7 analyst picks: Intel stock upgraded; 'things unlikely to get worse'

By Davit Kirakosyan

-- Here is Australian entertainment platformyour daily Pro Recap of the biggest analyst picks you may have missed since yesterday.

Bernstein upgrades Intel, sees an improving medium-term setup

Bernstein upgraded Intel (NASDAQ:) to Market Perform from Underperform and raised its price target to $30.00 from $20.00, noting it “finally” sees an improving medium-term setup for shares despite things still looking “bad.”

The firm’s negative views on Intel’s prospects for quite some time have been justified by its collapse due to a weakening market and poor decisions, causing a 50% drop in stock price since CEO Pat Gelsinger arrived. However, the firm mentioned that recent updates suggest that the situation may not be getting worse, and investors are more prepared to work with the company. Estimates look “low enough to stand” as the bottom may be in, according to Bernstein.

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Alaska Air upgraded to Strong Buy on benefits from the A320/Q400 fleet transition

Raymond James upgraded (NYSE:) to Strong Buy from Outperform and raised its price target to $68.00 from $60.00, as the company exits its seasonally weakest quarter and prepares to complete its A320/Q400 fleet transition in May.

While favorable hedges in 2022 create tougher year-over-year comparisons relative to most peers and the A321 fleet transition in H2/23 and greater exposure to the Tech sector remain potential risks, the firm believes a relatively unimpaired balance sheet and commercial initiatives will drive strong shareholder value.

Macy’s upgraded to Overweight on clear confidence in the 2023 plan

Yesterday, J.P. Morgan upgraded Macy’s (NYSE:) to Overweight from Neutral and raised its price target to $29.00 from $28.00 after hosting management for a Fireside Chat and group meetings.

According to the firm, management expressed confidence in the top/bottom-line plan for 2023, despite industry-wide March softness. The firm expects a multi-year low-double-digit EBITDA margin profile driven by 5 "self-help" growth vectors (private label, off-mall store expansion, digital marketplace, luxury brands, personalization), which will result in low-single-digit top-line growth and incremental EBITDA margin expansion year-over-year in fiscal 2024.

Shares jumped more than 7% yesterday and are trading nearly 2% higher pre-market today.

4 more upgrades

Etsy (NASDAQ:)shares gained nearly 4% pre-market today after Piper Sandler upgraded the company to Overweight from Neutral and raised its price target to $140.00 from $135.00.

Goldman Sachs upgraded Corebridge Financial (NYSE:)to Buy from Neutral while cutting its price target to $23.00 from $25.00.

Baird upgraded ServiceNow (NYSE:)to Outperform from Neutral and raised its price target to $548.00 from $475.00.

KeyBanc upgraded Comcast (NASDAQ:)to Overweight from Sector Weight with a price target of $44.00.

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