Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Meta Platforms, Zscaler, NetApp, and WW International.
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Meta Platforms earns an upgrade at New Street Research ahead of Q2
New Street Research upgraded Meta Platforms (NASDAQ:META) to Buy from Neutral and raised its price target to $350.00 from $285.00, ahead of the company’s upcoming Q2/23 earnings report, scheduled today after the market close.
The upgrade was driven by the positive feedback to Meta's AI efforts, particularly the release of Llama 2, its next-generation open-source language model.
The firm believes this will expand the use of Meta's large language model significantly. Insights from the AI Speaker Series also contributed to the upgrade, highlighting Messaging and Metaverse/VR/AR as top use cases for generative AI, promising improved monetization opportunities for WhatsApp, Messenger, and Metaverse initiatives.
Shares were up 1.6% to $299.15 soon after market open.
Zscaler stock surges on BTIG upgraded
Zscaler (NASDAQ:ZS) shares gained more than 4% yesterday after BTIG upgraded the company to Buy from Neutral with a price target of $185.00, as reported in real time on InvestingPro.
The firm expressed confidence in Zscaler's ability to maintain its leadership position despite increased competition.
According to the firm, Zscaler has significant opportunities in the "security service edge" market, which involves delivering network security services from a purpose-built cloud platform. They believe that Zscaler is well-positioned to benefit from the ongoing shift of network security architectures towards cloud environments over the next five years, indicating substantial potential for growth.
2 more upgrades
NetApp (NASDAQ:NTAP) shares gained more than 1% pre-market today after Morgan Stanley upgraded the company to Equalweight from Underweight and raised its price target to $74.00 from $60.00.
WW International (NASDAQ:WW) shares jumped more than 6% pre-market today after Morgan Stanley upgraded the company to Overweight from Equalweight and raised its price target to $13.00 from $5.00.
"We see an undervalued turnaround story with thematic exposure given the combination of a reaccelerating core business in addition to faster than anticipated traction in WW's new GLP-1 telehealth brand Sequence. A robust NT catalyst path provides opportunities for re-rating."
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