Chevron and First Solar Among Big Analyst Picks: Pro Recap
Chevron Upgraded to Outperform at Exane BNP Paribas
Chevron (NYSE:) received an upgrade from Exane BNP Paribas, moving from Neutral to Outperform. This upgrade comes in the wake of Exxon Mobil’s (NYSE:) acquisition deal with Pioneer Natural Resources (NYSE:), which sparked speculation about Chevron’s potential countermove. While earlier reports hinted at Chevron’s interest in Occidental Petroleum (NYSE:), that speculation has fizzled. Analysts are now considering whether Hess Corporation (NYSE:) might be on Chevron’s radar. Chevron is set to announce its Q3/23 earnings on October 27, and its shares were up 0.5% to $161.91.
First Solar Upgraded to Overweight at Barclays
Barclays upgraded First Solar (NASDAQ:) from Equalweight to Overweight, with a price target of $224.00 (previously $230.00). Despite significant investor concern about utility-scale growth in the 2024+ timeframe, Barclays believes First Solar’s domestic content advantages and contracted backlog provide better visibility than its peers. Additionally, the valuation gap between First Solar and its peers has widened, making it an attractive investment opportunity. While First Solar’s shares initially gained in premarket trading, they were recently down 0.5% to $150.72 in the regular session.
Dynatrace Gains on DA Davidson Upgrade
DA Davidson upgraded Dynatrace (NYSE:) from Neutral to Buy and raised its price target from $50.00 to $65.00. The analysts noted that Dynatrace is well-positioned to benefit from increased developer activity, the Convergence trend in Observability, and potential disruptions to Splunk (NASDAQ:). Dynatrace’s proactive engagement with OpenTelemetry sets it apart from competitors like Datadog (NASDAQ:) and Elastic (NYSE:), making it a promising investment. With a strong enterprise-centric customer base and advancements in AI, Dynatrace is poised for growth. Shares of Dynatrace were recently up 0.7% to $48.53.
Clorox Sheds Underperform Rating
Bernstein upgraded Clorox (NYSE:) from Underperform to Market Perform and set a price target of $120.00. Clorox recently faced a major cyberattack, which resulted in a significant loss. However, Bernstein believes the worst is behind Clorox and expects it to recover. Clorox is set to report its fiscal Q1 earnings on November 1, with analysts anticipating a loss of $0.21 per share. Despite the upgrade, shares of Clorox were down 1.8% to $120.22 in recent trading.
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