4 big analyst picks: Ford upgraded to Buy, Uber initiated with Outperform rating

June 6, 2023
2 minute read
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Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Ford, Comerica, and Valley National Bancorp, and initiation at Uber.

Ford upgraded at Citi on positive survey results

Citi upgraded Ford Motor (NYSE:F) to Buy from Neutral and raised its price target to $16.00 from $12.80 following the results of its 2023 Vehicle Density survey, which pointed to “a surprisingly strong density outlook, suggesting that recent auto demand resilience reflects a genuine increase in wallet share.”

According to the firm, the upgrade reflects an improved risk/reward proposition due to (1) a more positive outlook on U.S. auto demand, (2) Ford’s recent CMD and re-segmentation, which increase the likelihood that Ford Pro will drive improved sentiment and possibly SoP treatment, (3) potential improvements in sentiment towards electric vehicles as Ford’s Model-e unit executes towards H2 margin targets, and (4) the recognition of major opportunities in the Sw/AI-defined car sector.

Uber initiated at Outperform

Wedbush initiated coverage on Uber Technologies (NYSE:UBER) with an Outperform rating and a price target of $46.00.

Last month, the company reported its Q1 results, with EPS of ($0.08) and revenue of $8.8 billion coming in above the consensus estimates.

2 more upgrades

Odeon Capital upgraded Comerica (NYSE:CMA) to Buy from Hold with a price target of $47.24 as the valuation of the stock has fallen to a level that makes it attractive.

According to the firm, Comerica ticks off every potential negative facing the banking industry, however, despite these negatives it is unlikely to fail, the real value of its assets is more reasonably stated on its balance sheet than for most other banks, it is liquid, and its cash flow is such that it is likely to maintain its dividend.

JPMorgan upgraded Valley National Bancorp (NASDAQ:VLY) to Overweight from Neutral with a price target of $10.00.

According to the firm, the fears about Valley National’s commercial real estate exposure are overblown, as its portfolio is very granular and focused on banking its local markets, which entails smaller office properties in suburban markets rather than big city centers (like Manhattan).