By Davit Kirakosyan
Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at 3M, Sunrun, Pinduoduo , and Vasta Platform.
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3M upgraded at Morgan Stanley
Morgan Stanley upgraded 3M (NYSE:MMM) to Equalweight from Underweight and raised its price target to $113.00 from $102.00, as reported in real-time on InvestingPro.
On Tuesday, the company announced it had come to a settlement with the court-appointed negotiating plaintiffs' counsel to resolve the Combat Arms Earplug litigation against Aearo Technologies and 3M. According to the settlement, 3M will provide a sum of $6.0 billion spread across 2023 to 2029, with $5.0B in cash and $1.0B in 3M common stock.
Sunrun earns an upgrade at Citi
Sunrun (NASDAQ:RUN) shares rose more than 1% yesterday after Citi upgraded the company to Buy from Neutral with a price target of $21 (from $25), noting that headwinds are priced-in and the valuation is attractive.
With shares down 37% year-to-date on higher rates and the NEM impact, Citi said with these impacts priced-in, the company is not getting credit for: "1) market share gains from TPO shift, 2) path to FCF generation, 3) no corporate level equity raises, 4) projected component cost deflation, 5) ITC adder benefits, and 6) demonstrated success in selling battery storage (>80% attach rate on new sales in CA and >30% nationally)."
Two more upgrades
Goldman Sachs upgraded Pinduoduo (NASDAQ:PDD) to Buy from Neutral and raised its price target to $129.00 from $97.00.
Shares rose more than 5% yesterday, adding to a 15% gain on Tuesday, as a result of much better-than-expected Q2 results.
Vasta Platform (NASDAQ:VSTA) shares rose nearly 2% pre-market today after JPMorgan upgraded the company to Overweight from Neutral with a price target of $5.50.
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