Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Carnival, AutoZone, Urban Outfitters, and Assurant.
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Carnival soars 12% on two upgrades
Carnival (NYSE:CCL) shares surged more than 12% yesterday after two Wall Street firms upgraded the company.
JPMorgan upgraded the stock to Overweight from Neutral and raised its price target to $16.00 from $11.00, saying meetings with senior management (and with peers Royal Caribbean (NYSE:RCL) and Norwegian (NYSE:NCLH)) revealed a "bullish tone on current trends... with zero signs of momentum slowing... as pent-up loyalist demand a year ago transitions to new-to-cruise strength today."
The analyst also noted the companies' "increased balance sheet flexibility [with] ample liquidity for debt pay-down."
Meanwhile, BofA Securities upgraded Carnival to Buy from Neutral and vaulted its price target to $20.00 from $11.00.
Carnival is set to report its Q2/23 earnings on June 22.
AutoZone upgraded to Outperform
Evercore ISI upgraded AutoZone (NYSE:AZO) to Outperform from In Line and raised its price target to $2,700.00 from $2,640.00, noting that the recent decline in share price since reporting lower-than-expected Q3 sales gives the stock a more attractive entry point.
The firm highlighted AutoZone’s cash flow, small ticket exposure, and mild cyclicality with trade-down positioning and share gain, which are expected to keep the earnings compounding.
2 more upgrades
Urban Outfitters (NASDAQ:URBN) shares rose more than 2% pre-market today after Morgan Stanley upgraded the company to Overweight from Equalweight and raised its price target to $41.00 from $27.00.
Piper Sandler upgraded Assurant (NYSE:AIZ) to Overweight from Neutral with a price target of $144.00. Shares are up more than 1% pre-market today.
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