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Today's top analyst calls - June 15: SAVE FAST EXAS EXR PSA PLD NTR

BUY SPIRIT AIRLINES: Citi analyst Stephen Trent upgraded Spirit Airlines ($SAVE) to Buy from Neutral with a price target of $42, up from $40. The analyst noted that the company offered a "solid" second quarter update, expecting to post a modestly positive EBITDA margin. Even without any forecast adjustments, value in the shares appears to have "opened" following an 8% decline since March, Trent added. Further, he believes Spirit's revenue per available seat mile recovery is likely to outlast the ex-fuel cost per available seat mile headwind.

SELL FASTENAL: Morgan Stanley analyst Joshua Pokrzywinski downgraded Fastenal ($FAST) to Underweight from Equal Weight with a price target of $48, down from $53. The company is undergoing a strategy change and "potentially has an air pocket of outgrowth" given limited net Onsite customer acquisitions over the past year, Pokrzywinski told investors in a research note. The analyst now sees "modest downside" to shares and believes Fastenal faces a "challenging medium-term catalyst path" given its cyclical transition, personal protective equipment headwinds and lull in new customer acquisition with the shares at an all-time high valuation.

MAJOR PLAYER: Raymond James analyst Andrew Cooper initiated coverage of Exact Sciences ($EXAS) with a Strong Buy rating and $160 price target. The analyst believes Exact Sciences is positioned to be a major player in each of the most exciting areas of diagnostics for years to come. Further, Cooper views the valuation as attractive, with the base business growing rapidly in a market that investors are valuing highly for new entrants.

The analyst also started coverage of

  • Veracyte ($VCYT) with an Outperform rating and $45 price target;
  • Invitae ($NVTA) with an Outperform rating and $37 price target.
  • Natera ($NTRA) with a Market Perform rating;
  • Guardant Health ($GH) with a Market Perform rating;
  • Myriad Genetics ($MYGN) with a Market Perform rating.

EARNINGS GROWTH: Wolfe Research analyst Andrew Rosivach initiated coverage of Extra Space Storage ($EXR) with an Outperform rating and $189 price target. The analyst expects the company's earnings growth in 2021 to finish ahead of the real estate investment trusts he covers as it "continues to leverage solid macro fundamentals and a growing tenant reinsurance business."

Rosivach also started coverage of Public Storage ($PSA) with a Peer Perform rating and $335 price target. The analyst estimates the company's relative growth will be similar to that of his coverage through 2023. Additionally, he initiated coverage of Prologis (PLD) with a Peer Perform rating and $133 price target. The company will be able to grow earnings faster than peers, but the gap will narrow starting in 2022 as other sectors recover from depressed Covid-related performance, Rosivach told investors in a research note.

OUTSIZED SHARE PRICE GAINS: Raymond James analyst Steve Hansen downgraded Nutrien ($NTR) to Outperform from Strong Buy, reflecting its outsized share price gains over the past several months. Nonetheless, Hansen raised his price target to $85, up from $72, citing a robust, demand-driven surge in NPK prices that's handily exceeded the firm's prior forecast and boasts strong fundamental underpinnings heading into the second half of 2021.

Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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