Analysts Stocks

      Daily Update - Dec 20, 2022

      Selected stock price targets highlights of the day

      By: Matthew Otto

       

      Morgan Stanley stays neutral on retail consumption

      • Morgan Stanley analyst Pamela Kaufman kept her rating for Hershey stock at”Equal-Weight”, citing an increase in the company’s price target from $224 to $231. The analyst held off about the chocolate manufacturer since 2015 missing out on the stock climb.
      • The analyst also maintained Kellogg with an Equal-Weight and raised her price target from $72 to $74 also holding back in the last seven years however here the stock didn’t perform a break from the range of $50 and $70.

       

      Barclays drops DLR

      Brendan Lynch of Barclays has lowered his rating for Digital Realty Trust to Underweight, accompanied by a price target decrease from $88 to $81. After a four year period of bullish optimism ending in September, the analysts have changed their evaluations of the stock.

       

      HEICO Corporation

      Experienced a banner fourth quarter and full fiscal year, as record net sales increased 20%, culminating in an all-time high operating income of $146.5 million for the 4th Quarter 2022 alone – generating an impressive improvement to their consolidated margin from 22.6% to 24%.

      Credit Suisse goes Neutral on retail consumption as well

      • Credit Suisse analyst Karen Short started covering  Lowe’s Companies, assigning it a Neutral rating and a Price Target of $210.
      • Short also took over coverage on Home Depot with a Neutral rating and a $335 price target
      • And of Costco Wholesale with a Neutral rating and a price target of $520 taking over the responsibility from Robert Moskow.

       

      Steelcase

      Achieved impressive third-quarter results for Fiscal 2023, delivering increased gross margin and net income year over year. Revenue of $826.9 million was accompanied by a jump in earnings to $11.4 million from the prior period’s reported figure of $9.6M, resulting in an adjusted EPS growth rate exceeding that of total revenue at 81%. Thanks to recent cost reduction efforts estimated to produce annualized savings approaching 30M USD as well as pricing benefits forecasted for Q4 2022, Steelcase is projected to earn greater profits compared with the previous fiscal quarter. The stock lost two third of its market value this year with Greogory Burns of Sidoti and Reuben Garner of Benchmark adjusting their stock forecast lower after the stock declined.

      Canaccord boosts Nevro

      • Canaccord Genuity analyst William Plovanic upgrades Nevro from Hold to Buy and raises the price target from $41 to $67 Plovanic showed his unwavering confidence in Nevro’s stock, his bullish sentiment has been consistent for  five year during the stock rise between 2019 and 2022 and the decline after.

      Chatterjee drops the LITE

      JP Morgan’s bearish shift on Lumentum Holdings – analyst Samik Chatterjee switching to Neutral from Overweight and reducing his price target from $83 to just $64 – could spell trouble for investors. The analyst had previously been showing strong bullish sentiment, making this change of opinion a cause for concern.

      Wall Street doesn’t like Musk at Twitter

      Tesla Motors got two downgrades, the first from Daiwa’s Jairam Nathan lowering his price target from $240 to $177 while maintaining an Outperform rating and the second is Mizuho’s Vihay Rakesh cutting his stock forecast to $285 from $330 while keeping a Buy rating all in the background with Elon Musk’s potential stepping down as Twitter CEO.