Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Foot Locker, Live Nation Entertainment, Beacon Roofing Supply, and Invesco.
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Foot Locker shares surge on Piper Sandler upgrade
Foot Locker (NYSE:FL) shares rose more than 3% pre-market today after Piper Sandler upgraded the company to Overweight from Neutral and raised its price target to $33.00 from $24.00, as reported in real-time on InvestingPro.
Last month, the company released its Q3 results, with EPS of $0.30 and revenue of $1.99 billion coming in better than the consensus estimates.
Live Nation Entertainment earns an upgrade at Morgan Stanley
Live Nation Entertainment (NYSE:LYV) shares rose more than 1% pre-market today after Morgan Stanley upgraded the company to Overweight from Equalweight and raised its price target to $110.00 from $100.00.
The upgrade is based on the strong fundamentals observed in the music and live events sector as we move into 2024. Despite the improvement in returns on capital, Live Nation shares have underperformed the market by around 20 percentage points since the end of 2021. “This underperformance along with increased confidence in future growth lead us to upgrade to OW," commented the analysts.
Two more upgrades
JPMorgan upgraded Beacon Roofing Supply (NASDAQ:BECN) to Overweight from Neutral and raised its price target to $103.00 from $86.00. As a result, shares rose more than 1% pre-market today.
The upgrade decision is based on the company's relatively low valuation and the expectation of continued effective implementation of its strategic plan. Beacon Roofing Supply currently trades at about 7.9 times the estimated EBITDA for 2024, which is approximately a 20% discount compared to its 5-year average of about 10 times. This discount is notably more than the average discount of around 7% seen across JPMorgan’s universe.
We view this valuation as attractive relative to the company’s strong execution of its strategic Ambition 2025 plan over the last two years, which has resulted in the company being on track to demonstrate 4-year (2019-23E) CAGRs for organic sales and EBITDA of 9.4% and 18.2%, respectively, well above our universe averages of 6.2% and 9.2%.
Invesco (NYSE:IVZ) shares rose more than 2% pre-market today after Keefe, Bruyette & Woods upgraded the company to Outperform from Market Perform and raised its price target to $20.00 from $15.50.
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