Target upgraded following Q3 beat, Intel raised to Buy: 4 big analyst picks
Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Target, Intel, Tencent Music Entertainment Group , and a Buy initiation at Wayfair.
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Intel earns an upgrade at Mizuho
Mizuho Securities upgraded Intel (NASDAQ:INTC) to Buy from Neutral and raised its price target to $50.00 from $37.00. The analysts cited several reasons for this upgrade. They believe Intel's 2024 product roadmap for Compute and Data Center (DC) is superior to that of its competitors and its own past performance.
The analysts also anticipate a positive upcycle in the PC and Data Center industry in 2024, contributing to Intel's potential growth. Additionally, the spinoff of Altera FPGA is expected to add significant value, approximately $17 per share. The analysts highlighted 2025 as a key transition year, particularly with the IFS/18A. Lastly, the analysts estimate Intel's implied Sum of the Parts (SOTP) value for 2024-2025 to be around $84 per share.
Intel shares saw an uptick in pre-market today, reaching a 52-week high.
Target upgraded at Wells Fargo following Q3 beat
Wells Fargo upgraded Target (NYSE:TGT) to Overweight from Equal Weight and raised its price target to $148.00 from $120.00, citing "margin inflection; path of least resistance seems higher”, as reported in real-time on InvestingPro.
Yesterday, Target shares jumped more than 17% after a strong earnings beat and in-line earnings guidance.
Tencent Music Entertainment raised at JPMorgan
JPMorgan upgraded Tencent Music Entertainment Group (NYSE:TME) to Overweight from Neutral and raised its price target to $10.00 from $7.00.
“Extrapolating recent positive business momentum into the next 2-3 years, we expect TME to rise as a 20% CAGR earnings compounder over 2023- 25E with high visibility and a strong track record, driven mostly by its online music operation,” commented the analysts.
Wayfair started with Buy at Deutsche Bank
Wayfair (NYSE:W) shares rose more than 1% pre-market today after Deutsche Bank initiated coverage on the company with a Buy rating and a price target of $55.00.
The analysts noted that Wayfair's accelerating revenue growth and ongoing margin improvements should help its valuation return to its typical trading range. They highlighted the company's impressive estimated EBITDA growth, with an approximate 48% CAGR from fiscal 2023 to 2026.
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