Corning upgraded to Buy at Citi
Citi upgraded Corning (NYSE:GLW) to Buy from Neutral and raised its price target to $40.00 from $36.00.
The upgrade was based on increased confidence in margin expansion targets following recent Display price increases in a tighter supply-demand environment. Additionally, the firm sees improved productivity enhancements in the Optical segment offsetting a moderated demand outlook.
Furthermore, the company’s improving FCF generation, driven by better working capital and modest capital expenditures, could lead to a resumption in share repurchases.
AutoZone earns another upgrade
UBS upgraded AutoZone (NYSE: NYSE:AZO) to Buy from Neutral and raised its price target to $2,900.00 from $2,800.00.
Shares gained more than 4% yesterday after the company announced a repurchase of an additional $2.0 billion of its common stock in connection with its ongoing share repurchase program.
Earlier this week, Evercore ISI upgraded the company to Outperform from In Line with a price target of $2,700.00 (from $2,640.00), noting that the recent decline in share price since reporting lower-than-expected Q3 sales last month gives the stock a more attractive entry point.
2 more upgrades
Kohl’s (NYSE:KSS) shares gained more than 2% yesterday after TD Cowen upgraded the company to Outperform from Market Perform and raised its price target to $30.00 from $23.00. The firm believes the new CEO’s practical retail strategies can succeed after years of insufficient change.
JPMorgan upgraded MorphoSys (NASDAQ:MOR) to Overweight from Underweight and raised its price target to $10.00 from $3.30. Shares jumped more than 13% pre-market today.
