CNBC Pro’s Tuesday Analyst Coverage: Key Developments
CNBC Pro delivered live updates on Tuesday featuring key insights and analyst calls. Car manufacturer Ferrari and aerospace giant Boeing were notably discussed. Bernstein revised Ferrari’s price target upward to $599 per share, suggesting a 20% potential increase within the year. Meanwhile, Wells Fargo downgraded Boeing to "sell," citing potential further declines.
6:35 a.m.: Broadcom to See AI Demand Surge, Says JPMorgan
JPMorgan’s Harlan Sur remains optimistic about Broadcom ahead of its Thursday earnings. Maintaining an "overweight" rating and a $200 price target, he anticipates a 22.8% upside. Sur expects a bullish fiscal 2024 outlook, driven by rising demand for AI products and a rebound in other semiconductor markets.
6:07 a.m.: Loop Capital Upgrades NetApp
Loop Capital sees a buying opportunity in NetApp. Analyst Ananda Baruah upgraded the stock to "buy" with a $150 price target, indicating a 24.2% potential upside. NetApp’s partnerships with major cloud providers and transition to advanced storage technology are expected to catalyze growth.
5:45 a.m.: Wells Fargo Predicts Boeing Shares Could Drop 30%
Wells Fargo foresees further challenges for Boeing, downgrading it to "underweight" and lowering its price target to $119. Analyst Matthew Akers highlighted production costs and potential equity raises as reasons for the bearish outlook, expecting Boeing’s free cash flow to lag consensus estimates through 2027.
5:45 a.m.: Bernstein Raises Ferrari Price Target
Bernstein has increased Ferrari’s price target to $599 from $488, implying a 20% potential rise. Analyst Stephen Reitman remains positive on the stock, which has gained over 46% this year. Ferrari’s sales strategy and strong Q2 results are driving this momentum.
Stay tuned for more updates and insights throughout the day.
— Pia Singh, Fred Imbert
Original Story https://www.cnbc.com/2024/09/03/analyst-calls-all-the-market-moving-wall-street-chatter-from-tuesday.html
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