© Reuters. Today’s Upgrades of Note
By Davit Kirakosyan
Today, several brokerages upgraded the shares of three companies, including Estee Lauder (NYSE:), PBF Energy (NYSE:), and Arista Networks (NYSE:). Below, we provided the details for each upgrade:
Goldman Sachs upgraded Estee Lauder to Buy from Neutral and raised its price target to $303.00 from $298.00, following the recent pullback in the stock. Despite uncertainty around the duration of China’s zero-Covid policy and the associated impact on the company’s business remains high, the analysts believe this now appears adequately reflected in the stock following its de-rating.
JPMorgan upgraded PBF Energy to Overweight from Neutral with a price target of $43.00, noting that current share price levels are highly attractive given improvements in the company’s balance sheet. The analysts believe shares could outperform on the announcement of a base dividend or a special dividend/share buyback, which would likely not come until mid-2023 or early 2024, but could be signaled earlier.
Barclays upgraded Arista Networks to Overweight from Equalweight with a price target of $131.00, noting it believes the strong mid-teens growth rate will be sustainable for a few more years. The analysts expect market share in the data center switching market to continue to move higher.