Pfizer bags Jefferies buy call after guidance cut: 5 big analyst picks
Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed today: several Buy initiations at Instacart, and upgrades at Pfizer , Wayfair, Nice, and Nucor.
InvestingPro subscribers got this news first. Never miss another market-moving headline.
Pfizer upped Jefferies after guidance cut
Pfizer (NYSE:PFE) shares kicked higher Monday after analysts issued glowing notes after the healthcare giant lowered its revenue and earnings forecasts for the year, given the decline in demand for its COVID-19 treatment, Paxlovid.
Pfizer said it now sees adjusted EPS at $1.55, down from the prior guidance of $3.35. Full-year revenue is now seen at $59.5 billion, down from the previous $68.5 billion.
But some analysts, including those at Jefferies, responded favorably to the revised guidance. Jefferies notably shifted its rating from Hold to Buy with a price target of $39.00 (from $38.00), driven by several key factors: the guidance adjustment is predominantly influenced by Paxlovid, Comirnaty's performance is exceeding buy-side expectations, cost reductions totaling $3.5B make the projected EPS for 2024/5 achievable, there's a promising trajectory of catalysts for investors, and the anticipated closing of the SGEN deal further solidifies their optimistic view.
After a premarket slump, Pfizer shares were up some 5% to $33.74 in recent regular-session trading.
Wayfair shares goosed on upgrade
Wayfair (NYSE:W) shares were rising 1.6% to $48.05 pre-market today after Loop Capital upgraded the company to Hold from Sell and raised its price target of $50.00 from $25.00, as reported in real time on InvestingPro.
Last month the company was upgraded at Bernstein, which moved its rating from Underperform to Market Perform with a price target of $65.00 (from $60.00) on improving revenue growth and margin commentary.
The company is set to report its Q3/23 earnings on Nov 1. Street estimates stand at ($0.48) for EPS and $2.98 billion for revenues.
Instacart gets several buy initiations
Following Instacart's ( Maplebear Inc.) (NASDAQ:CART) IPO last month, numerous Wall Street firms initiated coverage on Monday, primarily rating the company with buy-equivalent ratings.
Citi, for instance, began its analysis of the company with a Buy rating, setting a price target of $34.00. Considering the 12% penetration of Online Grocery (compared to the U.S. e-commerce average of approximately 20%), coupled with Instacart’s strong tech partnerships with many leading U.S. grocers and its coverage of 95% of North American households, Citi analysts think the company has the potential to boost growth as it reinvests in customer acquisition.
Stifel likewise started coverage on the company with a buy rating, setting a price target of $48.00.
And other Wall Street firms - Piper Sandler, JPMorgan, and Barclays - started coverage with Overweight ratings and price targets of $36.00, $33.00, and $40.00, respectively.
Two more upgrades
Morgan Stanley upgraded Nice (NASDAQ:NICE) to Overweight from Equalweight with a price target of $220.00 (from $225.00).
JPMorgan upgraded Nucor (NYSE:NUE) to Neutral from Underweight with a price target of $151.00.
In fast-moving markets, every second counts - and InvestingPro subscribers are always one step ahead with lightning-quick updates.
Related Articles
Pfizer bags Jefferies buy call after guidance cut: 5 big analyst picks
Biontech Shares Drop Amid Pfizer’s Vaccine Write-Offs, Establishment Labs Gains on FDA Clearance
Lululemon shares hit nearly two-year high on S&P 500 inclusion
