The consensus target is $527.69, and the stock closed on Tuesday at $511.79. ( NASDAQ: CTAS ): BofA Securities raised its Neutral rating to Buy and its $523 price target to $580. The consensus target is $22.56, and Tuesday’s close was at $20.15. (NYSE: CTRE): When RBC Capital Markets upgraded the shares to Outperform from Sector Perform, its $19 target price rose to $23. Tuesday’s $75.00 closing share price was up over 2% on the day. The consensus target is higher at $105.48. (NASDAQ: DOOO): Citigroup upgraded the stock to Buy from Neutral and pushed its $81 target price up to $94. These are the top analyst upgrades, downgrades and initiations seen on Wednesday, September 13, 2023. Consensus analyst target data is from Refinitiv. Remember that no single analyst call should ever be used as a basis to buy or sell a stock. Other calls cover stocks to sell or avoid. Some of these daily analyst calls cover stocks to buy. reviews dozens of analyst research reports each weekday with a goal of finding fresh ideas for investors and traders alike. Traders cited a serious short squeeze for the big move higher. This came after massive selling on Monday drove the price down 3.5%. The big story of the day was a jump higher in Bitcoin, as the cryptocurrency was up 3.75% to close at $26,094.10. The December contract closed the day at $1,935.70, down 0.59%. Gold finished the day lower on some solid dollar strength and some technical selling in front of the inflation data. Natural gas also had a big day, closing up over 5% at $2.75. Brent closed up 1.5% at $92.14, while WTI was up 1.60% to finish at $88.90. ![]() Supply disruptions in Syria were also cited for the continued strength. The combination of production cuts, and large inventory draws at a time of year that often sees a slowdown for energy use has helped to drive the two benchmarks higher. Brent and West Texas Intermediate crude were both higher Tuesday, hitting highs not seen since last November. The inversion between the two still points to recession next year. San Francisco data software company Splunk said in a securities filing it will lay off 4 of its workforce, about 325 people globally, as cuts to tech jobs across the city, country, and world. The 10-year note closed at 4.28%, while the two-year paper closed at 5.02%. Treasury yields closed mixed in front of the inflation data, and there is a good chance that we could see some big volatility the rest of the week as traders reset. While many feel that the Federal Reserve will hold rates where they are next week and finish the rate hikes in November, things could change between now and then. The big news Wednesday morning is the August consumer price index print that came in above expectations. ![]() The other big tech story was Apple’s release of the new iPhone 15 and a host of other new products. Tech stocks, which have led the way this year, were under pressure after Oracle posted revenue below analysts’ expectations and gave very disappointing guidance, noting slowing cloud sales growth. The futures traded mixed after a risk-off Tuesday that saw all the major indexes finish the day lower. Auvil were appointed CFO, we think it would further bolster Splunk’s blooming Margin-trajectory story," Cikos wrote.Wednesday’s Top Analyst Upgrades and Downgrades: CVS Health, DataDog, Enphase Energy, Nvidia, RTX, Splunk, UPS and More Investors are also hoping that Splunk's departing CFO Jason Childs will be replaced by Paul Auvil, who was CFO of Proofpoint when Splunk CEO Gary Steele used to be CEO of the cybersecurity firm. "Notably, we argue that at its current share price, Splunk's valuation does not include a takeout premium," Cikos, who has a buy rating and $118 price target on SPLK, wrote in a new note on Monday.Ĭlients argued, as does activist Starboard, that Splunk's ( SPLK) margins should be higher, according to Cikos. Some analysts/investors have also speculated that Splunk could be a takeover after a February WSJ report that Cisco ( CSCO ) made a more than $20B acquisition offer for Splunk.Ĭlient expectations for a Splunk ( SPLK) takeout are around $110-$130/share, according to Needham analyst Mike Cikos, who last week wrote that a Splunk buyout seems more likely than not. Spunk ( SPLK) rose 5% last Monday and climbed 13% last week after activist Starboard Value reportedly took a just under 5% stake in the software maker and planned to push for changes. ( NASDAQ: SPLK) may be worth about $120/share in a possible takeout, according to Needham, who cited client expectations for its view.
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