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4 big analyst picks: Rivian raised to Outperform, price target lifted to $30

Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at Rivian Automotive, DigitalOcean, Global Payments, and Harmonic.

InvestingPro subscribers got this news first. Never miss another market-moving headline.

Rivian Automotive upgraded to Outperform

Rivian Automotive (NASDAQ:RIVN) shares rose more than 1% pre-market today after Exane BNP Paribas upgraded the company to Outperform from Neutral with a price target of $30.00, as reported in real-time on InvestingPro.

Rivian lifted its annual production guidance Tuesday after reporting a narrower-than-expected loss in Q2. The EV maker reported a loss of $1.08 a share on revenue of $1.12 billion, topping consensus estimates of $1.43 and $1B, respectively.

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Looking ahead, the company said it expects to produce 52,000 vehicles in 2023, up from prior guidance for 50,000 deliveries.

DigitalOcean earns an upgrade at Morgan Stanley

DigitalOcean (NYSE:DOCN) shares gained more than 3% pre-market today after Morgan Stanley upgraded the company to Equalweight from Underweight and raised its price target to $36.00 from $30.00).

"Our Underweight thesis largely played out and mgmt's lower outlook for FY23 rev & lower future FCF margins represents a key catalyst in the rear-view mirror. Current outlook appears achievable, sentiment is low & large stock move more appropriately reflects risks & macro."

Earlier this month, the company reported in-line Q2 earnings but guided below the consensus estimates.

2 more upgrades

Jefferies upgraded Global Payments (NYSE:GPN) to Buy from Hold and raised its price target to $145.00 from $125.00. As a result, shares closed nearly 3% higher yesterday and gained more than 1% pre-market today.

Jefferies mentioned that the company has "successfully climbed the wall of worry" while "estimates are finally in a comfortable spot."

"Despite our concerns into the print, Merchant growth positively de-coupled from V/MA in 2Q, and we now believe above-market growth will persist for the balance of '23--which should improve the narrative around structural positioning and drive a continued re-rating."

Harmonic (NASDAQ:HLIT) shares jumped more than 7% yesterday after Raymond James upgraded the company to Strong Buy from Outperform and raised its price target of $16.00 from $15.00. Following investor meetings with management, Raymond James turned more constructive on 2024 results.

"We expect 2024 growth driven by the addition of contributions from Charter, Comcast’s adoption of DOCSIS 4.0, and improvement from the other 96 CableOS customers."

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