4 big analyst picks: Uber stock burns rubber | Pro Recap

Investing.com

Thu, May 4, 2023, 1:24 AM2 min read

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By Davit Kirakosyan

Investing.com -- Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades for Uber, AMD, Wix.com, and Cogent Communications.

For InvestingPro subscribers, this news came at lightning speed. Start your 7-day trial to see for yourself.

Uber upgraded to Positive following strong Q1 earnings

Susquehanna upgraded Uber (NYSE:UBER) to Positive from Neutral and raised its price target to $48.00 from $40.00 following the company’s reported Q1 results, with EPS and revenues coming in better than the consensus estimates.

Moreover, the company’s Q2 gross bookings and adjusted EBITDA outlook beat expectations. Following the results, shares jumped more than 11% on Tuesday.

According to Susquehanna, the company’s positioning continues to strengthen, while simultaneously showing improving operating leverage. These factors, along with a plethora of large growth opportunities ahead, led the firm to upgrade the stock.

Shares closed with more than a 3% gain yesterday.

AMD upgraded to Buy

Craig-Hallum upgraded Advanced Micro Devices (NASDAQ:AMD) to Buy from Hold, noting it believes the company can potentially become a more material winner in the artificial intelligence space.

Shares plunged yesterday on weak Q2 revenue guidance. The selloff extended after BofA Securities downgraded the company to Neutral from Buy. Shares closed with more than a 9% loss yesterday.

As always, InvestingPro subscribers got this news first. Never miss another real-time headline.

2 more upgrades

Raymond James upgraded Wix.com (NASDAQ:WIX) to Outperform from Market Perform with a price target of $96.00.

Yesterday, shares experienced a decline of over 10% as investors reacted to the threat from ChatGPT.

The company is set to report its Q1/23 earnings on May 17.

BofA Securities upgraded Cogent Communications (NASDAQ:CCOI) to Buy from Underperform and raised its price target to $85.00 from $45.00. Shares gained 8% yesterday.

The double-upgrade is due to (1) new FCF generation from the Sprint Wireline acquisition, (2) related EBITDA accretion, and (3) new sales growth vectors are collectively, newly, under-represented in the stock.

The company will report its Q1/23 earnings today before the market opens.

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4 big analyst picks: Uber stock burns rubber | Pro Recap

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4 big analyst picks: Uber stock burns rubber | Pro Recap

Uber upgraded to Positive following strong Q1 earnings

AMD upgraded to Buy

2 more upgrades

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