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Bank of America upgraded Adidas (OTC:ADDYY) to Buy from Neutral, with a revised price target of $129.00 (previously $98.30), as reported in real-time on InvestingPro.
According to the bank, the Q2 gross margin beat is the clearest indication so far that the Adidas brand is undergoing a positive change.
These developments further bolster Bank of America’s confidence in the ongoing turnaround of Adidas and its potential for medium-term earnings growth.
The bank also pointed out upcoming potential catalysts, including a potential guidance increase in Q3/23, the launch of new products in the second half of 2023, and Capital Markets Day in 2024.
Oppenheimer upgraded Redfin (NASDAQ:RDFN) to Perform from Underperform based on the company’s valuation, with the stock down more than 41% in the last month. However, the firm stated that Redfin’s agent-employee model is still in question.
“We believe the shares are fairly valued at their current 26% discount to peers on ’24E gross profit,” mentioned Oppenheimer. The firm believes that Redfin positioning agents as full-time employees leaves the company with too many agents in a downturn and not enough to gain market share when the housing market improves.
UBS upgraded Keurig Dr Pepper (NASDAQ:KDP) to Buy from Neutral and raised its price target to $42.00 from $37.00.
BofA Securities upgraded Hannon Armstrong (NYSE:HASI) to Buy from Neutral and raised its price target to $27.00 from $24.00 driven by the stronger-than-anticipated impact of the Inflation Reduction Act (IRA) tailwinds.
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