5 analyst picks: ConocoPhillips upgraded following OPEC+ announcement | Pro Recap

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Investing.com — Here is your daily Pro Recap of the biggest analyst picks you may have missed since yesterday.

Societe Generale upgraded ConocoPhillips (NYSE:COP) to Hold from Sell while cutting its price target to $105.00 from $114.00. Shares are up more than 1% pre-market today.

Shares jumped 9% on Monday after Saudi Arabia and other OPEC+ oil producers announced further oil output cuts of around 1.16 million barrels per day.

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AeroVironment (NASDAQ:AVAV) shares surged more than 10% yesterday after Raymond James upgraded the company to Strong Buy from Outperform and raised its price target to $130.00 from $105.00.

According to the firm, consensus models have miscalculated across 3-vectors, resulting in a considerable deviation between actual outcomes and projections. Specifically, these models have (1) not fully recognized the recent momentum in orders, (2) underestimated the speed at which orders will translate into revenue, and (3) overestimated the adverse effects of supply chain limitations on product delivery.

The firm increased its Street high 2024 estimate by approximately $100 million to $705M in sales or around 21% above the Street and noted that this could still prove conservative.

Citi upgraded ONEOK (NYSE:OKE) to Buy from Neutral and raised its price target to $72.00 from $71.00, driven by two key factors. Firstly, the company is well-positioned to achieve the high end of its 2023 guidance range. Secondly, Citi expressed skepticism that the Street consensus accurately reflects the company’s torque to volume growth.

The company will report its Q1/23 earnings results on May 2. Wall Street analysts expect an EPS of $1.96 and revenue of $5.52B.

Raymond James upgraded UnitedHealth Group (NYSE:UNH) to Strong Buy from Outperform and raised its price target to $630.00 from $615.00. The company is set to release its Q1/23 earnings on April 14.

Baird upgraded Zions Bancorporation (NASDAQ:ZION) to Outperform from Neutral with a price target of $60.00 ahead of the upcoming Q1/23 earnings announcement, scheduled on April 19.

Shares are up more than 2% pre-market today.