Notable Promotions Today

Notable Promotions Today

By Davit Kerakossian

Today, many brokerages have upgraded the shares of three companies, including Estee Lauder (NYSE:) and PBF Energy (NYSE:) and Arista Networks (NYSE:). Below, we have provided details of each upgrade:

Goldman Sachs upgraded Estee Lauder to buy Neutral and raised its target price to $303.00 from $298.00, following the stock’s recent pullback. Although uncertainty about the duration of the No-Covid-19 policy in China and the associated impact on the company’s business remains high, analysts believe this now appears to be sufficiently reflected in the stock after the downgrade.

JPMorgan upgraded PBF Energy to Overweight from Neutral with a target price of $43.00, noting that current stock price levels are very attractive given the improvements in the company’s balance sheet. Analysts believe the stock could outperform when an underlying dividend or special dividend/share repurchase is announced, which likely won’t come until mid-2023 or early 2024, but can be noted earlier.

Barclays upgraded Arista Networks to Overweight from Equalweight with a price target of $131.00, noting that he believes the strong growth rate of the mid-teens will be sustainable for a few more years. Analysts expect the market share of the data center switching market to continue to rise.

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