Today's most important upgrades

MoffettNathanson upgraded Walt Disney (NYSE: DIS) to Outperform from Market Perform and raised its price target to $120.00 from $100.00 following the company’s announcement yesterday that Bob Iger is coming back to replace Bob Chapek as the CEO. Shares gained more than 9% intra-day today.

JPMorgan upgraded Tencent Music Entertainment Group (NYSE: TME) to Overweight from Neutral and raised its price target to $7.70 from $4.80 following strong profit growth in Q3/22 (up 41% year-over-year). The analysts expect the company to deliver mid-to-high double-digit bottom-line growth in the next three quarters. The analysts said that online music has finally become a key financial driver for the group as its online music operation grow from 32% of group revenue at low-teens GPM in 2020 to 47% of group revenue at mid-twenties GPM in Q3/22.

Goldman Sachs upgraded Canadian Natural Resources Limited (NYSE: CNQ) to Buy from Neutral with a price target of $69.00 based on (1) the attractive valuation following underperformance, (2) the negative sentiment around WCS exposure being priced in, and (3) expectation of attractive capital returns in the coming years.

By Davit Kirakosyan

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