Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Ford, GM, Boeing, Simon Property, JD.com, Saia , and Stellantis.
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Ford and General Motors upgraded at Barclays
Ford Motor (NYSE:F) and General Motors (NYSE:GM) were each upgraded to Overweight from Equalweight at Barclays with price targets of $14.00 and $37.00, as reported in real time on InvestingPro.
The analysts said they "believe the different pressures on the business have created 'peak pain,' yielding trading multiples at historical lows."
They added, "While we acknowledge that structural concerns aren’t likely to dissipate any time soon, we believe even a modest reversal of sharply negative sentiment could drive attractive upside."
Barclays said that, of the two, they prefer GM over Ford.
Last week, Ford lost more than 12% after the company reported worse-than-expected Q3 results, disclosing a wider loss in its electric-vehicle business, influenced by a price war sparked by Tesla (NASDAQ:TSLA). GM beat estimates with its Q3.
Both automakers retracted their 2023 projection due to uncertainties surrounding negotiations with the United Auto Workers (UAW) union.
Ford was recently up 0.5% to $9.80, having retreated from its initial 2% premarket gain. GM also opened with a gain, then reversed to a 0.8% slip to $27.97.
Boeing earns two upgrades
Boeing (NYSE:BA) was upgraded by two Wall Street firms
Goldman Sachs, for one, moved its rating to Conviction Buy from Buy with a price target of $258.00. The analysts commented on the stock's 25% decline since its June air show highs, noting that its current trading below 10X mid-cycle free cash flow suggests investors might be overlooking long-term fundamentals in favor of near-term disruptions.
Meanwhile, Northcoast Research upgraded the company to Buy from Neutral with a price target of $217.00.
Boeing shares were lately up 1.7% to $190.02.
Simon Property upped at Goldman
Goldman Sachs upgraded Simon Property Group (NYSE:SPG) to Conviction Buy from Buy with a price target of $144.00.
The analysts wrote that the high-end mall REIT "is favorably positioned in a post-pandemic retail environment where its customers — retailers — are now looking to expand store footprints in response to consumers who are seeking experience-based consumption options (i.e., in the case of SPG, just going to the mall to shop)."
Goldman also cited its "relatively clean balance sheet and at a deep valuation discount versus its peers and its history."
Shares were recently up 1.8% to $111.85.
JD.com upgraded to Buy
UBS upgraded JD.com (HK:9618) (NASDAQ:JD) to Buy from Neutral with a price target of $39.00 (from $40.00), citing the China-based online retailer's "year of transition."
The analysts noted the company is "cultivating a vibrant third-party (3P) ecosystem by expanding long-tail SKUs" as well as "building low-price mind share and "streamlining its corporate structure to be more responsive to market change."
UBS acknowledged that the "necessary" process "is unlikely to be smooth amid peaking internet user growth, a slowing economy and rising competition" and that the stock may underperform peers until more visibility materializes, but they still think the stock is undervalued at current levels.
Still, JD.com ADRs were recently down 1.3% to $25.08. Hong Kong shares were off 1.1% to 98.75 Hong Kong dollars.
Saia earns another upgrade
Stifel upgraded Saia (NASDAQ:SAIA) to Buy from Hold and raised its price target to $425.00 from $412.00.
Earlier this week, two more Wall Street firms upgraded the company. Wolfe Research raised its rating from Peerperform to Outperform with a price target of $418.00. Meanwhile, Susquehanna upgraded the company from Neutral to Positive with a price target of $420.00.
The upgrades follow the company’s reported Q3 results last week, with both EPS and revenues coming in better than the consensus estimates.
Shares were up 4.3% to $373.86.
Stellantis upgraded to Outperform following strong Q3 results
Bernstein upgraded Stellantis (NYSE:STLA) to Outperform from Market Perform and raised its price target to $26.40 from $18.50.
This decision comes on the heels of Stellantis reporting a 7% growth in Q3/23 net revenues, underpinned by strong year-over-year shipments, which led to a more than 3% rise in its stock price Tuesday.
Shares lifted 1.7% to $18.99.
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