By Davit Kirakosyan
Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades for Ford, Coinbase, Constellation Brands, Equitrans Midstream , and Boston Beer.
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Ford shares gain on Jefferies upgrade
Ford (NYSE:F) shares climbed nearly 3% pre-market today after Jefferies upgraded the company to Buy from Hold and raised its price target to $16.00 from $13.00, as InvestingPro reported in real time.
According to the firm, last week's investor event raised their confidence that Ford finally has the plan and the team in place to close a deficit of execution that has dogged shares for years.
The company has in recent months refined a strategy to leverage group strengths and fill the gap between the quality of its product franchises and returns that have lagged peers and lacked consistency.
According to Jefferies, reporting under Blue, Model e and Pro raises disclosure to benchmark levels and is improving tracking and accountability, adding that Ford's ambition for a 10% margin by 2026, compared to the consensus below 6%, presents an attractive opportunity for sequential improvements across divisions.
Coinbase upgraded to Overweight, stock jumps 4%
Coinbase (NASDAQ:COIN) shares surged more than 4% pre-market today after Atlantic Equities upgraded the company to Overweight from Neutral with a price target of $70.00.
According to the firm, Coinbase's Q1/23 results earlier this month confirmed management's focus on returning the business to sustainable profitability. While risks remain in the form of a weak volume backdrop, recession, regulation, and market prices, the firm believes that Coinbase's recent actions allow investors to look through toward the longer-term opportunity.
3 more upgrades
Roth/MKM upgraded Constellation Brands (NYSE:STZ) to Buy from Neutral and raised its price target to $270.00 from $216.00, noting they expect share gains for Modelo Especial and Corona to accelerate as the weather warms.
Equitrans Midstream (NYSE:ETRN) shares jumped more than 12% pre-market today after RBC Capital upgraded the company to Outperform from Sector Perform and raised its price target to $10.00 from $7.00.
Roth/MKM upgraded Boston Beer (NYSE:SAM) to Buy from Neutral and raised its price target to $386.00 from $274.00, noting areas of upside at Seltzer and Truly.
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