Analysts React to Broadcom Earnings and Upgrade Chinese EV Stock
- Analyst Nathan Feather reiterated an overweight rating on Chewy with a $33 price target, suggesting a 26.1% upside.
- Mizuho upgraded Fortive after its spinoff announcement, projecting a 23.6% increase in share value.
- Barclays upgraded Coinbase and Robinhood, indicating a more balanced risk/reward outlook for these crypto stocks.
Analysts have been actively discussing various stocks, particularly in the technology and electric vehicle sectors. Notably, Nathan Feather maintained an overweight rating on a pet ecommerce stock, Chewy, with a price target of $33, indicating a potential upside of 26.1%. However, he emphasized the need for significant EBITDA growth in the coming years to reach a more optimistic target of $53 per share. Meanwhile, Mizuho upgraded Fortive following its spinoff announcement, projecting a 23.6% increase in share value. This strategic move aims to focus on growth trends in precision technology while prioritizing share repurchases to mitigate risks associated with the deal. Additionally, Barclays upgraded both Coinbase and Robinhood from underweight to equal weight, reflecting a more balanced risk/reward outlook. Despite a decrease in Coinbase's price target, Robinhood has seen a significant rise in its stock value, highlighting the divergent performance of these crypto stocks in 2024. Overall, analysts are adjusting their ratings and price targets based on company performance and market conditions, indicating a cautious yet optimistic outlook for certain sectors.