US Top Rating Updates on 12/20: WMT, COST, RIVN, UNP and More
Walmart Assumed With an Outperform at Credit Suisse
Credit Suisse analyst Karen Short assumed coverage of $Walmart(WMT.US$ with an Outperform rating with a price target of $170, up from $160. Walmart has been gaining "meaningful" market share since early 2021 and she views it as "a well-positioned defensive name in an uncertain macro backdrop," Short tells investors. The company's price gaps to conventional grocers remain wide and a potentially weak macro backdrop should accelerate share gains, the analyst added.
Rivian Automotive Initiated With an Overweight at Cantor Fitzgerald
Cantor Fitzgerald analyst Andres Sheppard initiated coverage of $Rivian Automotive(RIVN.US$ with an Overweight rating and $22 price target. Rivian benefits from a differentiated product offering, a strong backing from Amazon (AMZN), and a proprietary charging network, but shares are down ~79% YTD, so this could be a good entry point, Sheppard tells investors in a research note.
Conagra Brands Upgraded to Overweight at Morgan Stanley on Defensive Positioning
Morgan Stanley analyst Pamela Kaufman upgraded $Conagra Brands(CAG.US$ to Overweight from Equal Weight with a price target of $45, up from $34. Supported by continued defensive market positioning and relatively stable fundamentals, she sees packaged food stocks sustaining their relative outperformance in 2023, Kaufman tells investors.
Source: Seeking Alpha, The Fly
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