Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades for Tencent Music, Snap, AppLovin, and Wynn Resorts.
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Tencent Music earns 3 upgrades following Q1 beat, shares surge
Tencent (HK:0700) Music Entertainment (NYSE:TME) shares surged more than 8% after the company reported solid Q1 earnings and earned several upgrades, as InvestingPro reported in real time.
The quarter was highlighted by total revenues returning to positive growth of 5.4% year-over-year, improving gross margins, and record music sub of 94.4 million (up 18% year-over-year).
Citi upgraded the company to Buy from Neutral and raised its price target to $9.70 from $8.20, as it believes low/affordable music entertainment subscription ticket size could prove resilient/defensive amid a cautious consumption environment.
Macquarie upgraded to Neutral from Underperform and raised its price target to $7.40 from $5.10, highlighting effective diversification and better margins.
Lastly, China Renaissance upgraded the company to Buy from Hold.
Snap upgraded to Buy, shares soar
Arete upgraded Snap (NYSE:SNAP) to Buy from Neutral. Shares gained more than 8% yesterday.
The company reported its Q1 earnings last month, with EPS coming in better than the consensus estimates, while revenues missing expectations.
2 more upgrades
Applovin (NASDAQ:APP) shares rose more than 6% yesterday after BofA Securities upgraded to Buy from Neutral and raised its price target to $27.00 from $21.00 based on the view that the company’s new machine learning engine (Axon 2.0) will accelerate revenue growth in 2023.
Last week, the company reported its Q1 results, with revenues coming in better than expected, and guided Q2 above the consensus estimates.
Wynn Resorts (NASDAQ:WYNN) shares gained more than 5% yesterday after Barclays upgraded the company to Overweight from Equalweight and raised its price target to $135.00 from $120.00
According to the firm, the best is yet to come for Wynn Resorts, with Macau fundamentals having moved well ahead of shares, while Las Vegas is likely more resilient than appreciated.
The company reported its Q1 earnings last week, beating consensus estimates.
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