Rivian ripe for the picking after last week's plunge: 5 big analyst picks
Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: an Outperform initiation at AutoZone, and upgrades at Oracle, Rivian Automotive , and Exact Sciences.
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UBS upgraded EV maker Rivian Automotive (NASDAQ:RIVN) to Buy from Neutral, although with a slightly lower price target of $24 (from the prior $26), as reported in real time on InvestingPro.
The analysts say they see an «improved set-up» for the stock after a 20% plunge from last week on a $1.5 billion green convertible note issue. They say that, with that capital raise out of the way, «the market can refocus on improving fundamentals.»
They also believe the company won't have further need for a capital raise until the end of 2025.
Shares were jumping 4.8% to $19.68 in recent trading.
BofA upgraded Electronic Arts (NASDAQ:EA) to Buy from Neutral, bumping its price target by $5 to $150.
The analysts said that after a tough period for the company, the balance of risk again looks appealing because of a five-year trough in relative valuation, as well as early stats suggesting that the «EA SPORTS FC» rebranding (from the prior FIFA) may result in upside to current Street estimates and guidance.
They also believe «FY25 and out year estimates could see a string of upward revisions as EA benefits from above trend growth in the PC/Console game market in CY24 and beyond.»
Shares were recently adding 3% to $128.35.
TD Cowen initiated coverage on AutoZone (NYSE:AZO) with an Outperform rating and a price target of $2,975.00.
«We are constructive on AZO’s catalysts which should support strong revenue growth,» wrote the analyst, adding that they
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