also downgraded the stock to hold from buy.
Jefferies analyst Stephanie Wissink initiated coverage of Nordstrom (JWN) – Get Report with a buy rating and a price target of $48 a share. The analyst sees “the making of transformation” in the Seattle company’s model.
Mizuho analyst Vijay Rakesh initiated coverage of the electric vehicle makers Tesla (TSLA) – Get Report and NIO (NIO) – Get Report with buy ratings. Rakesh set a $775 share price target for Tesla and a $60 share price target for NIO.