Target upgraded following Q3 beat, Intel raised to Buy: 4 big analyst picks
Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Target, Intel, Tencent Music Entertainment Group , and a Buy initiation at Wayfair.
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Mizuho Securities upgraded Intel (NASDAQ:INTC) to Buy from Neutral and raised its price target to $50.00 from $37.00. The analysts cited several reasons for this upgrade. They believe Intel's 2024 product roadmap for Compute and Data Center (DC) is superior to that of its competitors and its own past performance.
The analysts also anticipate a positive upcycle in the PC and Data Center industry in 2024, contributing to Intel's potential growth. Additionally, the spinoff of Altera FPGA is expected to add significant value, approximately $17 per share. The analysts highlighted 2025 as a key transition year, particularly with the IFS/18A. Lastly, the analysts estimate Intel's implied Sum of the Parts (SOTP) value for 2024-2025 to be around $84 per share.
Intel shares saw an uptick in pre-market today, reaching a 52-week high.
Wells Fargo upgraded Target (NYSE:TGT) to Overweight from Equal Weight and raised its price target to $148.00 from $120.00, citing «margin inflection; path of least resistance seems higher”, as reported in real-time on InvestingPro.
Yesterday, Target shares jumped more than 17% after a strong earnings beat and in-line earnings guidance.
JPMorgan upgraded Tencent Music Entertainment Group (NYSE:TME) to Overweight from Neutral and raised its price target to $10.00 from $7.00.
“Extrapolating recent positive business momentum into the next 2-3 years, we expect TME to rise as a 20% CAGR earnings compounder over
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