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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:) shares surged more than 12% yesterday after two Wall Street firms upgraded the company, as InvestingPro reported in real time.
JPMorgan upgraded to Overweight from Neutral and raised its price target to $16.00 from $11.00 after hosting senior management meetings, which highlighted 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. Additionally, the firm noted the increased balance sheet flexibility with ample liquidity for debt pay-down.
Meanwhile, BofA Securities upgraded the company to Buy from Neutral and raised its price target to $20.00 from $11.00.
The company is set to report its Q2/23 earnings on June 22.
AutoZone upgraded to Outperform
Evercore ISI upgraded AutoZone (NYSE:) 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:) 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:) to Overweight from Neutral with a price target of $144.00. Shares are up more than 1% pre-market today.
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