|Day's range||27.50 - 27.60|
KeyBanc upgraded Meta Platforms (NASDAQ:META) to Overweight from Sector Weight with a price target of $240.00, noting it now sees the company as a leaner business after the announcement of the second big round of layoffs. This comes just one and two days after Morgan Stanley and Edward Jones upgraded the stock. KeyBanc believes the latest cost-cutting measures, which led to an approximately 10% reduction in the company's 2023 operating expense guidance, along with improvements in CPMs due to a combination of product launches, foreign exchange rates, and better spending practices, will result in an operating margin of at least 31% by 2024.
Here are 5 biggest share buyback announcements from the past week you may have missed on InvestingPro. Verisk Analytics (NASDAQ:VRSK) announced that it has entered into accelerated share repurchase agreements with each of Citibank, and Goldman Sachs to repurchase an aggregate of $2.5B of the company's common stock. Morgan Stanley said on Thursday it's adding a position to the company, given (1) industry-standard network effects in an attractive industry, (2) attractive valuation after the company’s return to its traditional property and casualty-focused end markets after selling non-core business segments, and (3) from a portfolio perspective, reduces the Model’s volatility and exposure to consumer discretionary while adding exposure to high-quality industrials.
Key Insights The projected fair value for Consolidated Edison is US$70.69 based on Dividend Discount Model Current...