Rivian upped to Overweight, Intel raised to Hold post Q3 beat: 4 big analyst picks

Investing.com — Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Rivian Automotive, Intel, and Yelp , and a Strong Buy initiation and an upgrade at Roblox.

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Rivian Automotive gains following upgrade

Rivian Automotive (NASDAQ:RIVN) shares gained more than 2% pre-market today after Cantor Fitzgerald upgraded the company to Overweight from Neutral with a price target of $29.00, following a decline of approximately 27% in Rivian's share price over the past month and around 12% drop YTD.

With a potential upside of over 79%, the stock represents a good entry point for investors with a long-term investment horizon, and who are comfortable taking on volatility, according to the analysts.

Rivian produced 16,304 vehicles in Q3 compared to 13,992 in Q2. It also pre-announced that it had delivered 15,564 vehicles in Q3, compared to 12,460 in the previous quarter. As the year progressed to the end of Q3, Rivian's cumulative production and deliveries amounted to 39,691 and 35,970, respectively. With the annual production guidance remaining at 52,000 vehicles, Rivian would need to produce 12,309 more vehicles in the upcoming Q4 to achieve this target.

“We believe Rivian will achieve and exceed its annual guidance (particularly since Q4 tends to be the strongest for production/delivery given seasonality), and in our estimates, we model the company producing 14,309 vehicles in 4Q23 and 54,000 vehicles for the year,” commented the analysts.

Intel upgraded at HSBC following a Q3 beat

HSBC upgraded Intel (NASDAQ:INTC) to Hold from Reduce and raised its price target to $33.00 from $27.00, as reported in real-time on InvestingPro.

Following Intel's Q3 beat and strong guidance, the company's shares jumped over 7% in pre-market today. Intel's Q3 earnings of $0.41 per share surpassed the anticipated $0.22, and its revenue of $14.2 billion exceeded the expected $13.53B.

For Q4/23, Intel forecasts an EPS of $0.44 and revenue between $14.6B and $15.6B, compared to the consensus estimates of $0.31 EPS and $14.35B revenue.

One Strong Buy initiation & one upgrade for Roblox

Raymond James initiated coverage on Roblox (NYSE:RBLX) with a Strong Buy rating and a price target of $41.00. They cited Roblox's potential for long-term growth, emphasizing factors such as rising video gaming trends, expansion opportunities in international markets, revenue possibilities from advertising, and prospects in non-gaming areas like education.

Meanwhile, Truist Securities upgraded the company to Buy from Hold, adjusting its price target to $37.00 from $35.00. The firm’s optimism stems from Roblox's potential for growth in core business, immersive advertising, and new platforms, coupled with AI efficiencies and the upcoming Investor Day, which may shine a light on some of these opportunities.

Currently, Roblox shares are up more than 3% in pre-market.

Yelp earns an upgrade at JPMorgan

JPMorgan upgraded Yelp (NYSE:YELP) to Neutral from Underweight with a price target of $39.00.

The company is set to release its Q3/23 earnings on Nov 2. Street estimates stand at $0.35 for EPS and $340.51 million for revenues.

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