Check out today’s top analyst calls from around Wall Street, compiled by The Fly.
‘PERIOD OF TRANSITION’: JPMorgan analyst Doug Anmuth downgraded Pinterest (PINS) to Neutral from Overweight with a price target of $68, down from $95. The company delivered solid revenue growth amid high expectations for Q2, but the magnitude of the monthly active user miss, “disappointing” Q3 outlook and uncertainty around the shift to more of a creator platform are likely to keep pressure on shares in the near-term, Anmuth tells investors in a research note. The analyst moves the sidelines during Pinterest’s “period of transition.”
Also, Evercore ISI analyst Mark Mahaney downgraded Pinterest to In Line from Outperform with a price target of $60, down from $98, after the company’s global monthly active users, or MAUs, declined quarter-over-quarter “at the steepest rate we have seen” in Q2. While this is likely a temporary negative inflection, “it is a negative inflection,” and there is now “something of an open question” as to whether Pinterest is seeing maturation risk in its lead U.S. market, Mahaney said.
TURNAROUND PROGRESS: Cowen analyst Paul Silverstein upgraded Nokia (NOK) to Outperform from Market Perform with a price target of $8, up from $5. The demand environment continues to be very favorable and Nokia is improving its execution, said Silverstein, who believes that the company’s “turnaround is solidly in progress.” He has raised his operating forecasts consistent with Nokia’s increased guidance, but Silverstein adds that he thinks the company’s calendar 2021 and 2023 operating targets “likely will prove conservative.”
MONDELEZ DOWNGRADED TO BUY: Goldman Sachs analyst Jason English removed Mondelez (MDLZ) from the firm’s Conviction List but reiterates a Buy rating on the shares with a price target of $71, up from $70. The analyst believes industry-wide cost pressures compounded with risk of weaker volumes and higher promotions is likely to weigh on the food group later this year. However, English believes Mondelez remains well positioned to outperform peers following its Q2 results.
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