Welcome to Extreme Investor Network, where we provide you with unparalleled insights and analysis on the latest analyst calls and Wall Street chatter. Today, we’ll be discussing some exciting developments in the world of investing, including upgrades, downgrades, and potential market moves.
Let’s start with Wells Fargo’s upgrade of BJ’s Wholesale Clubs to overweight. With encouraging signs on the horizon for BJ’s Wholesale Club, Wells Fargo has upgraded the stock, citing an “encouraging strategic shift.” This upgrade comes after a 7% decline in the stock due to lower full-year guidance in its latest earnings report. Analyst Edward Kelly believes there is still “a lot to like about Q2” and has set a new price target of $92, implying a 13% potential increase in the stock price.
Piper Sandler has also upgraded Chewy to overweight, with analyst Anna Andreeva raising the stock’s price target to $35 from $22. The pet retailer has seen a strong performance in 2024, gaining 11%, and Andreeva believes this trend could continue with rising gross margin expansion and automation and efficiency gains. Keep an eye out for Chewy’s second-quarter earnings report, due on Aug. 28, as it could be another catalyst for the stock.
On the flip side, JPMorgan has lowered its rating on Peloton to neutral from overweight following a massive rally on Thursday. Despite the stock’s 35% gain after strong quarterly results, analyst Doug Anmuth believes that Peloton’s return to growth in subscriptions and revenue remains challenging. Anmuth also suggested that Peloton may need a new CEO to lay the groundwork for the company’s future.
Stay tuned to Extreme Investor Network for more updates on these and other exciting investment opportunities. With our unique insights and expert analysis, you’ll be ahead of the game when it comes to making smart investment decisions.