Analyst Upgrades Downgrades
The latest analyst ratings have brought significant attention to some of the biggest names in the market. Apple Inc. (NASDAQ: AAPL), J M Smucker Co (NYSE: SJM), Foot Locker Inc (NYSE: FL), Tesla Inc (NASDAQ: TSLA), and Abercrombie & Fitch Co (NYSE: ANF) are under the spotlight as analysts adjust their expectations and targets.
Citi has elevated Apple to its top AI pick, raising its price target as the iPhone 16 launch approaches. J M Smucker sees a slight downgrade due to uneven messaging, while Barclays upgrades Foot Locker amidst a recovery. Tesla gains new coverage focused on Tesla Energy, and Abercrombie & Fitch receives a nod from JPMorgan despite a recent pullback.
Apple Inc (NASDAQ:AAPL)
Apple Inc (NASDAQ:AAPL) shares closes at $229.79 and jumped .46% on Thursday, August 30, 2024, and it jumped 0.22% in after-hours trading. The analysts at Citi says Apple is now its top AI pick going into 2025, above Nvidia and Arista Networks.
The optimism of analysts on AAPL stock was drawn as it poised to launch the iPhone 16 on Sept. 9, and the upcoming event will highlight the AI phone features and experience. There are 3 ways Apple can impress the Wall Street at the upcoming event. The stakes are especially high this year, given the stock is up 38% since its lows of the year on April 19 largely on AI optimism.
J M Smucker Co (NYSE: SJM)
The price target of J M Smucker Co (SJM) lowered to $136 from $138 by analysts at Citi, citing “uneven messaging lately” from management. I agree The stock fell about 5% after the food and beverage company on Wednesday lowered its full-year guidance. Management now sees earnings of $9.60 to $10 a share for the fiscal year ending April 2025 versus its previous estimate of $9.80 to $10.20 per share.
On August 29,2024, J M Smucker Co (NYSE: SJM) shares closed at $113.79 by dropping 0.82%.
Foot Locker Inc (NYSE:FL)
Barclays upgraded Foot Locker Inc (NYSE:FL) to buy from hold. The analysts said the positive impacts of a fundamental business recovery will result in earnings and margin upside over the next 12 to 18 months. On August 29, 2024 Foot Locker Inc (NYSE:FL) shares closed at $31.30 by surging 6.28%.
Tesla Inc (NASDAQ:TSLA)
William Blair started coverage of Tesla Inc (NASDAQ:TSLA) with a buy, and it’s all about Tesla Energy, an underappreciated part of Tesla’s story that will become more of a focus as demand for electric vehicles moderates in the near term. The firm said the company’s Megapack and Powerwall are industry leading energy storage products. On August 29, 2024, Tesla Inc (NASDAQ:TSLA) shares closed at $206.28 and increased 0.26%.
Abercrombie & Fitch Co (NYSE:ANF)
Abercrombie & Fitch Co (NYSE:ANF) stock added to JPMorgan’s “analyst focus list,” citing the pullback after the retailer’s beat-and-raise quarterly report Wednesday. I agree. The retailer fell about 17% after CEO Fran Horowitz warned of an “increasingly uncertain environment.” Analyst Matthew Boss maintained his overweight rating and $194 price target. On August 29, 2024, Abercrombie & Fitch Co (NYSE:ANF) share closed at $142.22 by increasing 2.83%.
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