Today's most important upgrades

Bumble Inc. (NASDAQ: BMBL) shares surged more than 7% intra-day today after KeyBanc upgraded the company to Overweight from Sector Weight with a price target of $27.00. According to the firm, its Key First Look (KFL) credit and debit card data suggest payer trends remained solid in December. KeyBanc revealed a 12-point acceleration in indexed customer growth in December, which it said contributed to another month of 20%+ indexed spending growth.

AT&T (NYSE: T) shares were trading around 2% higher intra-day today after Wells Fargo upgraded the company to Overweight from Equal Weight and raised its price target to $22.00 from $17.00. The company was named a Top Idea for 2023 across Wells Fargo’s research coverage of telecom stocks given (1) expected upside to lowered EBITDA and free cash flow consensus expectations, driven by strong wireless service revenue (up 4%) and EBITDA growth (up 6%), (2) an improving balance sheet which should open up share repurchase optionality (as much as $15 billion) in 2024/2025, and (3) reasonable relative valuation.

Wolfe Research upgraded Ryder Systems (NYSE: R) to Outperform from Peerperform with a price target of $100.00, noting that the company is materially over-earning right now with record used truck prices and very strong commercial rental demand. Shares gained 2% intra-day today.

Goldman Sachs upgraded American Tower (NYSE: AMT) to Buy from Neutral and raised its price target to $245.00 from $215.00. The firm mentioned it is broadly constructive on towers and data center stocks, as it believes underperformance in 2022 was primarily driven by macro factors, most notably higher interest rates.

Morgan Stanley upgraded FMC Corp. (NYSE: FMC) to Overweight from Equalweight and raised its price target to $145.00 from $125.00.

By Davit Kirakosyan

Want this type of news in real-time as it happens? Upgrade to StreetInsider.com Premium Here

You May Also Be Interested In

• Goldman Sachs Upgrades New Oriental Education (EDU) to Buy
• BofA Securities Double Upgrades Intel (INTC) to Buy
• McGraw Hill (MH) PT Lowered to $18 at Morgan Stanley