Anheuser-Busch, Bumble, Brinker: Top Stock Upgrades
The stock market digests this morning's cooling PCE data on the final trading day of 2023's third quarter.
Bank of America analysts upgrade Anheuser-Busch's (BUD) stock after beer drinkers boycotted the Bud Light distributor earlier in the year. Loop Capital Markets analysts upgrade dating app Bumble (BMBL) after finding the stock to be "de-risked." Lastly, Stifel analysts upgrade Brinker International (EAT) on the outlook of its chain restaurants like Chili's.
Yahoo Finance Live anchors Seana Smith and Brad Smith highlight analyst upgrades from trending stocks this morning from the Nasdaq MarketSite.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Video Transcript
BRAD SMITH: Here's how things are shaping up. It's the last trading day of September and of the third quarter. Stocks, they're higher as the Fed's key inflation gauge, that shows prices cooling in August, a reassuring sign as investors have feared sticky inflation causing higher for longer rates.
- Taking a look at some of the individual names, let's start the weekend with BUD. Shares of Anheuser-Busch on the move to the upside today, Bank of America upgrading the stock from neutral to buy and also setting their price target to $68 a share. You can see just above $55 today. It's certainly been a tough year for the company, Bud Light facing a longer than expected boycott after transgender influencer Dylan Mulvaney promoted the beer on Instagram today, though. We're looking at moves of just about 3% to the upside.
BRAD SMITH: And Bumble, yeah, the stock is also climbing higher today after Loop Capital markets upgraded it to a buy, firm saying that the dating apps strong cash balance and free cash flow generation will help protect its balance sheet and calling the stock de-risked.
- Brinker is also among the winners today, Stifel upgrading the stock to a buy, the analyst there saying that recently, they attended an investor meeting and was happy with the turnaround efforts with the Chili's chain that was enough for the upgrade there on Brinker. We're looking at a move also of about 3%.
