4 big analyst picks: Okta pops higher on Goldman double upgrade
Here is your Pro Recap of the biggest analyst picks you may have missed since Friday: upgrades at Alibaba, Twilio, Okta, and Teledyne.
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Okta rises sharply on Goldman double upgrade
Okta (NASDAQ:OKTA) shares surged nearly 5% pre-market Monday after Goldman Sachs upgraded the company by two notches - to Buy from Sell - and raised its price target to $91.00 from $77.00.
Analysts at Goldman "see a path to [12-month] outperformance driven by cRPO and ARR acceleration back to 15%-20%" after a sharp deceleration in cRPO given a number of anticipated upcoming catalysts, including stabilization in its Workforce segment and expected growth "on cross-sell tied to new products such as IGA and PAM."
Okta shares were recently changing hands at $74.87 in the pre-market.
Teledyne upped to Buy at Goldman
Teledyne Technologies (NYSE:TDY) shares were rising more than 1% pre-market Monday after Goldman Sachs upgraded the company to Buy from Neutral and raised its price target to $495.00 from $423.00.
After the recent stock pullback, argues the analysts, they find the current valuation "attractive" and see upside to the current consensus estimate, as the shares are trading at "relative valuation lows just as the balance sheet is nearing full force again for further deployment" after integration of its FLIR buyout.
"TDY is one of the highest quality, most consistent, best managed companies we cover that compounds cash flow over time," the analysts added.
Alibaba upped to Buy following Q1 beat, other analysts positive on 'fundamental turnaround'
DZ Bank upgraded Alibaba (NYSE:BABA) on Friday to Buy from Hold with a price target of $120.00 following Q1 earnings last week, as reported in real-time on InvestingPro.
Benchmark, which kept its Buy rating on the stock, called the Q1 print a "all-around clean quarter," adding that the company's new "consumer-centric approach has started bearing early fruit” as the company undergoes “a fundamental turnaround.”
The company posted Q1 adjusted core income that topped analyst estimates, as the Chinese e-commerce giant was boosted by strong consumer spending during a major shopping event in China in June.
Twilio earns an upgrade after Q2 beat
Also on Friday, Argus upgraded Twilio (NYSE:TWLO) to Buy from Hold with a price target of $72.00, following the company’s reported strong Q2 results and raised full-year guidance last week.
EPS of $0.54 came in better than the consensus estimate of $0.30. Revenue increased 10% year-over-year to $1.04 billion, beating the consensus estimate of $987.07 million.
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