eBay downgrade upon assumption and General Electric initiation also among notable calls
Check out today’s top analyst calls from around Wall Street, compiled by The Fly.
‘SIGNIFICANT’ POSITIVE INFLECTION: Guggenheim analyst Seth Sigman assumed coverage of Amazon.com (AMZN) with a Buy rating and $4,300 price target. The analyst is positive on direct-to-consumer e-commerce stocks entering fiscal 2022 as he believes online channel share gains should reaccelerate early next year after months of declines and that normalizing consumer spending growth may be good for the stock. For Amazon, Sigman sees potential for a “significant positive inflection” in early/mid 2022 versus its moderating sales and margin trends more recently.
IMPROVING DEMAND: Mizuho analyst Vijay Rakesh upgraded Micron Technology (MU) to Buy from Neutral with a price target of $95, up from $75. Recent checks indicate demand is improving across the PC, server and handset markets, Rakesh tells investors in a research note. The analyst believes server demand could improve in Q1 of 2022 with Amazon and Google orders returning despite less than 10 week of DRAM inventory. He sees improving demand trends and a “tailwind” for memory.
NEAR-PEAK VALUATION: Guggenheim analyst Seth Sigman downgraded eBay (EBAY) to Neutral with a price target of $80 as he assumed coverage of the stock. The firm’s prior rating had been a Buy with an $85 price target. The analyst sees a balance between his positive view of management and their strategic direction versus near-term pressure on growth, declining buyer counts, elevated competitive dynamics, and what he sees as a “near-peak” valuation.
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