Today’s Most Important Upgrades by Investing

By Davit Kirakosyan

Shares of Etsy experienced an intra-day increase of over 4% today following an upgrade from Needham & Company, which raised its rating from Hold to Buy with a price target of $160. The firm highlighted that Etsy emerged from the pandemic in a stronger position, although its current valuation remains below pre-pandemic averages. With the heightened demand from the pandemic largely behind us and sell-side projections looking favorable, analysts anticipate that positive revisions in earnings and expansion of multiples could drive further gains for the stock.

TransUnion’s shares were up more than 5% intra-day after Morgan Stanley upgraded its recommendation from Equalweight to Overweight, while slightly lowering the price target from $80 to $78. The analysts noted that despite a deteriorating consumer landscape, the stock offers an appealing valuation. They acknowledged that 2023 might prove to be a challenging year for TransUnion due to potential consumer slowdowns, but expect the company to achieve high single-digit revenue growth in a typical market environment.

BofA Securities also upgraded Merck & Company Inc from Neutral to Buy, increasing its price target from $110 to $130. This decision was driven by the continuation of strong growth trends observed in the previous year, with projected revenue growth of 6% from 2023 to 2025, significantly outpacing the 1% growth expected for Biopharma peers, along with notable progress in mitigating risks associated with Keytruda.

Raymond James upgraded Maxeon Solar Technologies Ltd from Market Perform to Outperform, setting a new price target of $22. As a result, shares surged more than 15% intra-day today.