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Wayfair (NYSE:W) shares jumped more than 26% intra-day today after analysts at JPMorgan and BofA double-upgraded the stock following last week’s announcement that it has updated its cost efficiency plan, which includes cutting a further 1,750 employees, or 10% of its workforce.
Shares had already risen 20% to a four-month high on Friday.
BofA Securities upgraded the company to Buy from Underperform and raised its price target to $65.00 from $30.00, noting it is now more confident that Wayfair will achieve breakeven or better EBTIDA this year (first time since 2020) on a significant improvement in revenue trends and over $1 billion of expense reductions.
JPMorgan upgraded the company to Overweight from Underweight and raised its price target to $63.00 from $35.00. “Despite the movement on Friday following W’s unexpected pre-announcement into a highly favorable tech tape, we still see significant upside to valuation,” added the firm.
Advanced Micro Devices Inc (NASDAQ:AMD) shares jumped nearly 9% intra-day today after Barclays upgraded the company to Overweight from Equalweight and raised its price target to $85.00 from $70.00.
Cowen upgraded Skechers USA (NYSE:SKX) to Outperform from Market Perform and raised its price target to $65.00 from $48.00, noting its survey and channel work suggests a meaningful upside in the stock. The firm views consensus sales and EPS estimates as too conservative with working capital drags ending in 2022 supporting an inflection in Free Cash Flow. Shares surged nearly 6% intra-day today.
Shopify (NYSE:SHOP) shares gained more than 7% intra-day today after Deutsche Bank upgraded the company to Buy from Hold and raised its price target to $50.00 from $40.00.
KeyBanc upgraded PTC Inc. (NASDAQ:PTC) to Overweight from Sector Weight with a price target of $155.00, noting that the company could be one of the best free cash flow growth stories over the next three years. The firm said the company’s recent transparency and conservative framework for fiscal 2023 present near-term catalysts for upside. Shares were up nearly 4% intra-day today.
Qualcomm (NASDAQ:QCOM) shares gained more than 7% intra-day today after Barclays upgraded the company to Overweight from Equalweight and raised its price target to $150.00 from $120.00.
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