Pfizer Bags Jefferies Buy Call After Guidance Cut: 5 Big Analyst Picks
Pfizer upped Jefferies after guidance cut
Pfizer shares soared after analysts issued positive notes following the healthcare giant’s lowered revenue and earnings forecasts for the year. The decline in demand for its COVID-19 treatment, Paxlovid, led Pfizer to revise its adjusted EPS to $1.55 from $3.35 and full-year revenue to $59.5 billion from $68.5 billion. However, Jefferies responded favorably to the revised guidance by upgrading Pfizer’s rating from Hold to Buy with a price target of $39.00, citing factors such as exceeding buy-side expectations for Comirnaty, cost reductions, promising investor catalysts, and the anticipated closing of the SGEN deal.
Wayfair shares goosed on upgrade
Wayfair shares jumped after Loop Capital upgraded the company to Hold from Sell and raised its price target to $50.00 from $25.00. Bernstein had also recently upgraded Wayfair to Market Perform from Underperform, projecting improved revenue growth and margin commentary. With Wayfair set to report its Q3/23 earnings soon, the company’s stock is expected to continue its positive momentum.
Instacart gets several buy initiations
Following Instacart’s IPO, multiple Wall Street firms initiated coverage on the company, with most giving it buy-equivalent ratings. Citi began its analysis with a Buy rating and a price target of $34.00, highlighting Instacart’s strong tech partnerships, coverage of 95% of North American households, and potential for growth through customer acquisition. Stifel also started coverage with a buy rating and a price target of $48.00. Other firms, including Piper Sandler, JPMorgan, and Barclays, initiated coverage with Overweight ratings and price targets ranging from $33.00 to $40.00.
Two more upgrades
Morgan Stanley upgraded Nice to Overweight from Equalweight with a price target of $220.00, while JPMorgan upgraded Nucor to Neutral from Underweight with a price target of $151.00. These upgrades reflect positive sentiments towards both companies’ prospects.
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