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Market Movements: Analysts Adjust Stock Ratings and Targets

Bruno T
Analysis & Opinion
March 07 2024 5:45AM

In the ever-evolving landscape of the stock market, analysts from top research firms have released a slew of updates, impacting how traders might view their investment strategies. Here’s a roundup of some notable shifts:

Advanced Micro Devices, Inc. (AMD) has seen a downgrade by DZ Bank AG Research, moving from a “buy” to a “hold” status, albeit with an optimistic target price set at USD 200, suggesting growth potential remains.

Akamai Technologies, Inc. received a boost from Baird, upgraded from “neutral” to “outperform.” The firm also increased the price target from USD 128 to USD 135, indicating confidence in the company’s future performance.

Devon Energy Corporation‘s rating was adjusted by Baptista Research, downgrading to “outperform” from “buy” with a slight decrease in the target price from USD 55 to USD 51.50, reflecting a more cautious outlook.

Extra Space Storage Inc. faced a downgrade by Morningstar from “buy” to “hold,” with the target price trimmed from USD 165 to USD 160, suggesting a tempered expectation for growth.

Micron Technology, Inc. enjoyed an upgrade from Stifel, moving from “hold” to “buy,” with a significant jump in the price target from USD 80 to USD 120, signaling strong bullish sentiment.

Public Storage was downgraded by Morningstar to “hold” from “buy,” with a target price adjustment from USD 317 to USD 310, indicating a slight reassessment of its growth prospects.

Snowflake Inc. saw an upgrade by Baptista Research to “outperform” from “hold,” though the target price was slightly reduced from USD 210 to USD 207.90, still showing a positive outlook.

Cloudflare, Inc. maintained its “outperform” rating by KGI Securities Co Ltd, with an increased target price from USD 95 to USD 125, reflecting high expectations for the company’s trajectory.

Crowdstrike Holdings, Inc. continues to be favored by KGI Securities with an “outperform” rating, raising the target from USD 275 to USD 415. DZ Bank also remains bullish, upgrading the target from USD 317 to USD 430.

Hewlett Packard Enterprise Company‘s prospects look brighter according to Daiwa Securities, maintaining an “outperform” rating and lifting the target price from USD 17 to USD 21.

Zoom Video Communications, Inc. experienced a downgrade by Baptista Research to “hold” from “outperform,” with the target price reduced from USD 83.20 to USD 77.20, reflecting a more conservative stance.

Okta, Inc. keeps its “neutral” recommendation from KGI Securities, but with an increased price target from USD 80 to USD 125, suggesting some positive shifts in the firm’s outlook.

Salesforce.com, Inc. remains a “hold” according to Baptista Research, yet the target price has been raised from USD 271 to USD 343, indicating some underlying optimism.

These adjustments reflect the dynamic nature of the stock market and the continuous analysis required to stay ahead. Traders and investors should consider these changes as part of their broader market assessment, keeping in mind that ratings and targets are just one piece of the puzzle when building a robust investment portfolio.