4 big analyst picks: Pinterest stock gains on Wells Fargo upgrade
2023.06.28 06:02
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Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Pinterest, Saia, Old Dominion, and California Water Service.
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Pinterest upgraded at Wells Fargo
Pinterest (NYSE:) shares gained more than 3% pre-market today after Wells Fargo upgraded the company to Overweight from Equal Weight and raised its price target to $34.00 from $23.00.
According to the firm, Pinterest’s strategy to outsource monetization to third parties, including an announced partnership with Amazon (NASDAQ:), aims to address its attribution and scale issues.
This will enable the company to concentrate on enhancing user engagement and experience. Early signs of improved engagement and ad load, combined with outsourced monetization, should significantly improve the company’s revenue and margin outlook, mentioned Wells Fargo.
Saia earns 2 upgrades, shares surge
Saia (NASDAQ:) shares gained more than 6% yesterday after two Wall Street firms upgraded the company, as reported in real time on InvestingPro.
BofA Securities upgraded the stock to Buy from Neutral and raised its price target to $388.00 from $311.00. Meanwhile, Evercore ISI upgraded to Outperform from In Line and raised its price target to $360.00 from $298.00.
The company is set to report its Q2/23 earnings at the end of next month. Street estimates stand at $3.25 for EPS and $701.65 million for revenues.
2 more upgrades
Old Dominion Freight Line (NASDAQ:) shares jumped more than 7% yesterday after BofA Securities upgraded the company to Buy from Neutral and raised its price target to $391.00 from $331.00.
Wells Fargo upgraded California Water Service (NYSE:) to Equal Weight from Underweight with a price target of $56.00 (from $58.00).
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