Shopify, Global Payments, And More Making Big Moves Premarket

April 12, 2023

minute read

‍Shopify

JMP upgraded Shopify from market performance to market outperform on Tuesday, implying that Shopify's shares should be worth $65, down from Tuesday's close of $54.75 and representing a 45.1% upside from its 52-week low. The company has a price target of $65, implying a 45.1% upside.

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Triton International, Brookfield Infrastructure

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In early morning trading, shares of Triton Infrastructure climbed by more than 28% on news that Brookfield Infrastructure will acquire the company. Shareholders of Triton Infrastructure will receive $85 per share in cash and stock as an ensuing consideration. Brookfield Infrastructure's stock price rose by 2.15% on the news as well.

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MongoDB

As Morgan Stanley upgraded MongoDB's stock price from equal weight to overweight in premarket trading, the company's stock price rose 2.8% in premarket trading. In its price target, the firm indicated that shares could rise 27.6% from Tuesday's closing price to $270, an increase of 27.6% from its previous price target of $240.

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Global Payments

A buy rating and a $127 price target were assigned to CME Group by Goldman Sachs before the bell, implying about a 20% upside from Tuesday's close. Despite currency headwinds fading, Goldman analysts wrote in a note to clients on Tuesday that the merchant business is poised to continue to perform better than expected.

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Goldman Sachs

As a result of UBS upgrading the stock from neutral to buy, the banking giant gained slightly. The bank was described as attractively priced with minimal risk ahead by the brokerage firm. According to Brennan Hawken, the stock's price target has been raised to $385 from $350, suggesting a 17.6% gain over Tuesday's close.

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MGM Resorts Internation

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JPMorgan raised its estimates for MGM's Macao in 2023-2024 and cited its strong upcoming events calendar as a growth catalyst in the reaffirmation of its overweight rating. According to the firm, Tuesday's closing price is down 27% from its $55 price target.

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