4 big analyst picks: Wall Street cheers Molson Coors after Q1

-- Here is Stock Trading Feesyour Pro Recap of the biggest analyst picks you may have missed since yesterday: a cool pair of upgrades for Molson Coors, plus rating bumps for Penn National Gaming, Ameresco, and Globalstar.

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Molson Coors earns 2 upgrades following Q1 beat

Brewing (NYSE:) received two upgrades following better-than-expected Q1 earnings yesterday.

JPMorgan upgraded the beer maker to Neutral from Underweight and raised its price target to $64.00 from $59.00. Meanwhile, CFRA upgraded the stock to Buy from Hold and raised its price target to $70.00 from $50.00.

Shares gained more than 7% yesterday after the company’s reported its Q1 results, with of $0.54 and revenue of $2.35 billion coming in above the consensus estimates.

Penn National Gaming upgraded ahead of Q1 earnings

Roth/MKM upgraded PENN Entertainment (NASDAQ:) to Buy from Neutral and raised its price target to $40.00 from $35.00 ahead of a potential Q1 beat/raise on Thursday.

According to the firm, bad weather affecting Q4/22 margins caused an overreaction from both buy/sell-side leading to reduced 2023 forecasts. However, Q1/23 GGR has improved, and with good weather and stronger demand, better Q1 margins could cause investors to reevaluate 2023.

The firm also believes there's an opportunity for Penn to increase 2023 EBITDA/margin guidance due to resilient YTD gaming trends and moderating cost inflation. Additionally, the firm sees a case for strategic alternatives concerning Penn's digital segments, with this narrative building in 2023.

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2 more upgrades

UBS initiated coverage on Ameresco (NYSE:) with a Buy rating and a price target of $60, noting it estimates a 19% annual adjusted EBITDA growth through 2027, driven by capital reinvestment into energy assets (solar, storage, RNG), currently not priced into shares. The firm expects these investments to yield an attractive 50%+ incremental margin contribution.

Shares jumped 10% yesterday after the company reported a Q1 and provided solid full-year guidance.

Morgan Stanley upgraded Globalstar (NYSE:) to Equalweight from Underweight while cutting its price target to $0.97 from $1.75. Shares jumped more than 7% pre-market today.

The company is set to report its Q1/23 earnings tomorrow after the market close.

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