Investing.com -- Here is your Pro Recap of the biggest analyst picks you may have missed today.
Snowflake stock gains on upgrade
Snowflake (NYSE:SNOW) shares gained more than 4% today after Stifel upgraded the company to Buy from Hold and raised its price target to $185.00 from $145.00.
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According to the firm, the upgrade is based on recent comments from Microsoft (NASDAQ:MSFT) and other third-party consumption models, which indicate that the optimization headwinds experienced by the group over the last 9 months are stabilizing. With easing comps in H2/23, the firm expects Snowflake's revenue growth to stabilize in the high 30% range. Additionally, the firm anticipates that management's discipline will continue to drive margins and FCF significantly higher.
The company is set to report its Q1 earnings on May 25.
American Airlines upgraded to Overweight
JPMorgan upgraded American Airlines (NASDAQ:AAL) to Overweight from Neutral and raised its price target to $29.00 from $26.00. Shares gained 3% today.
According to the firm, American Airlines has made commendable progress in reducing its debt burden (60% of its way to reducing its total debt by $15 billion by the end of 2025) and its current valuation is too attractive to ignore, despite the stock trading 35% below its debt peak in Q2/21.
2 more picks
Fortinet (NASDAQ:FTNT) shares rose 2% today after BofA Securities upgraded the company to Buy from Neutral and raised its price target to $75.00 from $66.00.
The new price target is based on a premium to cybersecurity peers, but the firm added that it “is warranted given the company’s strong fundamentals.”
The firm noted that despite concerns of weak orders being masked by backlog drawdowns, Fortinet's trends are robust and the company continues to deliver high value to its customers. The firm believes that the strong business momentum offsets concerns regarding backlog drawdowns.
The company reported its Q1 results on Thursday, with EPS and revenues coming in better than the consensus estimates.
Wells Fargo initiated coverage on Stagwell (NASDAQ:STGW) with an Overweight rating and a price target of $9.00. Shares closed more than 2% higher today.
The company is set to report its earnings on May 9.
