Analyst Upgrades: After analyst upgrades, 3M (NYSE:MMM), Oracle (NYSE:ORCL), Mister Car Wash (NYSE:MCW), AT&T (NYSE:T), and Futu (NASDAQ:FUTU) saw their share prices rise significantly.
Wolfe Research upgraded 3M from “Underperform” to “Peerperform,” sending its shares up over 5% yesterday. 3M paid $5.5 billion to settle several incidents of damaged earplugs it provided to the U.S. military, according to media reports. This raised stock prices. Sources stated conversations were ongoing, and a final number was not yet set. Research stated the potential settlement figure was “as good as could have been expected,” despite cautioning that the healthcare spin could lead to a cut in dividends.
UBS upgraded Oracle’s shares from “Neutral” to “Buy,” raising its price objective from $120 to $140. Oracle’s shares rose almost 2% before the market opened due to this announcement. According to UBS, Oracle, whose shares have risen 42% this year, has plenty to gain from AI. The business cited CloudWorld and Investor Day as reasons to believe Oracle’s AI story isn’t over.
Mister Car Wash shares rose more than 6% after Piper Sandler upgraded from “Neutral” to “Overweight” and boosted its price objective from $9 to $12. The business hopes Titanium 360 will boost 2024 and 2025 comparable sales by 5%. Due to decreased competition and positive industry feedback, Piper Sandler also predicted Mister Car Wash’s growth.
Citi also mentioned AT&T. They upgraded from “Neutral” to “Buy,” setting a $17 price target for the stock. This raised AT&T’s stock over 2% before the market opened. BofA Securities upgraded Futu from “Underperform” to “Buy,” sending the stock price up more than 7% yesterday and 3% this morning before the market opened. The company’s Futu price goal has increased from $32.15 to $62.82.
New upgrades are crucial indicators of market sentiment and often affect short-term price movements. Analyst upgrades help investors decide how to alter their investments. You’ll never miss a market-moving story with InvestingPro. Real-time market data, professional insights, and cutting-edge tools are available at InvestingPro’s Summer Sale to boost your investment strategy.
This wide range of changes highlights how dynamic markets are nowadays. Always do your own homework, but a vote of confidence from well-respected analyst companies boosts these stocks.