4 big analyst picks: Moderna stock gains on UBS upgrade

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4 big analyst picks: Moderna stock gains on UBS upgrade
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Here is your Pro Recap of the biggest analyst picks you may have missed since Friday: upgrades at Moderna, Wayfair, Sherwin-Williams, and Sotera Health.

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Moderna gains on UBS upgrade

Moderna (NASDAQ: MRNA ) shares surged nearly 3% pre-market today after UBS upgraded the company to Buy from Neutral with a price target of $191.00 (from $221.00), as reported in real time on InvestingPro.

The company completed its submission to the U.S. FDA on Thursday, seeking authorization for its updated COVID-19 vaccine targeting the XBB.1.5 subvariant. This comes after the FDA's recent advice to vaccine manufacturers, urging them to develop monovalent shots specifically for XBB.1.5. Pending authorization, Moderna expects the updated vaccine to be ready for fall vaccinations.

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Wayfair upgraded on benefits from Bed Bath & Beyond bankruptcy

MoffettNathanson upgraded Wayfair (NYSE: W ) to Market Perform from Underperform and raised its price target to $44.00 from $33.00.

After analyzing recent web traffic data, which indicates Wayfair is experiencing a material benefit from the recent bankruptcy of Bed Bath & Beyond, the firm decided to move to the sidelines.

“Improving demand from BBBY’s bankruptcy, our above consensus view of operating profitability, and a recent debt maturity extension is a tough narrative to fight as an Underperform,” added MoffettNathanson.

2 more upgrades

BMO Capital upgraded Sherwin-Williams (NYSE: SHW ) to Outperform from Market Perform and raised its price target to $275.00 from $269.00. Shares rose around 1% pre-market today.

BMO anticipates a reasonable upside to its above-consensus estimates due to the expected decline in raw material costs in the near term. Additionally, the housing markets have displayed promising signs that suggest it might not be as bad as previously anticipated.

KeyBanc upgraded Sotera Health (NASDAQ: SHC ) to Overweight from Sector Weight with a price target of $24.00. Shares rose more than 1% pre-market today.

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