4 big analyst picks: Meta raised to Outperform, Snowflake stock jumps on upgrade

Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Meta Platforms, Snowflake, Goldman Sachs, and Pilgrims Pride.

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Meta Platforms upgraded to Outperform

TD Cowen upgraded Meta Platforms (NASDAQ:META) to Outperform from Market Perform and raised its price target to $345.00 from $220. Shares rose more than 1% yesterday.

The firm anticipates that the recent share gains trend will persist, boosted by several factors. Firstly, they believe the current consensus estimates are too low. Additionally, engagement with Reels is promising. The optionality for monetization through Threads is another factor that is expected to contribute to the upside. Finally, the potential for further cost reductions also plays a role in the firm’s optimistic outlook.

Snowflake stock jumps on Scotiabank upgrade

Snowflake (NYSE:SNOW) shares gained more than 7% yesterday after Scotiabank upgraded the company to Sector Outperform from Sector Perform and raised its price target to $212 from $137, as reported in real time on InvestingPro.

The firm said there is "smooth sailing ahead" for Snowflake after exiting the storm clouds. They believe Snowflake's 2024 revenue is secure, which was not previously the case.

Scotiabank highlighted management commentary indicating a stabilization of business trends as well as Databricks’ projection of +50% year-over-year ARR growth in Q2/24. The firm expects near-term estimates to support the stock and anticipates Snowflake to benefit from a product cycle in 2025/26, along with improved efficiency as the business matures, as reflected in management's new 2029 targets.

2 more upgrades

Odeon Capital upgraded Goldman Sachs (NYSE:GS) to Buy from Hold with a price target of $355.75.

The company is set to report its Q2/23 earnings on July 19, before the market opens. Street estimates stand at $6.26 for EPS and $11.31 billion for revenues.

BMO Capital upgraded Pilgrims Pride (NASDAQ:PPC) to Outperform from Market Perform with a price target of $28.00, reflecting the view that a greater set of potential catalysts has shifted risk/reward more favorably. Shares jumped more than 8% yesterday.

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