Here are Tuesday’s biggest analyst calls of the day: Apple, Zoom, Chipotle, Penn National & more
BTIG upgraded Zoom to buy from neutral. Goldman Sachs initiated Glu Mobile as buy. Deutsche Bank upgraded Bloomin’ Brands to buy from hold. Wells Fargo upgraded Qualcomm to equal weight from underweight. JPMorgan raised its price target on Apple to $150 from $115. Wedbush raised its price target on Chipotle to $1,600 from $1,320. Craig-Hallum initiated Penn National Gaming as buy.
Here are the biggest calls on Wall Street on Tuesday:
BTIG upgraded Zoom to buy from neutral
BTIG upgraded the business teleconferencing service after its strong second-quarter earnings report and said it now has “greater conviction” the company can capitalize on the near and long-term opportunities ahead.
“So we are jumping into the deep end after its back-toback monstrous quarters, as we believe that global widespread adoption is still in the early stages, as the longer-term shift to a hybrid work model will likely drive outsized growth and market share gains over the next several years. We have greater conviction in Zoom’s ability to capitalize on both the near- and long-term opportunity ahead, driving our upgrade on Zoom shares from Neutral to Buy with a $500 PT based on shares trading at 38x our FY23 revenue estimate of $3.8 billion.”
Goldman Sachs initiated Glu Mobile as buy
Goldman initiated the developer and publisher of mobile games for smartphone and tablet devices and said “margins” should expand as its “portfolio scales” with M&A in the company’s future.
“GLUU has a handful of games in its catalog and new game portfolio that have the potential to deliver consistent growth (i.e., become a Growth Game). This includes Kim Kardashian Hollywood which was first launched in 2014 but is now in turnaround due in part to a new and renewed license that incentivizes user acquisition. … .GLUU margins should expand as its portfolio scales.”
– CNBC