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(This is CNBC Pro’s live coverage of Tuesday’s Analysts’ Conference Call and Wall Street Chat. Refresh every 20-30 minutes to see the latest posts.) Tuesday’s Analysts’ Conference The conference call includes upgrades to two solar stocks and downgrades to a major cryptocurrency stock. The trust upgraded Sunnova and Enphase Energy and upgraded them from hold to buy, noting that stocks should rise once the Federal Reserve begins cutting interest rates. On a more optimistic note, JPMorgan downgraded Coinbase from Neutral to Underweight, expecting the stock to drop sharply. Check out the latest calls and chats below. Always Eastern Time. 7:05am: Citi raises Meta price target ahead of earnings His Citi says Meta stock has more runway. Analyst Ronald Georgie raised his price target on the social media stock, which he rates as a buy, ahead of its fourth-quarter report scheduled for release on February 1st, but the report does not reflect strong sales and profit expectations. We expect it to exceed. Joshi’s new target of his $440 means the stock is up 15.2% for him. “The broader online advertising environment strengthened in the fourth quarter, and our Reels tracking suggests that advertising loads in the fourth quarter were expanding (albeit at a slower pace), with new “Given our view that advertising products are attracting greater demand, we reiterate our Buy rating,” Joshi said in the article. Tuesday’s memo. Instagram Reels is likely to see gradual growth in the fourth quarter of 2023, driven by new advertising products and more efficient monetization through advertiser adoption, he said. Meta stock is off to a strong start to 2024, rising more than 7%. Stocks are coming off their best year ever and will soar 194% in 2023. META Year-to-date Mountain META year-to-date — Pia Singh 6:42 a.m.: TD Cowen upgrades Exxon, downgrades Chevron TD Cowen upgrades ExxonMobil, predicts cash flow growth to outperform market A strong asset portfolio increases stock valuations. “We see more convincing upside potential for the stock as its valuation remains unchanged and the stock has fallen,” analyst Jason Gabelman said in a note. “While we continue to forecast CFO growth to be below XOM guidance, the gradual increase in corporate disclosure has revised our forecast upward through 2023. Funding dividends organically XOM’s similar level of oil prices required for XOM could attract investors’ attention as commodity prices could normalize after a very tough year. ” Gabelman said he expects Exxon’s free cash flow to increase from $30 billion in 2024-2025 to $36 billion in 2027. In addition to this strong cash flow, Exxon’s $28 billion balance sheet capacity should allow the company to spend $20 billion a year on stock buybacks, he said. He said. Analysts’ $115 price target for Exxon suggests an 18.8% upside for Exxon stock, which was up 0.5% in early morning trading. Exxon stock has struggled this year, dropping 3.2%. His 2024 XOM YTD Mountain XOM also led Gabelman to downgrade Chevron from Outperform to Market Perform, and he set a price target of $150, suggesting upside potential of just over 5%. . He said Chevron’s biggest cash flow growth driver is related to production increases at Permian and Tengishbroil (TCO), which could weigh on the stock through 2027. Chevron stock will fall 4.5% in 2024. — Peer Singh 6:05 a.m.: Jefferies says Teva Pharmaceuticals expects margin expansion this year Investors have ample opportunity in Teva Pharmaceuticals, Jefferies said Tuesday Stated. The company upgraded the drug stock from hold to buy. The company also raised its price target to $14 per share from $10, suggesting an upside of 22%. “Given the consensus results, we remain bullish on our 2024 guidance.” [revenue estimates] “Despite some tailwinds, it looks conservative,” analyst Glenn Santangelo wrote in a note to clients. Multiple business expansions this year will be driven by Teva’s strong guidance, continued strengthening fundamentals, as well as further product approvals and pipeline updates in the second half of the year, Santangelo said. ) Migraine drug and schizophrenia drug Used are at the core of revenue growth, with the company’s stock up about 10% since the beginning of the year, and the company announced on January 9th that it will enter a Phase 3 clinical trial for MDC. The number rose further after it was announced that the registration of participants had been successfully completed. -TJK/olanzapine for schizophrenia Teva also received FDA approval on January 17 for oral fidaxomicin tablets, the first generic version of Merck’s Difficid diarrhea treatment. — Pia Singh 5:41 am: Cantor Fitzgerald is bullish on semiconductors, especially his Nvidia Cantor Fitzgerald includes Nvidia as one of his best ideas for 2024 We have started covering several semiconductor stocks. The company believes Nvidia will beat revenue expectations and lift the consensus. It is expected that the stock price will increase from 2024 to 2025. Kantar’s price target of $775 indicates an upside of 29.9% from Monday’s closing price. Analyst CJ Muse said he expects the company’s semiconductor coverage to be up 14% this year. Given that the market is still in the “early stages of cyclical recovery,” he expects semiconductor stocks to perform well over the next 12 months as investors look for exit strategies in late 2024 and early 2025. Expect. Overall, Muse expects semiconductor revenues to increase.18 % during calendar year 2024. “At a high level, semiconductors are underperforming shipped GDP, especially if you exclude both NVDA and memory… So with the Fed’s next action potentially lower, the debate is soft or hard landing. “We see semiconductors as well-positioned for “revenues to recover reasonably well,” Muse wrote in a Monday note, adding that the most “interesting end markets” for the semiconductor industry include added that it is AI and memory. Nvidia is coming off a monster year, rising 238.9% in 2023 and leading all members of the S&P 500 on the back of enthusiasm for artificial intelligence. NVDA over the Past Year 1Y Mountain NVDA — Pia Singh 5:34am: JPMorgan downgrades Coinbase Coinbase stock suffers as dust settles over Bitcoin ETF approval, according to JPMorgan It is said that there is a possibility. Analyst Kenneth Worthington downgraded the cryptocurrency exchange from neutral to underweight and reiterated his price target of $80. This forecast means a downside of 37% for him. “While we continue to see Coinbase as the dominant US exchange in the crypto ecosystem and a leader in global cryptocurrency trading and investment, the catalyst for Bitcoin ETFs to bring the ecosystem out of winter is “We think it will disappoint market participants,” Worthington said. Coinbase is coming off a monster year with a 391% gain as investors awaited regulatory approval for its Spot Bitcoin ETF. However, in 2024, the stock price has already fallen 26%. 2024: He sees COIN YTD Mountain COIN “2024 could be a more difficult year for Coinbase stock, even though we see continued progress on a variety of meaningful initiatives, including building derivatives” We believe there is,” Worthington said. —Fred Imbert 5:34 a.m.: Trust Upgrades Sunnova, Enphase Energy He says Trust Upgrades Solar Stocks Sunnova and Enphase Energy As Federal Reserve Rate Cut Approaches I think there will be a backlash. Analyst Jordan Levy upgraded Sunnova to a hold and raised his price target to $18 from $10. The new forecast suggests a 72% rise from Monday’s closing price. He upgraded Enphase Energy to a hold rating and changed his price target from $85 to $145. This goal will give him a profit of 35%. “It is no surprise that 2023 and the beginning of 2024 will be a difficult period for the sustainability sector. , and take market share,” Levy wrote. “While there is certainly no end in sight for the group’s volatility, we believe there is a meaningful upside opportunity ahead of the Fed rate cut cycle, especially for Regi Solar Group.” Sunnova and Enphase , down 31% and 18.9% respectively towards the beginning of 2024. Both companies rose more than 2% in Tuesday’s premarket. — Fred Imbert
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