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December 8, 2023

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Morgan Stanley analyst Joseph Moore upgrades Qorvo (NASDAQ:QRVO) from Equal-Weight to Overweight and raises the price target from $120 to $134.

JP Morgan analyst Arun Jayaram upgrades NOV (NYSE:NOV) from Neutral to Overweight and announces $25 price target.

Morgan Stanley analyst Andrew Percoco upgrades First Solar (NASDAQ:FSLR) from Equal-Weight to Overweight and raises the price target from $214 to $237.

Jefferies analyst Michael Yee upgrades ALX Oncology Holdings (NASDAQ:ALXO) from Hold to Buy and raises the price target from $8 to $18.

Deutsche Bank analyst Faiza Alwy upgrades Equifax (NYSE:EFX) from Hold to Buy and raises the price target from $218 to $267.

BMO Capital analyst Kelly Bania downgrades Casey's General Stores (NASDAQ:CASY) from Outperform to Market Perform and announces $290 price target.

Deutsche Bank analyst Joe Ahlersmeyer downgrades KB Home (NYSE:KBH) from Hold to Sell and announces $46 price target.

Morgan Stanley analyst Joseph Moore downgrades Lam Research (NASDAQ:LRCX) from Overweight to Equal-Weight and announces $720 price target.

Morgan Stanley analyst Joseph Moore downgrades Qualcomm (NASDAQ:QCOM) from Overweight to Equal-Weight and announces $132 price target.

TD Cowen analyst Joseph Thome downgrades Cerevel Therapeutics Hldg (NASDAQ:CERE) from Outperform to Market Perform and announces $45 price target.

Paramount Global shares surged Friday following reports from Deadline and Puck News that Skydance and RedBird Capital were exploring potentially taking over the media giant.

Paramount shares closed up more than 12% Friday. The company has a market cap of about $10.4 billion and its year to date share price is virtually flat, lagging the S&P 500′s 20% gain.

Paramount’s controlling shareholder, Shari Redstone, has been open to making big deals, especially as the company weathers the storms of declining revenue and streaming losses.

RedBird, controlled by longtime former Goldman Sachs partner Gerry Cardinale, is invested in a variety of media and sports assets, including David Ellison’s Skydance, which helped produce Paramount’s 2022 blockbuster “Top Gun: Maverick,” among other hits.

December 7, 2023

Image by Zetong Li

Upgrades

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Wells Fargo analyst Allison Poliniak Cusic upgrades Schneider National (NYSE:SNDR) from Underweight to Equal-Weight and raises the price target from $23 to $25.

Canaccord Genuity analyst William Plovanic upgrades Bioventus (NASDAQ:BVS) from Hold to Buy and raises the price target from $3.66 to $7.

UBS analyst Thomas Wadewitz upgrades JB Hunt Transport Servs (NASDAQ:JBHT) from Sell to Neutral and announces $205 price target.

Stifel analyst Brad Reback upgrades Datadog (NASDAQ:DDOG) from Hold to Buy and raises the price target from $98 to $140.

Raymond James analyst Danielle Brill upgrades Biogen (NASDAQ:BIIB) from Market Perform to Outperform and announces $283 price target.

Goldman Sachs analyst Matthew Sykes downgrades Danaher (NYSE:DHR) from Buy to Neutral and lowers the price target from $215 to $205.

Mizuho analyst Christopher Parkinson downgrades FMC (NYSE:FMC) from Buy to Neutral.

B of A Securities analyst Omar Dessouky downgrades Take-Two Interactive (NASDAQ:TTWO) from Buy to Neutral and announces $170 price target.

HC Wainwright & Co. analyst Robert Burns downgrades IGM Biosciences (NASDAQ:IGMS) from Buy to Neutral and lowers the price target from $11 to $7.

B of A Securities analyst Peter Galbo downgrades Duckhorn Portfolio (NYSE:NAPA) from Buy to Neutral and lowers the price target from $15 to $11.

Lululemon on Thursday said it saw strong third-quarter demand and a positive start to the holiday shopping season, but the retailer’s shares fell in extended trading after it gave a tepid fourth-quarter outlook.

Here’s how the company did in its third fiscal quarter:

  • Earnings per share: $2.53, adjusted. It wasn’t immediately clear if the figures were comparable with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv.

  • Revenue: $2.20 billion vs. $2.19 billion expected

The company’s reported net income for the three-month period that ended Oct. 29 was $249 million, or $1.96 per share, compared with $255 million, or $2 per share, a year earlier. 

December 6, 2023

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JP Morgan analyst Arun Jayaram upgrades Ovintiv (NYSE:OVV) from Neutral to Overweight and lowers the price target from $61 to $58.

Raymond James analyst Bobby Griffin upgrades AutoZone (NYSE:AZO) from Outperform to Strong Buy and raises the price target from $2850 to $3100.

Citigroup analyst Paul Lejuez upgrades Signet Jewelers (NYSE:SIG) from Neutral to Buy and raises the price target from $93 to $119.

Guggenheim analyst Ian Zaffino upgrades Sphere Entertainment (NYSE:SPHR) from Neutral to Buy and raises the price target from $38 to $40.

Raymond James analyst Brian Vaccaro upgrades Shake Shack (NYSE:SHAK) from Outperform to Strong Buy and announces $78 price target.

Wedbush analyst Ygal Arounian downgrades Shopify (NYSE:SHOP) from Outperform to Neutral and raises the price target from $66 to $68.

B of A Securities analyst Julien Dumoulin-Smith downgrades Bloom Energy (NYSE:BE) from Buy to Neutral and lowers the price target from $17 to $16.

JP Morgan analyst Lucas Ferreira downgrades BRF (NYSE:BRFS) from Overweight to Neutral.

B of A Securities analyst Jason Kupferberg downgrades PayPal Holdings (NASDAQ:PYPL) from Buy to Neutral and lowers the price target from $77 to $66.

JP Morgan analyst Arun Jayaram downgrades EOG Resources (NYSE:EOG) from Overweight to Neutral and lowers the price target from $156 to $150.

AbbVie on Wednesday said it will acquire neuroscience drugmaker Cerevel Therapeutics for roughly $8.7 billion. 

Under the terms of the deal, AbbVie will pay $45 per share for Cerevel. AbbVie said it expects to complete the acquisition in the middle of 2024. 

Shares of Cerevel jumped 16% after the close Wednesday to nearly $43 per share, just below the purchase price. Shares of Abbvie were down less than 1% in extended trading.

The deal is AbbVie’s latest attempt to expand its drug pipeline as its top-selling treatments, such as Humira, face generic competition. Just last week, AbbVie agreed to buy cancer drug developer Immunogen for nearly $10 billion. 

Cerevel will specifically beef up AbbVie’s portfolio for psychiatric and neurological disorders “where significant unmet needs remain,” according to a release from AbbVie. 

December 5, 2023

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BTIG analyst Eric Hagen upgrades Redwood Trust (NYSE:RWT) from Neutral to Buy and announces $8.5 price target.

Citigroup analyst Carly Kenselaar upgrades Travere Therapeutics (NASDAQ:TVTX) from Neutral to Buy and raises the price target from $7 to $10.

Wells Fargo analyst Eric Luebchow upgrades Crown Castle (NYSE:CCI) from Underweight to Equal-Weight and raises the price target from $90 to $115.

Wells Fargo analyst Larry Biegelsen upgrades Integra Lifesciences (NASDAQ:IART) from Equal-Weight to Overweight and raises the price target from $40 to $49.

B of A Securities analyst Tazeen Ahmad upgrades Apellis Pharmaceuticals (NASDAQ:APLS) from Neutral to Buy and raises the price target from $52 to $85.

 

UBS analyst Steven Fisher downgrades United Rentals (NYSE:URI) from Buy to Neutral and raises the price target from $504 to $525.

Morgan analyst Seth Seifman downgrades Science Applications Intl (NYSE:SAIC) from Overweight to Neutral and raises the price target from $130 to $142.

Piper Sandler analyst Charles Neivert downgrades Livent (NYSE:LTHM) from Neutral to Underweight and lowers the price target from $18 to $15.

BMO Capital analyst Raj Ray downgrades Sibanye Stillwater (NYSE:SBSW) from Outperform to Market Perform and lowers the price target from $11 to $6.

Raymond James analyst Rick Patel downgrades Lululemon Athletica (NASDAQ:LULU) from Strong Buy to Outperform and raises the price target from $440 to $495.

It has been quite a year for both Eli Lilly and Novo Nordisk given the boom in weight-loss drugs.

Stocks of both pharmaceutical companies have rallied this year. Shares in Eli Lilly are up around 60% year-to-date, while its Danish counterpart Novo Nordisk has seen a gain of around 50%.

As investors consider whether to buy either stock — or both — Rahul Ghosh, equity portfolio specialist at investment firm T. Rowe Price (TRP), revealed his favorite.

“Our research suggests that Eli Lilly is probably a little bit more down the road in terms of having an oral solution. Not to say that Novo Nordisk won’t get there,” he told CNBC Pro on Nov. 29.

“So, it’s really a question of choosing between the best and second best – but by such a small margin.”

December 4, 2023

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KGI Securities analyst Freddy Chen upgrades Adobe (NASDAQ:ADBE) from Neutral to Outperform and announces $730 price target.

Wells Fargo analyst Andrew Nowinski upgrades CyberArk Software (NASDAQ:CYBR) from Equal-Weight to Overweight and announces $250 price target.

Truist Securities analyst Bertrand Hodee upgrades CNX Resources (NYSE:CNX) from Hold to Buy and raises the price target from $20 to $27.

Barclays analyst Julian Mitchell upgrades 3M (NYSE:MMM) from Underweight to Equal-Weight and raises the price target from $98 to $107.

Mizuho analyst Vijay Rakesh upgrades General Motors (NYSE:GM) from Neutral to Buy and raises the price target from $38 to $42.

 

Barclays analyst Peter Lawson downgrades Immunogen (NASDAQ:IMGN) from Overweight to Equal-Weight and raises the price target from $27 to $31.

Wolfe Research analyst Alex Kania downgrades Equitrans Midstream (NYSE:ETRN) from Outperform to Peer Perform.

Wells Fargo analyst Ike Boruchow downgrades Lululemon Athletica (NASDAQ:LULU) from Overweight to Equal-Weight and announces $445 price target.

UBS analyst Felix Liu downgrades Bilibili (NASDAQ:BILI) from Buy to Neutral and lowers the price target from $22 to $13.2.

Barclays analyst Julian Mitchell downgrades Allegion (NYSE:ALLE) from Overweight to Equal-Weight and lowers the price target from $130 to $119.

GitLab stock jumped as much as 18% in extended trading on Monday after the developer-tools software maker announced fiscal third-quarter results and quarterly guidance that impressed Wall Street.

Here’s how the company did, compared with consensus of estimates among analysts polled by LSEG, formerly known as Refinitiv:

  • Earnings: 9 cents per share, adjusted, vs. loss of 1 cent per share expected.

  • Revenue: $149.7 million, vs. $141.5 million expected.

This marks the first time GitLab has posted an adjusted operating profit.

“We continue to grow responsibly and delivered over 2,200 basis points of non-GAAP operating margin expansion,” the company’s finance chief, Brian Robins, was quoted as saying in a statement.

December 1, 2023

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Piper Sandler analyst Brian Mullan downgrades Texas Roadhouse (NASDAQ:TXRH) from Overweight to Neutral and announces $110 price target.

Ladenburg Thalmann analyst Jon Hickman downgrades Chicken Soup for the Soul (NASDAQ:CSSE) from Buy to Neutral.

Citigroup analyst Jason Bazinet downgrades Spotify Technology (NYSE:SPOT) from Buy to Neutral and announces $190 price target.

Morgan Stanley analyst Gary Yu downgrades Alibaba Gr Holding (NYSE:BABA) from Overweight to Equal-Weight and lowers the price target from $110 to $90.

BMO Capital analyst Etzer Darout downgrades Immunogen (NASDAQ:IMGN) from Outperform to Market Perform and announces $31 price target.

 

Piper Sandler analyst Brian Mullan downgrades Texas Roadhouse (NASDAQ:TXRH) from Overweight to Neutral and announces $110 price target.

Ladenburg Thalmann analyst Jon Hickman downgrades Chicken Soup for the Soul (NASDAQ:CSSE) from Buy to Neutral.

Citigroup analyst Jason Bazinet downgrades Spotify Technology (NYSE:SPOT) from Buy to Neutral and announces $190 price target.

Morgan Stanley analyst Gary Yu downgrades Alibaba Gr Holding (NYSE:BABA) from Overweight to Equal-Weight and lowers the price target from $110 to $90.

BMO Capital analyst Etzer Darout downgrades Immunogen (NASDAQ:IMGN) from Outperform to Market Perform and announces $31 price target.

Media stocks jumped Friday following a Wall Street Journal report that Apple and Paramount Global are in early-stage talks to offer a bundle of the two company’s streaming platforms.

The companies have talked about bundling Apple TV+ and Paramount+ in an offering that would cost less than subscribing to the two separately, The Wall Street Journal reported Friday.

Shares of Paramount closed up nearly 10% Friday, while Warner Bros. Discovery, which owns streaming service Max, closed up more than 8%. Paramount is down about 6% on the year, while Warner Bros. Discovery, which reported a streaming profit in the third quarter, is up about 19%.

Apple and Paramount did not immediately respond to CNBC’s request for comment.

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