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BofA Securities initiated coverage on Madison Square Garden Entertainment (NYSE:MSGS) with a Buy rating and a price target of $41.00, as reported in real-time on InvestingPro. Shares gained more than 5% yesterday.
Following its separation from Sphere, BofA considers MSGE, which possesses renowned venues like Madison Square Garden and The Chicago Theatre, as an attractive opportunity to invest in a growth-oriented company.
Benefiting from its strong market position as the top-grossing venue of its scale globally, MSGE stands to gain from the surge in live music and entertainment events. The bank projects mid-single-digit revenue growth and low-double-digit growth in adjusted operating income from fiscal 2023 to 2027, driven by robust trends in live entertainment.
JPMorgan upgraded Cognizant Technology Solutions (NASDAQ:CTSH) to Neutral from Underweight and raised its price target to $77.00 from $72.00, noting that the expectations bar seems low enough against progress on the CEO’s priorities.
“Recent large deal momentum coupled with a reasonably conservative outlook established at BOY, creates a better risk/reward profile than our prior thesis considered,” mentioned JPMorgan. According to the firm, the new CEO’s efforts across three key areas – large deals, employee satisfaction, and operational discipline – appear to be advancing positively.
The firm emphasized that if these execution trends continue, they could help narrow the growth and valuation gaps when compared to peers. Despite the upgrade, JPMorgan maintained a cautious stance on the company’s mid-term profit margins.
VTEX (NYSE:VTEX) shares gained more than 6% pre-market today after UBS upgraded the company to Buy from Neutral and raised its price target to $7.50 from $4.70.
Raymond James upgraded Shift4 Payments (NYSE:FOUR) to Outperform from Market Perform with a price target of $74.00.
According to Raymond James, a big chunk of the company’s new successes since 2022 are coming from areas that aren’t as dependent on the overall economy. This is making the company’s overall mix and profits better. Furthermore, when Finaro closes, probably in late Q3 or early Q4, it’s likely to give the company’s stock a boost, setting things up for the next round of growth.
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