VF Corp, Wix.com shares gain following upgrades: 4 big analyst picks
Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed today: upgrades at VF Corporation, Wix.com, Generac, and Holley.
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VF Corp gains on JPMorgan upgrade
VF Corporation (NYSE:VFC) shares rose more than 3% pre-market today after JPMorgan upgraded the company to Neutral from Underweight and raised its price target to $19.00 from $15.00.
The analysts noted that despite ongoing broad macro headwinds, such as rising wages, increased promotional activities, higher supply chain, digital customer acquisition costs, and a multi-year timeline to Vans’ topline recovery, there is an expected turnaround in profitability for VF within the next 12 to 18 months. This is supported by CEO Darrell's cost-saving program and self-help gross margin drivers, coupled with the company's focus on reducing its debt.
Wix.com earns an upgrade at Barclays, shares surge
Wix.Com (NASDAQ:WIX) shares gained more than 3% pre-market today after Barclays upgraded the company to Overweight from Equalweight and raised its price target to $130.00 from $105.00, as reported in real-time on InvestingPro.
The analysts noted that Wix.com's partner program is scaling effectively in a market with few strong competitors. They believe Wix.com's AI tools may enable the company to adjust pricing favorably in 2024. “High conviction in 25% FCF margin by 2025, and we think that could be seen sooner. Strong growth/margin, buyback and attractive val - worth stepping in here," commented the analysts.
Two more upgrades
BofA Securities upgraded Generac (NYSE:GNRC) to Neutral from Underperform and raised its price target to $110.00 from $76.00. As a result, shares rose more than 2% pre-market today.
Holley (NYSE:HLLY) shares surged more than 5% pre-market today after Jefferies upgraded the company to Buy from Hold with a price target of $5.00 (from $8.00).
The rating change reflects expectations of increased sales and EBITDA in Q4 against easier compares. Additionally, Jefferies sees potential in Holley's enhanced focus on expanding its product offerings to non-legacy markets, aiming to reach a broader customer base in the long term.
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