Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Spotify, Owens Corning, iQIYI, and Iridium Communications.
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Spotify gains on Deutsche Bank upgrade
Spotify Technology (NYSE:SPOT) shares gained more than 6% yesterday after Deutsche Bank upgraded the company to Buy from Hold with a price target of $180.00. According to the bank, investors should be using current weakness to buy the stock, calling the post-Q2 selloff "overdone".
The company reported its Q2 results on Tuesday, with both EPS and revenues coming in below the consensus estimates, while MAUs beat expectations.
Deutsche Bank mentioned several positives from the results. Top-of-funnel metrics continued to outpace expectations, and Q3 gross margin guide came in above consensus, albeit in line with buy-side projections. Additionally, operating losses showed further improvement.
According to the bank, estimates remain biased to the upside, noting the Q4 model impact by the announced price increases, ongoing momentum in MAUs and a conservative premium net add guide, as well as moderating podcast content investments.
Owens Corning upgraded following the Q2 beat
RBC Capital upgraded Owens Corning (NYSE:OC) to Outperform from Sector Perform and raised its price target to $168.00 from $135.00, as reported in real time on InvestingPro.
Shares gained nearly 6% yesterday after the company reported its Q2 results, with EPS of $4.22 and revenue of $2.56 billion coming in better than the consensus estimates.
2 more upgrades
Macquarie upgraded iQIYI (NASDAQ:IQ) to Neutral from Underperform and raised its price target to $5.12 from $2.80. As a result, shares gained more than 2.5% premarket today.
The company is set to report its Q2/23 earnings on Aug 1.
Iridium Communications (NASDAQ:IRDM) shares rose more than 1% premarket today after Barclays upgraded the company to Overweight from Equalweight with a price target of $65.00 (from $66.00).
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