Upgrade for Nvidia, Bumble, Warner Brothers Discovery, Qualcomm, Chubb, Block, and Foot Locker.
Several companies have been upgraded by top analysts, indicating that there may be positive developments on the horizon for these businesses. Here’s a recap of seven big analyst picks and what they mean for investors.
Nvidia Upgraded to Overweight at Morgan Stanley
Morgan Stanley has upgraded Nvidia (NASDAQ:NVDA) from Equalweight to Overweight and raised its price target from $255.00 to $304.00. The firm has admitted to being too data-point-oriented around a positive bigger picture, but now sees indications that long-term and near-term spending will increase. As a result, Morgan Stanley has changed its position on Nvidia, recognizing that the narrative is too strong to remain on the sidelines. Shares rose by over 5% after the upgrade.
Bumble Started at Buy at Citi
Citi has started coverage on Bumble (NASDAQ:BMBL) with a Buy rating and a price target of $24.00. Citi recognizes that the core Bumble app has continued to gain share within the online dating world, and recent product launches are leading to better conversion of paid users. Additionally, the firm believes that Bumble’s brand message around “women first” is resonating well with younger audiences. Bumble has material room for growth in its international runway, and Citi believes that the company is pushing further with greater focus on the college audience. Shares have climbed by 2.7% in recent trading at $19.91.
Warner Brothers Discovery Upgraded to Buy at Wells Fargo
Wells Fargo has raised Warner Brothers Discovery’s (NASDAQ:WBD) rating to Overweight from Equal Weight and increased its price target from $13.00 to $20.00. According to the firm, after a tumultuous merger period between Discovery and WarnerMedia, the new enterprise has taken shape. The studio remains steady, and original content is among the best in the industry. Wells Fargo expects Warner Brothers Discovery to succeed in deleveraging, creating the equity upside. Shares were up about 0.7% at $14.26 in recent trading.
Qualcomm Upgraded to Positive
Susquehanna has upgraded Qualcomm (NASDAQ:QCOM) to Positive from Neutral, with a price target of $140.00. The firm notes that Asian checks suggest Chinese handset sell-through was better for both January and February. Although there are still some inventory issues, Susquehanna believes that the situation will be resolved within the next quarter or so. Additionally, the firm views Qualcomm’s expansion into the mid-range market as being well-timed, given China’s reopening. Shares rose by over 4% on the upgrade yesterday and were ticking down marginally in today’s session.
Chubb Upgraded to Overweight at JPMorgan
JPMorgan has upgraded Chubb (NYSE:CB) to Overweight from Neutral and given it a price target of $239.00. According to the firm, the P&C sector is less affected by issues like client withdrawals, credit deterioration, and declining rates that are affecting other financial sectors such as banks, life insurers, and asset managers. Additionally, JPMorgan views Chubb as more defensive than its peers in a downturn. Shares were off 1.9% recently.
Block Upgraded to Buy, Positioned to Achieve the ‘Holy Grail’ of Fintech
Mizuho Securities has upgraded Block (NYSE:SQ) to Buy from Neutral and raised its price target from $80.00 to $93.00. Although concerns over the sustainability of Cash App revenue persist, Mizuho appreciates the Block’s recent commitment to cost containment.
