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Abbvie selloff overdone, says Barclays: 5 big analyst picks

Published Oct 30, 2023 06:13AM ET
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Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed today: upgrades at PTC, Abbvie, East West Bancorp , Eastman Chemical, and L3Harris Technologies.

InvestingPro subscribers got this news first. Never miss another market-moving headline.

Abbvie upgraded at Barclays following Q3 beat

AbbVie (NYSE:ABBV) shares climbed premarket Monday after Barclays upgraded the pharmaceutical name to Overweight from Equalweight and raised its price target to $170.00 from $160.00.

The analysts said Friday's 4.3% selloff, which followed better-than-expected Q3 results, "looks like an over-reaction to external sector dynamics, against a backdrop of Immunology momentum and commentary de-risking '24 pricing."

Shares were up 1% to $140.28 in premarket trading.

East West Bancorp upped to Buy

East West Bancorp (NASDAQ:EWBC) shares were rising in the premarket after UBS upgraded the bank to Buy from Neutral and raised its price target to $61.00 from $57.00.

UBS analysts said that, having reviewed the company’s Q3 numbers from earlier this month, "We now have mild upside to our 2024 estimates vs. consensus, and think the shares... are attractive in the current environment."

The analysts also cited its "enviable" ability to deliver strong return on assets and repurchase over 3% of its shares outstanding in the next few quarters while still outpacing peers in tangible book value growth per share. They added, "The commitment to return capital to shareholders starting in 4Q also signals to us that management, while realistic about credit, is confident in the balance sheet."

Shares were up 1.6% to $52.64 in recent premarket trading.

JPMorgan raises Eastman Chemical to Overweight

JPMorgan upgraded Eastman Chemical (NYSE:EMN) to Overweight from Neutral with a price target of $90.00 following a Q3 beat from the specialty-chemicals company, once a Kodak subsidiary.

"We think that the beginning of a normalization of returns in Chemical Intermediates, persistently high margins in Fibers, and volume normalization across Eastman’s operations should lead to strong earnings growth as a base case for Eastman in 2024,” wrote JPMorgan.

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PTC earns an upgrade ahead of Q4 earnings

PTC (NASDAQ:PTC) shares rose more than 1% pre-market Monday after Oppenheimer upgraded the software outfit to Outperform from Perform with a price target of $165.00, as reported in real-time on InvestingPro.

The company is set to report its Q4/23 earnings on Nov 1. Street estimates stand at $1.14 for EPS and $558.41 million for revenues.

L3Harris Tech upgraded to Outperform

L3Harris Technologies (NYSE:LHX) shares rose more than 1% pre-market today after Raymond James upgraded the defense tech name to Outperform from Market Perform with a price target of $210.00.

***

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Abbvie selloff overdone, says Barclays: 5 big analyst picks
 

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