| Friday | ||||
Conference call with… Conference call with management will be held on December 9 hosted by Mizuho. | ||||
| Over a week ago | ||||
Catch up on today's… Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Okta (OKTA) upgraded to Overweight from Neutral at Piper Sandler with analyst Rob Owens saying strength in last night's Q3 results drives confidence in the company's growth opportunity. 2. eBay (EBAY) upgraded to Buy from Neutral at UBS with analyst Kunal Madhukar thinking the Street is underestimating the company's potential from advertising, especially as it recently added three new ad units versus only promoted listings previously, including offsite ads "which will not be constrained by inventory." 3. Argenx (ARGX) upgraded to Buy from Hold at Kepler Cheuvreux with analyst Daan Vandenberk saying the company is on the brink of launching its first commercial product, the first-in-class FcRn inhibitor and potential blockbuster, efgartigimod. 4. Autoliv (ALV) upgraded to Outperform from Peer Perform at Wolfe Research with analyst Rod Lache saying Autoliv is among the best positioned auto suppliers for earnings upside in a production recovery given underlying cost savings. 5. Snowflake (SNOW) upgraded to Buy from Neutral at Citi with analyst Tyler Radke saying Snowflake's growth is at an "inflection point" following the "very strong" Q3 report. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here. | ||||
Wolfe Research analyst… Wolfe Research analyst Rod Lache upgraded Autoliv to Outperform from Peer Perform with a $125 price target, representing 30% upside potential. Autoliv is among the best positioned auto suppliers for earnings upside in a production recovery given underlying cost savings, said Lache, who believes that underlying profitability trends have been much better than they appeared since 2019 and now expects the company's improvement to become "much more apparent." He also likes the conservative assumptions underpinning the company's targets, Lache added. | ||||
Wolfe Research analyst… Wolfe Research analyst Rod Lache upgraded Autoliv to Outperform from Peer Perform. | ||||
RBC Capital analyst… RBC Capital analyst Joseph Spak raised the firm's price target on Autoliv to $130 from $110 and keeps an Outperform rating on the shares. Along with the new $1.5B buyback program, the presentation from the company's capital markets day "provided comfort" around its margin trajectory, the analyst tells investors in a research note. Spak adds that he sees Autoliv generating EPS of $11, which would put his new price target at price to earnings multiple of "only" 12-times. | ||||
Wells Fargo analyst Colin… Wells Fargo analyst Colin Langan raised the firm's price target on Autoliv to $108 from $93 and keeps an Equal Weight rating on the shares after the company hosted its 2021 Capital Markets Day. The event highlights include a slightly improved growth outlook of 4% over market, a strong cost-cutting strategy that helped Autoliv maintain its 12% operating margin targets, and most importantly, the announcement of a large $1.5B share repurchase plan, the analyst notes. Langan points out that the company also announced plans to generate $800M in cash flow by 2024 through freeing up working capital, with $200M already achieved. | |
Deutsche Bank analyst… Deutsche Bank analyst Emmanuel Rosner raised the firm's price target on Autoliv to $116 from $97 and keeps a Hold rating on the shares. The analyst views Autoliv's message and targets at its capital markets day as positive, saying they confirm the company can maintain "strong above market growth for the foreseeable future." | |
Mizuho analyst Vijay… Mizuho analyst Vijay Rakesh raised the firm's price target on Autoliv to $115 from $106 and keeps a Buy rating on the shares following the capital markets day. The analyst says "regulatory tailwinds" in China and India are attractive content opportunity drivers and that Autoliv is executing well. | |
Virtual Capital Markets… Virtual Capital Markets Day will be held on November 16 at 2 pm. Webcast Link | |
The company said at its… The company said at its capital markets day, "We are updating our growth targets. For the coming three years, i.e. 2022-2024, we expect to grow organically* by around 4 percentage points more than light vehicle production (LVP) growth per year, on average. In addition, we introduce a long-term growth target beyond 2024, where we aim to grow sales organically by 4-6% per year, over time. This is based on growth coming from safety content per vehicle, LVP and from adjacent areas, now organized in the Mobility Safety Solutions product line. Content per vehicle growth is expected to be driven by continued updates of government regulations and crash test ratings, highly safety focused societies and the new opportunities that come from new vehicle interiors. For 2022 to 2024, we target a 12% adjusted operating margin. This is based on an assumption of a stabilized global LVP of at least 85 million and that raw materials headwinds do not have a greater negative impact on the operating margin than it is expected to have in the full year 2021. When our ongoing and planned strategic initiatives are fully implemented, and there is stability in market conditions, the ambition is to further increase our earnings capacity, to an adjusted operating margin* of around 13%." |
