© Reuters
Here’s your pro roundup of the biggest analyst picks you may have missed since yesterday: updates on Kellogg, KB Home, Evotec, Principal Financial and Sales.
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Kellogg upgraded to Market Perform
Bernstein upgraded Kellogg’s (NYSE:) to Market Perform from Underperform with a $62.00 price target, real-time reported on InvestPro.
According to the firm, the spin-off creates uncertainty, but the valuation is “seriously attractive”, with the shares underperforming the rest of its US Food peers by 15% after the divestment announcement a year ago. Kellogg is spinning off its North American cereal business, which it aims to complete by the end of 2023.
KB Home was updated following the rhythm of the second quarter
CFRA upgraded KB Home (NYSE:) to Buy from Hold and raised its price target to $61.00 from $41.00 following second-quarter results reported by the company on Wednesday.
Second quarter of $1.94 and revenue of $1.77 billion was significantly better than consensus estimates.
CFRA sees revenue of $6.15 billion in fiscal 2023 and $6.44 billion in 2024, compared to $6.9 billion in 2022, supported by a quarterly order book increase of 4% to $3.4 billion and lower sales. cancellations from 36% to 21.8% in Q1.
3 more updates
Morgan Stanley upgraded Evotec’s (NASDAQ:) rating to Overweight from Equalweight and raised his price target to $16.00 from $12.00.
Jefferies upgraded Principal Financial Group (NASDAQ:) to Hold from Underperform and raised his price target to $65.00 from $60.00.
Raymond James Improved Sales (NYSE:) a Strong Buy of Exceed with a $55.00 price target.
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