Analyst Review – 01/16/24

Upgrades

$BLK – BlackRock
Recent News
TD Cowen recently upgraded BlackRock to an “outperform” rating, raising its price target from $819 to $938, indicating a potential 17.31% increase. Other analysts have also updated their targets: Deutsche Bank and Jefferies Financial Group lowered their targets to $800 and $754 respectively, while Goldman Sachs and Morgan Stanley raised theirs to $793 and $897. Bank of America reduced their target to $868. Overall, BlackRock now holds a “Moderate Buy” consensus rating from analysts with an average price target of $785.73.

Brokerage Firm: TD Cowen
Rating Change: Market Perform >> Outperform
Price Target: $819>>$938

$COHR– Coherent
Recent News
Barclays upgraded Coherent from an “Equalweight” to an “Overweight” rating. Along with this upgrade, Barclays also increased the price target for Coherent’s stock from $38 to $60. This change reflects a significant adjustment in the firm’s perspective on Coherent’s market performance and potential.The upgrade by Barclays suggests a more optimistic outlook for Coherent, likely influenced by various factors related to the company’s market position, recent performance, and future prospects. However, the specific reasons for the upgrade and the detailed analysis behind it are typically covered in the full research reports by the analysts, which are not publicly available in detail.This upgrade is a part of a broader trend in analyst ratings and target adjustments for Coherent, indicating a shifting sentiment in the market regarding the company’s stock.

Brokerage Firm: Barclays
Rating Change: Equal Weight >> Overweight
Price Target: $38>>60

$WDC – Western Digital
Recent News
Western Digital Corp received notable upgrades from Deutsche Bank and Barclays, with both setting a new price target of $65. Deutsche Bank’s upgrade from “hold” to “buy” and Barclays’ from “equal weight” to “overweight” were influenced by better-than-expected improvements in NAND flash chip pricing and optimistic projections for the company’s quarterly results. Despite existing positive ratings, room for further upgrades remains as some brokerages still hold a “hold” stance. The stock is close to its annual high, supported by its ascending 40-day moving average, indicating potential to reduce its year-to-date deficit and continue its year-over-year growth. Options traders are also showing strong bullish sentiment towards WDC, as indicated by high call/put volume ratios on major exchanges.

Brokerage Firm: Barclays
Rating Change: Equal Weight>> Overweight
Price Target: $45>>65

Downgrades

$BA – Boeing Co.
Recent News
Wells Fargo analysts downgraded Boeing from “Overweight” to “Equal Weight,” significantly reducing the stock’s price target from $280 to $225. This decision was influenced by increasing risks associated with Boeing’s production and delivery, particularly highlighted by the recent Alaska Air flight incident. The firm expressed concerns about Boeing’s ability to receive a favorable audit from the Federal Aviation Administration (FAA), citing ongoing quality issues and the potential for audit expansion to other Boeing models. Wells Fargo also noted uncertainties in the on-time certification of MAX 7/10 models, which form a substantial portion of Boeing’s 2025 backlog. Additionally, they see reduced near-term cash flow potential due to risks in liquidating inventory and resuming deliveries, particularly in China. Despite a recent decline in Boeing’s stock value, Wells Fargo still finds its valuation unattractive for an “Overweight” rating.

Brokerage Firm: Wells Fargo
Rating Change: Overweight >> Equal Perform
Price Target: $205

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