Today's most important upgrades

Zillow Group, Inc. (NASDAQ: ZG) (NASDAQ: Z) shares surged more than 8% intra-day today after BofA Securities upgraded the company to Buy from Underperform and raised its price target to $42.00 from $22.00. The double upgrade was based on an improved growth outlook, the fact it expects the housing market to return to growth in 2024, and initiatives pushing the company's growth back above the market.

Piper Sandler upgraded Oracle (NYSE: ORCL) to Overweight from Neutral and raised its price target to $104.00 from $85.00, viewing 2024 as a “watershed year” for the company given that growth in operating profits and EPS could accelerate to more than 10%. According to the firm, Oracle Cloud could expand approximately 26% annually to reach $21.7 billion by fiscal 2025. “This cloud transformation coupled with a 45% lower share count after a decade of aggressive buy-backs could accelerate EPS growth at a faster pace than many investors appreciate,” added the firm.

Piper Sandler upgraded Uber Inc. (NYSE: UBER) to Overweight from Neutral and raised its price target to $33.00 from $31.00, noting that superior scale has allowed the company to lever its overhead more effectively than peers, and over $2 billion of free cash flow seems doable in 2023. Shares gained more than 6% intra-day today.

KeyBanc upgraded MasterCard (NYSE: MA) to Overweight from Sector Weight with a price target of $425.00 as its prior travel-related dislocation concerns have faded and new flows (e.g., P2P, B2B, etc.) beyond consumer card are improving the diversification and growth durability.

DA Davidson upgraded Thor Industries Inc. (NYSE: THO) to Neutral from Underperform and raised its price target to $85.00 from $65.00. Shares were trading more than 7% higher intra-day today.

By Davit Kirakosyan

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