Here is your Pro Recap of the biggest analyst picks you may have missed today: upgrades at Netflix, Nucor, BioMarin Pharmaceutical, and Transocean.
Netflix gets upgraded by Goldman Sachs
Goldman Sachs upgraded Netflix (NASDAQ:NFLX) to Neutral from Sell and raised its price target to $400.00 from $230.00.
In its note, Goldman analysts said the upgrade reflects "the overall positive current operating performance for NFLX and continued forward positive operating momentum into 2024/2025" amid the company's initiatives to crack down on password sharing and introduce cheaper, ad-supported subscription tiers.
Netflix is set to report Q2/23 earnings on July 19. Goldman expects strong subscriber performance in the quarter due to improved results in the password-sharing initiative, including "unpaid consumption households adopting paid membership," as well as Netflix's "solid content."
Our Neutral rating reflects our continued low visibility into the pathway to that upside node, but we do acknowledge that a probability weighted outcome toward such a result makes it unlikely the shares would underperform for any extended period in the coming quarters."
Netflix shares, which closed Tuesday at $441.44, were recently up more than 1% premarket and have climbed nearly 50% year to date.
Nucor upgraded to Outperform
Exane BNP Paribas upgraded Nucor (NYSE:NUE) to Outperform from Neutral with a price target of $191.00.
The company is set to report its Q2/23 earnings on July 25. Street estimates stand at $5.39 for EPS and $9.61 billion for revenues.
2 more upgrades
BioMarin Pharmaceutical (NASDAQ:BMRN) shares rose more than 1% premarket today after BMO Capital upgraded the company to Outperform from Market Perform with a price target of $102.00.
The firm expects Biomarin's base business to provide downside protection while positive updates around Voxzogo growth and Roctavian dosing will drive upside.
Citi upgraded Transocean (NYSE:RIG) to Buy from Neutral and raised its price target to $9.50 from $6.50. Shares rose more than 1% premarket today.