Hot Stocks: ROKU and PINS rises on analyst upgrade; CAT stock and FYBR falls on downgrade; NVS higher on cancer trial success

Stocks climbed in Monday's midday session, led by rebounds in regional banks followed by SVB deal.

Looking at the individual stocks, Roku (NASDAQ:ROKU) and Pinterest (NYSE:PINS) were higher on an analyst upgrade, whereas Caterpillar (NYSE:CAT) and Frontier Communication (NASDAQ:FYBR) slumped on analyst downgrade.

In other news, Novartis (NYSE:NVS) shares jumped as a result of successful cancer trials.

Gainers

Roku (ROKU) saw 7% jump after Susquehanna upgraded the stock to positive from neutral with a price target of $75, noting that the near-term picture looks to be "bottoming" and the long-term picture is still intact, with ad budgets shifting from linear. The price target implies a potential upside of ~18%.

Pinterest (PINS) rose more than 2% after UBS Analyst Lloyd Walmsley raised recommendation on the stock to buy from neutral and boosted the per-share price target to $35 from $27, implying ~25% upside, while raising 2024 estimates for revenue and EBITDA.

Meanwhile, Novartis (NVS) surged more than 7% after the pharmaceutical firm reported positive topline results from an interim analysis of NATALEE, breast cancer trial. Trial results will be presented at an upcoming medical meeting and submitted to regulatory authorities worldwide.

This outcome is being perceived as a potentially significant opportunity for analysts upgrade ahead.

Decliners

Caterpillar (CAT) shares dropped 1% after Baird downgraded the company to underperform from Neutral, noting potential headwinds driven by a “meaningful slowdown” in new small- and medium-sized nonresidential projects in 2024 due to ongoing turmoil with regional bank lenders.

Baird analyst Mircea Dobre lowered its price target on CAT to $185 from $230 a share.

Frontier Communications (FYBR) plunged about 10% after Morgan Stanley analyst Simon Flannery downgraded the stock to Underweight from Equal Weight and scaled back the price target to $19 from $23. The analyst noted significant execution risks in addition to a higher value than its telecom peers.

To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section.