4 big analyst picks: 3M poised for a bevy of positive catalysts, per BofA
Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at 3M, Zillow, Generac, and RenaissanceRe.
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3M upgraded to Neutral, shares gain 5%
3M (NYSE:MMM) shares gained nearly 5% Tuesday after BofA Securities upgraded the company to Neutral from Underperform with a price target of $110.00, citing "four near-term positive catalysts."
First was a settlement related to "forever chemicals" that came in lower than expected at $10.5 billion to $12.5B - and BofA also noted that "stocks with litigation risks have performed well after initial settlement announcements."
Also in the mix is 3M's "underappreciated" restructuring plans and "conservative" estimates for the second half of 2023 and next year, according to BofA, and the analyst additionally believes 3M's planned health care spinoff "should unlock value."
3M, which closed Tuesday at $101.92 was ticking up fractionally in the premarket Wednesday.
Zillow shares jump on Piper Sandler upgrade
Zillow (NASDAQ:ZG) shares surged around 10% yesterday following an upgrade by Piper Sandler, which raised its rating to Overweight from Neutral and raised its price target to $62.00 from $42.00.
Among the key factors for the upgrade, the firm mentioned Zillow's ongoing success in gaining a larger share of Premier Agents, product optionality and its new initiatives, and the expectation of stabilization in the housing market, with projected improvements expected throughout 2024.
2 more upgrades
Argus upgraded Generac (NYSE:GNRC) to Buy from Hold with a price target of $155.00, as reported in real-time on InvestingPro. Shares rose more than 4% yesterday.
BMO Capital upgraded RenaissanceRe (NYSE:RNR) to Outperform from Market Perform and raised its price target to $216.00 from $198.00.
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