Market Updates: Analyst Ratings Shift Following Earnings Reports
- Major analysts have made significant calls on various stocks including Rivian, Nvidia, and Apple, indicating their latest recommendations on these companies.
- The calls reflect a variety of market sentiments which could influence investor decisions.
- Stakeholders should pay attention to these updates for potential impacts on their investment strategies.
In the latest round of stock evaluations, several companies have seen significant changes in their ratings following recent earnings reports. KBW upgraded Progressive to "Outperform" from "Market Perform," raising its target price to $245 from $210 after the company’s June 2024 earnings report. Meanwhile, UBS initiated coverage on Sweetgreen with a "Buy" rating, citing the restaurant chain's potential for improved margins. Conversely, Cognizant faced a downgrade from "Buy" to "Hold" by an unnamed analyst, following a disappointing second-quarter call and a subsequent 10% drop in stock value. The analyst also lowered the 12-month price target from $88 to $71. Mizuho upgraded Valero to "Buy" from "Neutral," highlighting several positive catalysts for the petroleum refinery company. In other notable changes, Morgan Stanley downgraded Five Below to "Equal Weight" from "Overweight" after its earnings report. Citi placed Hershey under a negative catalyst watch, reducing its price target from $204 to $188 while maintaining a neutral stance. Barclays reiterated its "Equal Weight" rating on Tesla but raised its price target to $225 from $180 ahead of the upcoming earnings. Additionally, Bank of America initiated coverage on Axon with a "Buy" rating, projecting sustained operating margin expansion. UBS and Bank of America also reaffirmed their "Buy" ratings for Micron and Microsoft, respectively, with Microsoft’s price target increased to $510 from $480.