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5 big analyst picks: JPMorgan is a buy after First Republic takeout | Pro Recap

By Davit Kirakosyan -- Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: a fresh buy rating for JPMorgan after it bought out First Republic Bank, plus upgrades for tech titans HP, Dell, Baidu, and Fortinet.

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JPMorgan upgraded to Buy after acquiring First Republic Bank

Odeon Capital upgraded JPMorgan (NYSE:JPM) to Buy from Hold with a price target of $153.60 after the announcement that the Federal Deposit Insurance Corporation (FDIC) said it accepted the bank’s bid to acquire the substantial majority of assets and assume the deposits of the failed regional lender First Republic Bank (NYSE:FRC).

Given its size, wealth, and management skills, Odeon Capital believes JPMorgan was the best choice to eliminate the problem called First Republic. “The bank made this acquisition on a basis that appears to offer very rich rewards over an extended period of time,” added the firm.

JPMorgan shares closed more than 2% higher yesterday.

HP upgraded to Equalweight ahead of Q2 earnings

Morgan Stanley upgraded HP (NYSE:HPQ) to Equalweight from Underweight and raised its price target to $31.00 from $28.00. Shares rose more than 1% premarket today.

As always, InvestingPro subscribers got the news first. Never miss another market-moving opportunity.

The company is set to report its Q2/23 earnings on May 25. Street estimates stand at $0.76 for EPS and $13.18 billion for revenues.

3 more analyst picks

Dell Technologies (NYSE:DELL) shares rose more than 2% premarket today after Morgan Stanley upgraded to Overweight from Equalweight and raised its price target to $55.00 from $45.00.

Rosenblatt initiated coverage on Fortinet (NASDAQ:FTNT) with a Buy rating and a price target of $80.00, noting that its positive thesis is based on the company’s solutions being tailor-fit to the current challenging macro backdrop. The firm expects Fortinet to continue generating strong profitability and free cash flow.

Bernstein upgraded Baidu (NASDAQ:BIDU) to Outperform from Market Perform and raised its price target to $160.00 from $92.00.

The company is set to report its Q1/23 earnings on May 17.

Amid a slew of endless market-moving updates, seize on the right timing to maximize your profits: Always be the first to know with InvestingPro.

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