Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Rivian Automotive, Advanced Micro Devices, Transocean, and Simon Property Group.
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Rivian Automotive upgraded at DA Davidson
DA Davidson upgraded Rivian Automotive (NASDAQ:RIVN) to Neutral from Underperform and raised its price target to $18.00 from $11.00 given a series of positive news surrounding the company.
Shares gained more than 22% this week due to several positive catalysts, including better-than-expected Q2 deliveries, Amazon.com (NASDAQ:AMZN) deploying its first vans in Europe made by Rivian, marking its first commercial shipments outside the U.S., as well as DA Davidson upgrade.
DA Davidson analysts noted that the arrival of Rivian's delivery van in Europe, which they had anticipated happening eventually, occurred much earlier than their initial expectations.
Advanced Micro Devices upgraded to Outperform
Northland Capital Markets upgraded Advanced Micro Devices (NASDAQ:AMD) to Outperform from Market Perform with the price target of $150, acknowledging they have been wrong on the stock.
Despite a delayed upgrade, the firm anticipates AMD shares to receive an AI multiple and estimates a ramp of GPU revenue from the MI 300 and El Capitan supercomputer in the second half of the year.
According to the firm, AMD's open-source software approach and broad AI IP portfolio, encompassing GPUs, CPUs, FPGAs, and ASICs, could erode NVIDIA's (NASDAQ:NVDA) software moat and enable AMD to cater to diverse AI workloads.
2 more upgrades
Transocean (NYSE:RIG) shares surged more than 5% yesterday after Citi upgraded the company to Buy from Neutral and raised its price target to $9.50 from $6.50, as reported in real time on InvestingPro.
Wolfe Research upgraded Simon Property (NYSE:SPG) to Outperform from Peerperform with a price target of $127.00. Shares are up nearly 1% pre-market today.
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