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4 big analyst picks: Amazon earns an upgrade and a coverage initiation
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Published Jun 08, 2023 19:36
© Reuters.
Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: initiation and upgrade at Amazon.com, and upgrades at Aptive, Marsh & McLennan, and Glaukos.
InvestingPro subscribers got this news before anyone else. Start your 7-day trial to get on board.
Amazon started with Overweight rating at Wells Fargo, upgraded by Edgewater
Wells Fargo initiated coverage on Amazon.com (NASDAQ:AMZN) with an Overweight rating and a price target of $159.00. Meanwhile, Edgewater Research upgraded the company to Outperform from Market Perform, as InvestingPro reported in real time.
Yesterday, The Wall Street Journal reported that Amazon is planning to launch an ad-supported tier for its Prime Video streaming service. This follows similar moves by competitors like Netflix (NASDAQ:NFLX) and Disney (NYSE:DIS), who are also exploring ad-supported options to support content spending. Additionally, Amazon is reportedly in talks with Warner Bros Discovery (NASDAQ:WBD) and Paramount (NASDAQ:PARA) to add ad-based tiers to their streaming services through Prime Video channels. Amazon, Paramount, and Warner have declined to comment on the matter, the WSJ said.
Aptive upgraded to Outperform
Wolfe Research upgraded Aptiv (NYSE:APTV) to Outperform from Peerperform with a price target of $130.00.
The firm sees several upcoming catalysts for Aptive, including a strong upward trajectory for margins, and significant potential for upside to consensus estimates. 2023 Street consensus of $4.38 EPS is consistent with the company's $4.00-$4.50 guidance, but Wolfe expects guidance to be raised on Q2/23 earnings call in August.
2 more upgrades
Evercore ISI upgraded Marsh & McLennan (NYSE:MMC) to Outperform from In Line and raised its price target to $199.00 from $195.00, expecting a 4-5% upside to consensus EPS with more visibility given a greater ability to leverage Centers of Excellence.
Piper Sandler upgraded Glaukos (NYSE:GKOS) to Overweight from Neutral and raised its price target to $80.00 from $55.00, noting it believes the Street is underestimating the ramp of both iStent Infinite and, more critically, iDose.
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