4 big analyst picks: Rivian raised to Outperform, price target lifted to $30
Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Rivian Automotive, DigitalOcean, Global Payments, and Harmonic.
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Rivian Automotive (NASDAQ:RIVN) shares rose more than 1% pre-market today after Exane BNP Paribas upgraded the company to Outperform from Neutral with a price target of $30.00, as reported in real-time on InvestingPro.
Rivian lifted its annual production guidance Tuesday after reporting a narrower-than-expected loss in Q2. The EV maker reported a loss of $1.08 a share on revenue of $1.12 billion, topping consensus estimates of $1.43 and $1B, respectively.
Looking ahead, the company said it expects to produce 52,000 vehicles in 2023, up from prior guidance for 50,000 deliveries.
DigitalOcean (NYSE:DOCN) shares gained more than 3% pre-market today after Morgan Stanley upgraded the company to Equalweight from Underweight and raised its price target to $36.00 from $30.00).
«Our Underweight thesis largely played out and mgmt's lower outlook for FY23 rev & lower future FCF margins represents a key catalyst in the rear-view mirror. Current outlook appears achievable, sentiment is low & large stock move more appropriately reflects risks & macro.»
Earlier this month, the company reported in-line Q2 earnings but guided below the consensus estimates.
Jefferies upgraded Global Payments (NYSE:GPN) to Buy from Hold and raised its price target to $145.00 from $125.00. As a result, shares closed nearly 3% higher yesterday and gained more than 1% pre-market today.
Jefferies mentioned that the company has «successfully climbed the wall of worry» while «estimates are finally in a
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