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Mizuho Securities upgraded Chevron (NYSE:CVX) to Buy from Neutral and raised its price target to $209.00 from $205.00, noting it is still constructive on exploration and production firms within the Oil & Gas sector.
The U.S. Oil & Gas sector has performed better than the S&P 500 by around 13% since June 25. While higher commodity prices and an improving macroeconomic outlook have certainly played a role, Mizuho mentioned that there are also secular tailwinds in the Energy sector that bolster their confidence in longer-term cash generation. “Near-term margins for Refiners are strong, and our 3Q23 EBITDA estimates are ~59% higher than current consensus,” added the firm.
Rosenblatt upgraded Coherent (NYSE:COHR) to Buy from Neutral with a price target of $45.00 (from $55.00), as reported in real-time on InvestingPro.
Shares plunged nearly 30% yesterday after the company reported its Q4 results, and provided a weaker-than-expected guidance.
Rosenblatt mentioned they believed that Coherent stands to gain in the long run from AI networking. However, they assessed that near-term numbers had to go meaningfully lower due to a substantial reduction in Telecom inventory and macro weakness in industrial Lasers.
JPMorgan upgraded Pioneer Natural Resources (NYSE:PXD) to Overweight from Neutral and raised its price target to $264.00 from $251.00.
JPMorgan maintained a neutral stance on the company’s story since the announcement of the DoublePoint merger in May 2021. However, they now observe a better risk-reward profile due to the combination of strong and improving well productivity, a shift towards longer laterals, and favorable cost trends.
Alcon (NYSE:ALC) shares gained more than 3% pre-market today after JPMorgan upgraded the company to Overweight from Neutral and raised its price target to $89.30 from $79.80.
Earlier this week, the company reported its Q2 results, with EPS and revenues coming in better than the consensus estimates.
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