© Reuters. Today’s Most Important Initiations
By Davit Kirakosyan
Goldman Sachs initiated coverage on Etsy (NASDAQ:) with a Buy rating and a price target of $130.00, noting it believes the company is “likely” to hit post-covid double-digit revenue growth in five years to 2027, as well as an adjusted EBITDA margin of over 30%. “Amidst ongoing macro headwinds, the company has shown a great level of resiliency relative to many of its eCommerce peers (measured by operating and financial KPIs) as it continues to execute against a vast and growing eCommerce opportunity,” commented the analysts.
BofA Securities initiated coverage on Howmet Aerospace Inc.(BMV:) with a Buy rating and a price target of $40.00, forecasting an EPS CAGR of approximately 25% between 2021 and 2026 as sales grow, margins expand and interest expense declines.
BofA Securities initiated coverage on Corebridge Financial Inc (NYSE:) with a Buy rating and a price target of $24.00, noting it believes the company’s earnings growth has the potential to be superior to its immediate peers due to simultaneous restructuring programs within AIG P&C (NYSE:) and Corebridge.
Goldman Sachs initiated coverage on Wayfair (NYSE:) with a Neutral rating and a price target of $36.00 as it sees a more balanced risk-reward skew in the shares over a 12-month period due to uncertainty around the trajectory of key operating metrics, despite the company’s multi-year revenue growth potential.
Wolfe Research initiated coverage on Barnes Group (NYSE:) with a Peerperform rating.
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