(Here’s CNBC Pro’s live coverage of Thursday’s analyst calls and the chatter on Wall Street. Refresh every 20-30 minutes to see the latest.) Meta Platforms and General Motors topped Thursday’s analyst calls. Several analysts lowered their price targets for the Facebook parent company following the latest quarterly report. Meanwhile, Bernstein said GM can add to its already strong profits this year. Check out the latest calls and chats below. All times ET. 6:15 a.m.: Goldman Turns Bullish on TJX While Goldman Sachs is only “cautiously optimistic” on the apparel and accessories category, the firm sees TJX Companies as a potential winner given its focus on value. Analyst Brooke Roach upgraded parent company TJ Maxx and HomeGoods from neutral to buy and raised her price target by $10 to $110. Roach’s new target reflects a 15.4% upside from Wednesday’s closing price. “We view TJX as a best-in-class operator and market share gainer,” Roach wrote to customers. “Against the backdrop of a value-conscious and discerning consumer, we expect relative traffic and computing outperformance to continue to support momentum within the company’s core U.S. businesses.” Roach noted that the company’s improved relationships with brands can help expand margins, which can then drive earnings growth. She also said TJX could be one of the few retailers to see “consistently healthy comp growth” this year amid choppy consumer trends. Shares were trading up about 1.5% in premarket trading on Thursday. TJX stock has underperformed the broader market in 2024, up less than 2%. – Alex Harring 6:02 a.m.: JPMorgan moves to the sidelines at Monster amid aluminum and customer woes Monster Beverage shares could face earnings trouble as aluminum prices rise and consumers are under pressure, JPMorgan said. Analyst Andrea Teixeira downgraded the energy drink maker from overweight to neutral and lowered her price target by $7 to $59. Teixeira’s new target level means shares can only add 8.6%. Teixeira’s call comes ahead of the drinks maker’s quarterly financial release early next month. While shares have already fallen over the past month, she cites muted excitement around price increases, higher costs associated with aluminum and challenges for lower-income customers as key reasons for caution. “Monster remains one of the best growth stories in our coverage universe, with a strong track record of delivering above-average CAGR gains over the past decade,” she told clients. But “we believe the shares reflect a more challenging outlook with weaker performance in the US amid an extended period of low-income consumers and a potential softening of margin recovery given aluminum reflation.” She also pointed to increasing competition within the broader energy and caffeinated beverage category, even as the industry as a whole continues to grow. Monster shares fell 1.5% before the bell on Thursday. The stock fell more than 8% in April, bringing its 2024 loss to more than 5%. MNST YTD mountain MNST year to date – Alex Harring 05:47: Ford should trade back after earnings report. Wells Fargo says Ford shares should get a head start after earnings before interest and taxes turn out higher than expected, Wells Fargo said. The automaker saw adjusted EBIT decline by about 18% year-over-year to $2.76 billion. That was still better than the company’s forecast of $2.5 billion, according to analyst Colin Langan, which could give the stock some upside momentum. Ford also maintained its 2024 guidance in the range of $10 billion to $12 billion, but Langan said it should “lean” toward the higher end of the range. “We expect the stock to rise based on Q1 numbers and more optimistic FY24 expectations,” he said. Langan cited the Ford Pro business as the driving force behind the EBIT beat. Shares of the Michigan-based company added 2.6% in premarket trading Thursday and are up more than 6% in 2024. While Langan is optimistic about how the stock will perform on Thursday, he has an underweight rating and price target of $10. That means shares are down 22.8% from Wednesday’s closing level. Elsewhere, the company beat expectations of analysts polled by LSEG on earnings per share, while auto sales missed the consensus forecast. – Alex Harring 05:38: Wall Street Reacts to Meta Earnings Meta Platforms disappointed investors with its weak revenue guidance, sending shares down about 13% in premarket trading. Even during the sell-off, many banks maintained their bullish ratings on Facebook. Here’s what analysts at some of the largest investment firms thought: Eric Sheridan, Goldman Sachs (Buy, PT at $500) “With management referencing past investment/product cycles like Stories and Reels… we expect the stock to continue to grow in the coming years will remain volatile.” That said, we note that management has historically been able to effectively navigate such investment cycles and execute on positioning the platform for long-term success. around product/computer shifts.” Brian Nowak, Morgan Stanley (Overweight, PT at $550): “META plans to continue investing… to drive more engagement and revenue, but we are buyers of META based on weakness, with it currently trading at 18x our new ’25 FCF (5.5% yield) after hours. It also implies 17x ’25 earnings (a 15% discount to the five-year FY2 average). Doug Anmuth, JPMorgan (Overweight, PT down from $535 to $480): “We are encouraged that Meta’s success with Llama 3 and Meta AI has increased management’s confidence in AI leadership, and we know that building out new products takes time, but comparisons to the scale periods of Reels, Stories & Feed to mobile will worry many investors, even if we can see those long-term payoffs… Despite the heavy investments, we still expect revenue and profit growth by double digits in ‘.25 & ’26, & Meta has a strong track record of generating returns on higher spend.” Ronald Josey, Citi (Buy recommendation, PT reduced from $590 to $550): “The main earnings debate will likely be about the size and scale of Meta’s multi-year GenAI investment cycle. But unlike previous cycles (Mobile, Stories, Reels) , we believe its GenAI investments come from a strong position where Meta is a leader. More NT, the debate likely centers on the pace of revenue decline given Q2 guidance and rising capex to provide multiple tailwinds. including Llama 3, Meta AI and Business AI (Agents).” – Alex Harring 05:38: Bernstein initiates GM because General Motors’ 2024 profits are just the start of a strong period for the auto giant, Bernstein said. Analysts Daniel Roeska started GM with an outperform rating. His $55 price target implies an upside of 22% over the next twelve months. Roeska noted that GM is “finding its mojo again,” adding, “The company is returning from lofty long-term goals to more tangible returns for shareholders.” “We expect 2024 performance to push the shares higher, while management has four clear opportunities to realize even more value,” the analyst said. “We are encouraged by stronger cash flows and expect the company to return >$4.5 billion per year to shareholders.” The note came after General Motors reported first-quarter earnings earlier this week that exceeded analyst expectations. The company also raised its expectations for 2024. GM shares are up more than 25% year to date. GM YTD mountain GM year to date – Fred Imbert
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