(This is CNBC Pro’s live coverage of Monday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to see the latest posts.) A major car stock and a pharmaceutical major were part of the morning’s analysis. Nigar Chatter Monday. Citi downgraded Ferrari to sell after the start of 2024, citing concerns about the stock’s valuation. On a more positive note, Guggenheim upgraded GSK to buy thanks to strength on several product pipelines. Check out recent calls and chats below. ET at all times. 6:10 am: DoorDash upgraded by RBC on new partnership prospects, higher order growth RBC Capital Markets upgraded DoorDash to outperform the sector. Analyst Brad Erickson raised his price range from $45 to $175, suggesting a potential upside of about 37 percent. The stock has added more than 28% so far this year. “We believe that new vertical/international profitability may be on the verge of stabilizing, we have underestimated DASH’s order growth flexibility because most of the frequency that should continue for a multi-year mid- to high-teens.” due to increases in,” Erickson wrote in Monday’s note. “The risks are consumer restlessness and a slow ramp up to the non-restaurant vertical, but we see them as less likely with a revised estimate going forward.” According to the analyst, DoorDash’s ability to form partnerships, particularly with ride-sharing service Lyft, “could drive significant incremental orders” and put its loyalty program on closer par with Uber. He sees a potential scenario where DashPass subscribers will receive Lyft Pink for free included in the membership, and vice versa, helping to generate more gross profit and free cash flow. DoorDash is already expanding into new delivery categories where RBC believes “cross-platform loyalty” can help the company grow. – Pia Singh 5:46 am: Guggenheim Securities upgrades GSK to buy, citing better growth in 2024 and beyond should investors pick up shares of drugmaker GSK, according to Guggenheim. Analyst Samus Fernandes upgraded the shares to buy from neutral and set a price target of £20.31, representing a 21% upside to GSK’s latest close. Such a gain would take the US-listed stock to around $50. “We see continued strength in GSK’s vaccine portfolio, with a strong base in Shingrix and growth potential in Arexvy as we forecast growth in the 50-59 age group and data from the third season supporting re-dosing.” Fernandez wrote in a Monday note, saying there is “attractive. Additional potential in the stock” especially if Overhang settles from a series of lawsuits against its GSK heartburn drug, Zentec. The analyst added that he expects the company to grow revenue and maintain stable margins over the next few years due to strong production performance. Sales of GSK’s shingles vaccination Shingrix, respiratory syncytial virus vaccine Orxvi and multiple myeloma treatment Blenrap should sustain and potentially boost sales, he added. GSK’s US-listed shares are up nearly 13.4% this year and have gained more than 12% over the past 21 months. – Pia Singh 5:46 am: Citi downgrades Ferrari to sell According to Citi, the good times are over for Ferrari. The bank downgraded its rating on the luxury sports car maker to sell from neutral. It also raised its price target on the Milan-listed shares to 308 euros from 329 euros, but the new forecast still implies a 16 percent downside. Milan and U.S.-listed shares are both on fire this year, rising more than 25 percent. RACE YTD MOUNTAIN RACE IN 2024 “We think that in equity markets that are now more concentrated in ‘quality’ stocks, Ferrari could easily be ahead, and we may be wrong in our timing,” analyst Harold Hendricks. wrote “However, after the 30% rally since December, … we see the current price as rich and below for selling.” Ferrari’s US-listed shares were down more than 2 percent in premarket trading. – Fred Umbert
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