Slack, Hershey: Analyst Upgrades and Downgrades

TheStreet's weekly guide to upgrades and price target changes includes Seagate, Hershey and Tesla.

Author:: Rob Lenihan
Publish date:: Oct 23, 2020 3:13 PM EDT

Stock analysts this week were busy with upgrades, downgrades, price-target changes and initiations of coverage.

Upgrade

Seagate Technology (STX) - Get Report received an upgrade from Benchmark analyst Mark Miller to buy from hold amid expectations of strong demand for the data-storage-device company's products. Miller has a share-price target of $60.

Downgrade

Slack Technologies (WORK) - Get Report was downgraded by Morgan Stanley analyst Keith Weiss to underweight from equal weight. He affirmed his share-price target at $27. He cited “a fading positioning versus an intensifying competitive landscape."

Fastly (FSLY) - Get Report was downgraded to underweight from neutral by Piper Sandler analyst James Fish based on the company’s guidance for the third quarter. Fish slashed his share-price target on the the cloud service provider to $65 from $84.

Initiate Coverage

Hershey (HSY) - Get Report shares were initiated buy at Citi with a $172 price target, as analyst Wendy Nicholson sees "some sequential improvement" in third-quarter revenue compared with the first half.

GoodRx (GDRX) - Get Report received four buy ratings and four holds from analysts who initiated ratings on the online-prescription-shopping platform. The bullish analysts see a huge potential customer base for GoodRx, which went public last month.

Goldman Sachs analyst Noah Poponak began coverage of space-travel company Virgin Galactic (SPCE) - Get Report with a neutral rating. Poponak pegged his share-price target at $19, below the estimates of all other analysts surveyed by Bloomberg.

Oppenheimer analyst Michael Tamas initiated coverage of the burger chain Shake Shack (SHAK) - Get Report with an outperform rating and $90 price target.

Price Target Change

Wedbush analyst Daniel Ives raised his price target for Tesla (TSLA) - Get Report to $500 from $475 and reiterated his neutral rating on the electric-vehicle maker's stock. Ives said Tesla "is on pace to impressively achieve in the area code of 500k units for the year."

Three analysts including Andrew Charles of Cowen increased their price targets on Chipotle (CMG) - Get Report after the burrito chain reported stronger-than-expected earnings. Charles lifted his target to $1,550 from $1,400 and kept his outperform rating.