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DKNG
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Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Eli Lilly, DraftKings, United States Cellular, and Dish Network.
InvestingPro subscribers got this news first. Never miss another market-moving headline.
Eli Lilly upgraded to Buy following strong Q2
Jefferies upgraded Eli Lilly (NYSE:LLY) to Buy from Hold and raised its price target to $615.00 from $430.00, as reported in real time on InvestingPro.
Jefferies said it is optimistic about the company’s diabetes and weight loss drugs Mounjaro and orforglipron, citing “outstanding” data out of Novo Nordisk (NYSE:NVO) trial of its own obesity-related drug, as well as better-than-expected Q2 results from Mounjaro.
The analysts wrote,
We think NVO opens the door to broader payer adoption & potential CMS [Medicare/Medicaid] coverage for the GLP-1 class. Thus, we’re meaningfully boosting our Mounjaro peak sales est to $70B & orforglipron to $8.5B.
The analysts said they also see upside to Eli Lilly’s top and bottom lines.
The stock was stepping back fractionally to $519.43 shortly after the opening bell following Tuesday’s nearly 15% on a better-than-expected Q2 and boosted full-year guidance.
DraftKings earns two more upgrades
Two Wall Street firms upgraded DraftKings (NASDAQ:DKNG) following better-than-expected Q2 results last week.
JPMorgan upgraded the company to Neutral from Underweight with a price target of $26.00.
Meanwhile, Truist Securities upgraded to Buy from Hold with a price target of $44.00, highlighting DraftKings’ compelling growth trajectory and increasing share gains.
Earlier this week, Wells Fargo upgraded the company, noting that EBITDA estimates will continue to move higher.
Despite the upgrades, shares fell more than 4% premarket today after rival PENN Entertainment (NASDAQ:PENN) announced yesterday that it entered into an exclusive U.S. online sports betting agreement with ESPN.
2 more upgrades
JPMorgan upgraded United States Cellular (NYSE:USM) to Overweight from Neutral and raised its price target to $52.00 from $24.00.
Last week, Telephone and Data Systems (NYSE:TDS) and United States Cellular decided to initiate a process to explore strategic alternatives for UScellular. As a result, shares surged more than 119% since Thursday.
According to JPMorgan, selling the company seems like the right move, given the expenses related to acquiring new customers and retaining existing ones appear to be unsustainable despite the company doing well in terms of reducing customer churn.
Barclays upgraded DISH Network (NASDAQ:DISH) to Equalweight from Underweight and raised its price target to $10.00 from $5.00.
Shares soared more than 9% yesterday after the company reported better-than-expected Q2 earnings.
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Source: Investing.com
