Today's most important upgrades

  • Stock Market News
Today's most important upgrades
Credit: © Reuters.

By Davit Kirakosyan

ACM Research, Inc. (NASDAQ: ACMR ) shares jumped more than 11% intra-day today after Morgan Stanley upgraded the stock to Overweight from Underweight and raised its price target to $13.50 from $10.00, noting that the company should enjoy a strong year of growth in 2023, supported by market share gains and new product launches.

“We believe those should be able to offset business headwinds from China's 2023 WFE TAM decline,” added the firm.

JPMorgan upgraded Vir Biotechnology (NASDAQ: VIR ) to Overweight from Neutral while cutting its price target to $34.00 from $35.00, noting there is an "underappreciated link between Phase 2 PENNINSULA & Mainland flue prevention market."

The firm anticipates significant commercial potential for VIR-2482 within the high-risk, older adult population (JPM est. peak $3 billion) and believes that positive PENNINSULA data could result in attractive upside potential, considering the expected linear read-through from a younger phase 2 study population.

UBS upgraded Emerson (NYSE: EMR ) to Buy from Neutral while cutting its price target to $97.00 from $100.00. Shares rose 3% intra-day today.

Baird upgraded REV Group (NYSE: REVG ) to Outperform from Neutral with a price target of $16.00. Shares surged 10% during morning trading today, but are currently trading only 1% higher.

As supply chains continue to improve, the firm finds the stock to be of good value, especially since the high backlogs will offer visibility into earnings growth into 2025. As F&E production rates improve over the year, there is potential for the shares to double.

Needham & Company upgraded Hashicorp Inc (NASDAQ: HCP ) to Buy from Hold with a price target of $39.00. Shares gained more than 6% intra-day today.

Goldman Sachs upgraded iQIYI Inc (NASDAQ: IQ ) to Buy from Neutral with a price target of $10.00.

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