Here are the biggest calls on Wall Street on Friday
Piper Jaffray said its call was based on "conservative growth and valuation assumptions."shares will reach $3,000 by sometime between mid-'21 and mid-'22 or within 24-36 months. Our confidence in this 65% move is based on what we believe to be relatively conservative growth and valuation assumptions that are incorporated into our sum-of-the-parts analysis.
"Dow reached our price objective of $49, and we are raising our rating from Underweight to Neutral. Our price target remains $49. We believe that risk and reward fornow splits more evenly. Optimism or pessimism over the economy could push the shares a little in either direction, though we do think that further incremental cuts to Consensus EBITDA estimates are likely. Dow's dividend yield is now 5.
"Shares have declined ~12% since the company reported F4Q:19 earnings due to trade war concerns, an Altaba selling event, and concern over nearterm investment in growth initiatives. The stock now trades at 13x F2021 EBITDA, and is even cheaper on earnings from the company's core marketplace-based businesses . This compares to other large / megacap U.S.
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