4 big analyst picks: Meta notches several upgrades on strong Q2 Performance

Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Meta Platforms, Boeing, Block, and Crocs.

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Meta Platforms earns several upgrades following strong Q2

Meta Platforms (NASDAQ:META) shares gained more than 4% yesterday after the company reported strong Q2 earnings and outlook, leading to several upgrades.

Wells Fargo upgraded the company to Overweight from Equal Weight and raised its price target to $389.00 from $313.00. HSBC upgraded to Hold from Reduce with a price target of $285.00. Meanwhile, China Renaissance upgraded to Buy from Hold with a price target of $380.00.

The better-than-expected Q2 results come as the company continued to make progress on its ‘year of efficiency’ pledge in 2022 and advertising revenue grew 12% year-over-year to $31.50 billion.

For Q3, the company sees revenue in the range of $32B-$34.5B, beating the consensus estimate of $31.2B.

Boeing upgraded at BofA after Q2 beat

BofA Securities upgraded Boeing (NYSE:BA) to Buy from Neutral and raised its price target to $300.00 from $225.00 following the company’s reported Q2 beat and announced plans to increase production of its 737 MAX narrowbody jet, resulting in a share price jump of more than 8% on Wednesday.

While we, along with the broader market, maintain some reservations around execution, it appears as though the worst may behind Boeing.

BofA highlighted the strong demand for Boeing's planes, indicating that the company has the potential for further growth. The firm believes that even if Boeing were to maintain its ~40% share of the narrowbody market, it can still continue to expand. Additionally, they foresee the Boeing 787 remaining the preferred choice in the widebody market, retaining the lion's share compared to its competitors.

2 more upgrades

Block (NYSE:SQ) shares rose more than 2% premarket today after Exane BNP Paribas upgraded the company to Outperform from Underperform with a price target of $95.00, as reported in real time on InvestingPro.

Crocs (NASDAQ:CROX) shares gained nearly 2% premarket today after Stifel upgraded the company to Buy from Hold with a price target of $130.00 (from $140.00).

Shares closed with more than a 14% loss yesterday despite the company reporting a Q2 beat.

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