Dow raised at JPMorgan, Rocket upgraded to Hold: 4 big analyst picks
By Davit Kirakosyan
Here is your Pro Recap of the biggest analyst picks you may have missed since Friday: upgrades at Dow, Rocket, AstraZeneca, and Coeur Mining.
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Dow (NYSE:DOW) shares rose more than 1% pre-market today after JPMorgan upgraded the company to Overweight from Neutral with a price target of $55.00.
The firm noted that Dow has faced challenges such as weaker demand in China and Europe, domestic capacity increases, replenished inventories, and a sluggish global economy. However, the bank believes “the recent downward movement in equity values has given investors an opportunity to purchase Dow shares at a reasonable valuation”.
According to JPMorgan, the company has a robust balance sheet, offers a 5.6% dividend yield, and the potential for positive responses to higher oil prices.
CFRA upgraded Rocket (NYSE:RKT) to Hold from Sell with a price target of $8.00, as reported in real-time on InvestingPro. Shares jumped more than 8% pre-market today.
The firm sees Rocket's fair value closer to its target after a 30% drop from August highs. CFRA maintains its earnings estimates, projecting a loss of $0.15 per share in 2023 and a profit of $0.45 per share in 2024, supported by revenue estimates of $3.97 billion and $5.2B.
Despite challenges in the mortgage market, the firm believes Rocket's diversified businesses and available liquidity resources position it well.
AstraZeneca (NASDAQ:AZN) shares rose more than 1% pre-market today after Jefferies upgraded the company to Buy from Neutral and raised its price target to $80.00 from $66.50.
Last week, the company reported positive high-level results from the TROPION-Breast01 Phase III
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