Streetbeat News

Analyst Ratings

AIG

RNR

BMO Capital Markets analyst Michael Zaremski upgraded RenaissanceRe Holdings Ltd (RNR) to Outperform from Market Perform, raising the rating from $198 to $216. The upgrade is based on expected gains from RNR's recent acquisition of American International Group's (AIG) reinsurance business and anticipated benefits from increased demand for property reinsurance due to population and wage growth in catastrophe-prone regions. However, Zaremski expressed caution about RNR's reinsurance pricing power in 2024.

Portfolio Pulse from Lekha Gupta

July 11, 2023 | 7:45 pm

INCY

SNDX

Guggenheim Partners initiated coverage on Syndax Pharmaceuticals Inc (SNDX) with a BUY rating and a price target of $40. The company's lead asset, revumenib, is seen as a potential breakthrough in the treatment of certain leukemias. The company's second program, axatilimab, partnered with Incyte Pharmaceutical Inc (INCY), is also seen as a valuable asset.

Portfolio Pulse from Vandana Singh

July 11, 2023 | 7:43 pm

SLNO

Cantor Fitzgerald has initiated coverage on Soleno Therapeutics Inc with an Overweight rating and a price target of $19. Soleno's lead program, DCCR, is in Phase 3 development for Prader-Willi Syndrome (PWS), and the analyst expects positive findings in 3Q23. Despite disappointing Phase 3 trial data three years ago, the analyst sees the upside potential as much higher than any downside risk due to the unmet need in the PWS market.

Portfolio Pulse from Vandana Singh

July 11, 2023 | 7:38 pm

CRBU

Truist Securities has initiated coverage on Caribou Biosciences with a Buy rating and a $23 price target, leading to a rise in the company's stock.

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 7:38 pm

HVT

Benchmark analyst Michael Legg initiated coverage on Haverty Furniture Companies Inc (HVT) with a Buy rating and a price target of $41. The analyst believes that HVT's strong sales during COVID, improved margins due to internal initiatives, positive migration trends in key states, and a debt-free balance sheet with significant free cash flow make it an attractive investment. The company's stock is currently trading higher by 3.9% at $31.94.

Portfolio Pulse from Shivani Kumaresan

July 11, 2023 | 7:37 pm

D

Dominion Energy has concluded the sale of 50% noncontrolling limited partner interest in Cove Point LNG, LP, to Berkshire Hathaway Energy. The transaction value was $3.5 billion, which is close to the analyst's estimate of $4 billion. The sale is part of Dominion Energy's deleveraging strategy, aiming to achieve a target Funds From Operations (FFO)/debt of ~15%. However, the company may need up to $8 billion in additional deleveraging to reach the target.

Portfolio Pulse from Nabaparna Bhattacharya

July 11, 2023 | 7:35 pm

AFRM

Mizuho analyst Dan Dolev reiterated a Buy rating on Affirm Holdings Inc (NASDAQ:AFRM), raising the price target to $20 from $17. The analyst is bullish on AFRM's recently launched Debit+ card, which he believes holds potential for ~250% volume CAGR through FY26. The analyst raised FY24 and FY25 total revenue estimates based on the anticipated success of Debit+.

Portfolio Pulse from Nabaparna Bhattacharya

July 11, 2023 | 7:35 pm

MMM

A significant investor has taken a bullish stance on 3M (NYSE:MMM), with 60% of the investors opening trades with bullish expectations and 40% with bearish. The investor has been targeting a price range from $100.0 to $115.0 for 3M over the last 3 months. The price of MMM is up 4.32% at $101.39. Morgan Stanley, Wells Fargo, Barclays, Citigroup, and DA Davidson have maintained their ratings on 3M.

Portfolio Pulse from Benzinga Insights

July 11, 2023 | 7:32 pm

MPC

A significant bearish stance has been taken on Marathon Petroleum (NYSE:MPC) by a large investor, as indicated by unusual options activity. The sentiment among these big-money traders is 90% bearish and 10% bullish. The whales have been targeting a price range from $110.0 to $130.0 for Marathon Petroleum over the last 3 months. Wells Fargo and Barclays have maintained their Equal-Weight and Overweight ratings on Marathon Petroleum, respectively, with price targets of $120 and $132.

Portfolio Pulse from Benzinga Insights

July 11, 2023 | 7:32 pm

CMG

A significant number of investors have taken a bearish stance on Chipotle Mexican Grill (NYSE:CMG), with 75% of detected trades being bearish. The targeted price range for CMG over the last 3 months is $1320.0 to $2200.0. The current price of CMG is down -1.8% at $2055.43. Analysts from Raymond James, Keybanc, and Wedbush maintain an Outperform rating with a price target of $2300, while TD Cowen and Piper Sandler have downgraded their ratings.

Portfolio Pulse from Benzinga Insights

July 11, 2023 | 7:17 pm