© Reuters. Today’s Most Important Upgrades
By Davit Kirakosyan
Amgen (NASDAQ:) shares were up 6% intra-day today after Morgan Stanley upgraded the company to Overweight from Equalweight and raised its price target to $279 from $257. According to the analysts, the market is under-appreciating the company’s upside that stems from “the mid-term pipeline, including AMG133 for obesity and Amjevita biosimilar launch.”
Piper Sandler upgraded e.l.f. Beauty (NYSE:) to Overweight from Neutral and raised its price target to $46.00 from $35.00 following its Fall Teen Survey that showed not only clear and consistent preference for the company’s products but also notable share gains across all income groups. The company’s shares surged 6% intra-day today.
Wells Fargo upgraded Marvell Technology (NASDAQ:) to Overweight from Equal Weight with a price target of $58, noting it believes the company won’t be able to altogether avoid global macro pressures but it is “heavily insulated from the consumer weakness that has been most pronounced in the current macro softness.” Shares were down 5% intra-day today. The analysts believe the company’s fundamentals and share price can outperform peers’ in the broader chip sector when the global economy does find more sure footing.
BMO Capital upgraded Seagen Inc (NASDAQ:) to Outperform from Market Perform and raised its price target to $178.00 from $177.00. The three key factors behind the upgrade are (1) CEO resolution will bring more clarity, (2) risk from Enhertu’s clinical profile is baked into near-term guidance while Tukysa’s brain activity is a key differentiator longer-term, and (3) Padcev’s opportunity in solid tumors looks intriguing.
Piper Sandler upgraded Lululemon Athletica Inc. (NASDAQ:) to Overweight from Neutral and raised its price target to $350.00 from $320.00, due to momentum in its Spring 2022 TSWT Survey, the opportunity for outperformance in outerwear this Fall/Winter, and stable promotional intensity.
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