May 17 stock upgrades and downgrades you should know about
Happy Tuesday! Each morning, I highlight stocks with analyst upgrades, downgrades, and target price revisions you should know about. Be sure to follow me to stay up on all the important analyst actions!
For each analyst action, I also include the analyst’s target price and calculate the upside or downside potential, which is simply the percentage gain or loss between the stock’s current price to the analyst’s target price.
Advanced Micro Devices (AMD) Upgrade and Target Price Cuts
Shares of AMD are heading higher by over 4% in pre-market trading, riding the wave of solidly higher futures. The semi-conductor stock got mixed messages from Wall Street analysts this morning, with one upgrade and a pair of target price cuts.
· Piper Sandler upgraded AMD, taking their rating from Neutral to Overweight. The firm also raised its target price from 98 to 140. This new target price implies upside potential of 42.7% based on the stock’s pre-market price of 98.08.
· Mizuho maintained their Buy rating on AMD but cut their target price. The firm’s new target price of 145, down from 160, implies upside potential of 47.8%.
· Benchmark also maintained their Buy rating on AMD but cut their target price from 145 to 125. Benchmark’s new target price implies upside potential for AMD shares of 27.4%.
Global-e Online (GLBE) Target Price Cuts
Shares of Global-e Online are tanking by close to 25% this morning in the heels of its earnings release. Analysts are beginning to weigh in with target price cuts.
· Piper Sandler maintained their Overweight rating on GLBE but lowered their target price from 58 to 30. This new target price implies upside potential of 107.0% based on the pre-market price of 14.49.
· Keybanc also maintained their Overweight rating on GLBE. The firm cut its target price for the stock from 45 to 25, which implies upside potential of 72.5%.
· Needham maintained their Buy rating on Global-e while it slashed their target price, taking it down from 75 all the way to 25. Needham’s new target price implies 72.5% upside potential.
· JMP Securities maintained their Market Outperform rating on GLBE while they cut their target price almost in half. The firm’s new target price of 41, down from 80, implies upside potential for GLBE of 183.0%.
Wix.com (WIX) Target Price Cuts
After reporting quarterly earnings yesterday, shares of WIX are flat this morning, but Wall Street analysts are reacting with target price cuts.
· RBC Capital maintained their Sector Perform rating for WIX while lowering their target price from 85 to 75. This new target price implies upside potential of 12.1% based on the pre-market price of 66.88.
· Citigroup kept their Buy rating on Wix.com while it lowered its target price. Citi’s new target price of 91, down from 120, implies 36.1% upside potential for the shares.
· Needham also maintained their Buy rating on WIX but cut their target price, taking it from 125 to 85, implying upside potential for WIX of 27.1%.
Upwork (UPWK) Downgrade
· Stifel downgraded shares of Upwork, taking their rating from Buy to Hold. The firm also lowered its target price from 30 to 20. This new target price implies upside potential of 19.8% based on today’s pre-market price of 16.70.
Teva Pharmaceutical Industries (TEVA) Upgrade
TEVA shares are trading higher by over 3% this morning as the stock got an analyst upgrade.
· B of A Securities upgraded TEVA from Underperform to Neutral today. The firm’s target price of 9 implies upside potential of 10.3% based on the stock’s pre-market price of 8.16.
Autodesk (ADSK) Target Price Cut
Autodesk stock is rising by 1.4% this morning, but the stocks got an analyst target price cut, the first since late February.
· Barclays, while it maintained its Overweight rating on ADSK, cut their target price for the stock from 275 to 230. This new target price implies 17.8% upside potential based on the stock’s pre-market price of 195.25.
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