Today's Morning Movers and Top Ratings: PYPL, TOST, DFS, PLUG and More

Movers and Shakers wrote a column · Dec 6, 2023 21:15

Morning Movers

Gapping up

$Capital One Financial (COF.US)$ $Discover Financial Services (DFS.US)$ Shares of consumer finance companies Capital One and Discover Financial added roughly 2% each after being upgraded to buy from neutral at Bank of America. The firm noted that stocks could be beneficiaries from a soft landing in 2024.

Gapping down

$PayPal (PYPL.US)$ Bank of America analysts downgraded the rating on PayPal shares to Neutral from Buy with a $66 per share price target. Shares fell 1.8% in pre-open Wednesday.“We see 2024 as a transition year, as a new CEO/CFO seek to earn Street credibility while driving sustained improvements in top-line metrics, especially transaction profit growth, which will likely take time,” analysts wrote in a client note. Moreover, analysts believe Street estimates for 2024 are “too high.”

Bank of America equity analysts also cut their rating on $Toast (TOST.US)$ , citing “slower top-line momentum, increasing competitive intensity, and results of our recent restaurant POS survey.”

$Asana (ASAN.US)$ shares dropped more than 14% in premarket trade Wednesday despite the company reporting Q3 beat and better-than-expected guidance. Revenue grew 18% year-over-year to $166.5 million.

HSBC analysts downgraded shares rating to Reduce from Hold with a price target of $18 per share, suggesting a downside risk of 23% relative to Tuesday's closing price. "Top-line guidance is largely unchanged as management expects macro challenges to continue in the near-term, which remains a key downside risk to the company's valuation," analysts said.

Source: CNBC; Investing.com

US Top Rating Updates on 12/06