Here is your Pro Recap of the biggest analyst picks you may have missed since Friday: upgrades at Alibaba, Twilio, Okta, and Teledyne.
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Alibaba upgraded to Buy following Q1 beat
DZ Bank upgraded Alibaba (NYSE:BABA) to Buy from Hold with a price target of $120.00 following Q1 earnings last week, as reported in real-time on InvestingPro.
The company posted Q1 adjusted core income that topped analyst estimates, as the Chinese e-commerce giant was boosted by strong consumer spending during a major shopping event in China in June.
Twilio earns an upgrade after Q2 beat
Argus upgraded Twilio (NYSE:TWLO) to Buy from Hold with a price target of $72.00, following the company’s reported strong Q2 results and raised full-year guidance last week.
EPS of $0.54 came in better than the consensus estimate of $0.30. Revenue increased 10% year-over-year to $1.04 billion, beating the consensus estimate of $987.07 million.
Two more upgrades
Okta (NASDAQ:OKTA) shares surged more than 4% pre-market today after Goldman Sachs upgraded the company to Buy from Sell and raised its price target to $91.00 from $77.00.
Despite a deceleration in cRPO from 55-60% in 2021 to 10-15% in the second half of 2023 and a 22% stock underperformance compared to the Nasdaq year-to-date, the bank anticipates a rebound in performance. This rebound is expected due to the acceleration of cRPO and ARR (annual recurring revenue) growth to 15%-20%.
Teledyne Technologies (NYSE:TDY) shares rose more than 1% pre-market today after Goldman Sachs upgraded the company to Buy from Neutral and raised its price target to $495.00 from $423.00.
Despite the recent stock pullback, the company's balance sheet is strengthening post-FLIR integration, and core fundamentals remain robust. with expected earnings surpassing consensus and an attractive current valuation. “We see upside to consensus earnings expectations and find current valuation attractive," mentioned the bank.
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