Analyst Upgrades / Downgrades – 07/21/23

Upgrades

$HOG – Harley-Davidson Inc.
Recent News
Equity research analysts have given mixed assessments of the company’s prospects since March. Some analysts lowered their price targets, while others increased theirs, signaling differing opinions on the stock’s outlook. As of May 1, 2023, five analysts rate the stock as a “hold,” while five others rate it as a “buy.” The consensus target price for Harley-Davidson is $46 per share, with an average rating of “Moderate Buy.”Insider activity indicates confidence in the company, as Senior Vice President Jonathan R Root recently sold some shares but still holds a significant amount, suggesting positive prospects.

Brokerage Firm: DA Davidson
Rating Change: Neutral >> Buy
Price Target: $38.00 >> $47.00
Shares Outstanding: 146.05 Share Float: 142.70M

Downgrades

$BX – Blackstone
Recent News
JP Morgan analyst Kenneth B. Worthington downgraded Blackstone Inc (BX) from Overweight to Neutral, citing the stock’s best-in-class valuation as the reason for the downgrade. Despite Blackstone being considered a top-notch alternative asset manager with potential for growth driven by secular trends in asset allocation, the analyst believes the current valuation is appropriate at its current levels. The price target was raised to $111 from $102, but Worthington remains cautious about fee-earning assets under management, which experienced a modest decline in the last quarter. As of the last check on Friday, BX shares were trading lower by 1.98% at $105.38.
Brokerage Firm: JP Morgan
Rating Change: Overweight >> Neutral
Price Target: $102.00 >> $111.00
Shares Outstanding:  747.07M Share Float: 700.38M

Coverage Initiated

$LYV –Live Nation Entertainment, Inc.
Recent News
Oppenheimer initiated coverage on Live Nation Entertainment with an outperform rating. Analyst Jed Kelly provided a price target of $110 per share for LYV, praising the company’s advantage in concerts attributed to advancements in music streaming. These advancements improve distribution, facilitate artist discovery, and stimulate demand, leading to more robust network effects. Kelly expressed confidence in Live Nation’s financial strength, projecting a 12% annual growth in EBITDA until 2025. Additionally, the company’s proactive collaboration with legislators on fair ticketing initiatives following the Taylor Swift ticketing issues last year has alleviated concerns, allowing the valuation to return to historical levels. It’s worth noting that in mid-November, Live Nation faced antitrust scrutiny and criticism from lawmakers due to problematic glitches and overwhelming demand from automated ticket-seeking software during a Taylor Swift tour presale.

Brokerage Firm: Oppenheimer
Rating Change: Outperform
Price Target: $110.00
Shares Outstanding: 228.16M Share Float: 155.72M

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