© Reuters. 3 Wall Street Research Initiations of Interest Today
By Davit Kirakosyan
Each day Wall Street research analysts initiate new coverage on stocks in the sectors they follow and establish ratings, like Buy/Hold/Sell, set price targets, and publish earnings and other financial estimates. Below are 3 new coverage stocks that grabbed our attention today:
UBS initiated coverage on Symbotic Inc (NASDAQ:), a leader in supply chain automation technology, with a Buy rating and a price target of $17.00. According to the analysts, the company offers an attractive combination of upside potential with its leading tech aiming to disrupt a $250 billion market but also downside protection with over an $11 billion backlog, providing years of visibility, and insulating the outlook from macro uncertainty.
Jefferies initiated coverage on Rubicon Technology Inc (NASDAQ:), a waste and recycling marketplace broker, with a Buy rating and a price target of $10.00. According to the analysts, their rating is based on an industry that is ripe for digitization providing room for ample growth along with a strong M&A pipeline supported by long-term contracts and adjusted gross margin accretion over time from mix shift.
Compass Point initiated coverage on Zillow Group Inc (NASDAQ:) with a Buy rating and a price target of $50.00. While customer demand is generally correlated to overall real estate market conditions that are expected to remain under pressure through mid-2023, the analysts see the challenge and opportunity for the company to actively capture share, which holds potential growth implications that may far offset near-term market headwinds. The analysts believe very modest gains in share may translate into substantial Revenue and EBITDA growth potential above consensus.