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Each day Wall Street research analysts initiate new coverage on stocks in the sectors they follow and establish ratings, like Buy/Hold/Sell, set price targets, and publish earnings and other financial estimates. Below are 3 new coverage stocks that grabbed our attention today:
UBS initiated coverage on Symbotic Inc (NASDAQ:SYM), a leader in supply chain automation technology, with a Buy rating and a price target of $17.00. According to the analysts, the company offers an attractive combination of upside potential with its leading tech aiming to disrupt a $250 billion market but also downside protection with over an $11 billion backlog, providing years of visibility, and insulating the outlook from macro uncertainty.
Jefferies initiated coverage on Rubicon Technology Inc (NASDAQ:RBCN), a waste and recycling marketplace broker, with a Buy rating and a price target of $10.00. According to the analysts, their rating is based on an industry that is ripe for digitization providing room for ample growth along with a strong M&A pipeline supported by long-term contracts and adjusted gross margin accretion over time from mix shift.
Compass Point initiated coverage on Zillow Group Inc (NASDAQ:ZG) with a Buy rating and a price target of $50.00. While customer demand is generally correlated to overall real estate market conditions that are expected to remain under pressure through mid-2023, the analysts see the challenge and opportunity for the company to actively capture share, which holds potential growth implications that may far offset near-term market headwinds. The analysts believe very modest gains in share may translate into substantial Revenue and EBITDA growth potential above consensus.
