Slack, Hershey: Analyst Upgrades and Downgrades
Stock analysts this week were busy with upgrades, downgrades, price-target changes and initiations of coverage.
Upgrade
Seagate Technology (STX) 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) 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) 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) 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.
TheStreet Recommends
GoodRx (GDRX) 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) 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) with an outperform rating and $90 price target.
Price Target Change
Wedbush analyst Daniel Ives raised his price target for Tesla (TSLA) 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) after the burrito chain reported stronger-than-expected earnings. Charles lifted his target to $1,550 from $1,400 and kept his outperform rating.
