Market Minute: Rocket Lab, Fastenal, Best Buy in Focus
Yahoo Finance's market minute delivers the latest stock movers and market updates. Today's highlights include Rocket Lab's soaring price target, Fastenal's increased IT spending, and Best Buy's recent downgrade.
Rocket Lab (RKLB) Gains Altitude
Rocket Lab (RKLB) stock is experiencing a significant boost after Citi raised its price target from $33 to $50. The firm anticipates strong revenue growth, fueled by the expected Neutron launches and continued success in satellite construction. Citi maintains a buy rating on RKLB.
Fastenal (FAST) Projects Increased IT Spending
Fastenal (FAST) reported second-quarter net sales that align with analysts' expectations. Looking ahead, the company anticipates elevated IT spending in 2025. This increase is attributed to project delays initially planned for 2024. Fastenal also expects higher spending on FMI hardware, reflecting an increase in its targeted signings.
Best Buy (BBY) Faces Downgrade
Best Buy (BBY) stock is under pressure after Piper Sandler downgraded the stock from Overweight to Neutral. The firm cites a lack of near-term growth catalysts as the reason for the downgrade. Investors are reacting negatively to the revised outlook.
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