4 big analyst picks: Chevron raised to Buy, Coherent upgraded after weak guidance
Investing.com | Author Davit Kirakosyan
Published Aug 17, 2023 19:36
Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Chevron, Coherent , Pioneer Natural Resources, and Alcon.
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.
"We find the 800G Datacom orders to be promising, and we are also upbeat on COHR's active optical cable opportunity for shorter-distance connections in AI Data Centers, but there are still questions of timing."
Two more upgrades/h2
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.
"We think the company can deliver nearly 5% oil growth at flat capex in 2024 with potential upside to our forecasts if the company can sustain productivity at 2023 levels."
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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Written By: Investing.com
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