Pinterest raise to Buy, Walgreens upgraded at JPMorgan: 5 big analyst picks & cuts

Investing.com — Here is your Pro Recap of the biggest analyst picks and cuts you may have missed today: upgrades at Pinterest and Walgreens Boots Alliance, and downgrades at Salesforce, Unity Software, and Asana.

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Pinterest earns an upgrade ahead of Q3 earnings

Pinterest (NYSE:PINS) shares gained more than 2% pre-market today after Stifel upgraded the company to Buy From Hold and raised its price target to $32.00 from $27.00 ahead of the company’s upcoming Q3 earnings on Oct 30.

The rationale behind the upgrade is rooted in the positive indicators from checks with the agencies, suggesting an optimistic outlook. Additionally, Stifel sees substantial growth potential beyond the domestic market, estimating that approximately 40-45% of Monthly Active Users (MAUs) reside in regions without ads.

“We also note that Pinterest results for 3Q are largely de-risked, with the company noting results were likely to come in at the high-end of the guided range," commented the analysts.

Walgreens Boots Alliance gains on JPMorgan upgrade

Walgreens Boots Alliance (NASDAQ:WBA) shares surged more than 3% pre-market today after JPMorgan upgraded the company to Overweight from Neutral and raised its price target to $30.00 from $27.00, as reported in real-time on InvestingPro.

According to the bank, the recent leadership transition, with Tim Wentworth assuming the CEO role, marks the commencement of a new phase for Walgreens shares. JPMorgan conducted a comprehensive analysis of the elements comprising the company's fiscal 2024 guidance, expressing the belief that, despite challenges, Walgreens has the potential to address various ongoing concerns in the upcoming quarters and improve its performance.

3 downgrades at Piper Sandler

Salesforce (NYSE:CRM) shares fell more than 2% pre-market today after Piper Sandler downgraded the company to Neutral from Overweight and cut its price target to $232.00 from $268.00.

Similarly, Unity Software (NYSE:U) saw its shares drop more than 3% pre-market today following Piper Sandler's decision to downgrade the stock to Neutral from Overweight. The new price target is set at $30.00, down from the previous $48.00.

Piper Sandler's downgrades continued with Asana (NYSE:ASAN), which was moved to Underweight from Neutral, accompanied by a price target adjustment to $16.00 from $24.00. This action led to shares plunging more than 5% pre-market today.

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