Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at 3M, Zillow, Generac, and RenaissanceRe.
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3M upgraded to Neutral, shares gain 5%
3M (NYSE:MMM) shares gained nearly 5% yesterday after BofA Securities upgraded the company to Neutral from Underperform with a price target of $110.00, mentioning a number of near-term positives.
The firm highlighted 3M's settlement with U.S. public water systems over "forever chemicals," adding that the $10 billion settlement was smaller than expected, and historically, stocks with litigation risks have performed well after settlements. The firm also mentioned 3M's cost-cutting measures, which it believes were undervalued, as well as the company's “conservative” financial guidance for H2/23 and fiscal 2024.
Additionally, the planned spin-off of 3M's healthcare business is seen as a value unlock opportunity by BofA.
Zillow shares jump on Piper Sandler upgrade
Zillow (NASDAQ:ZG) shares surged around 10% yesterday following an upgrade by Piper Sandler, which moved its rating to Overweight from Neutral and raised its price target to $62.00 from $42.00.
Among the key factors for the upgrade, the firm mentioned Zillow's ongoing success in gaining a larger share of Premier Agents, product optionality and its new initiatives, and the expectation of stabilization in the housing market, with projected improvements expected throughout 2024.
2 more upgrades
Argus upgraded Generac (NYSE:GNRC) to Buy from Hold with a price target of $155.00, as reported in real-time on InvestingPro. Shares rose more than 4% yesterday.
BMO Capital upgraded RenaissanceRe (NYSE:RNR) to Outperform from Market Perform and raised its price target to $216.00 from $198.00.
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