© Reuters. Today’s most important upgrades
By Davit Kirakosyan
MoffettNathanson upgraded Walt Disney (NYSE:) to Outperform from Market Perform and raised its price target to $120.00 from $100.00 following the company’s announcement yesterday that Bob Iger is coming back to replace Bob Chapek as the CEO. Shares gained more than 9% intra-day today.
JPMorgan upgraded Tencent Music Entertainment Group (NYSE:) to Overweight from Neutral and raised its price target to $7.70 from $4.80 following strong profit growth in Q3/22 (up 41% year-over-year). The analysts expect the company to deliver mid-to-high double-digit bottom-line growth in the next three quarters. The analysts said that online music has finally become a key financial driver for the group as its online music operation grow from 32% of group revenue at low-teens GPM in 2020 to 47% of group revenue at mid-twenties GPM in Q3/22.
Goldman Sachs upgraded Canadian Natural Resources Limited (NYSE:) to Buy from Neutral with a price target of $69.00 based on (1) the attractive valuation following underperformance, (2) the negative sentiment around WCS exposure being priced in, and (3) expectation of attractive capital returns in the coming years.
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