Streetbeat News

Analyst Ratings

DKNG

DraftKings (DKNG) has offered $195 million for PointBet's US operations, a 30% premium to Fanatics' $150 million acquisition agreement. The deal would be funded through cash on the balance sheet and is expected to increase adjusted EBITDA potential in 2025. Truist Securities analyst Barry Jonas reiterated a Hold rating on DKNG shares with a price target of $26.00.

Portfolio Pulse from Shivani Kumaresan

June 20, 2023 | 6:52 pm

ON

Benchmark analyst David Williams reiterates a Buy rating and a $110 price target for ON Semiconductor Corp (NASDAQ:ON), citing the company's transition from supplier to solutions provider. Williams sees a clear path to 55%+ gross margin mid-term and estimates earnings north of $10 in FY27. ON's shares are trading lower by 1.76% at $88.56.

Portfolio Pulse from Anusuya Lahiri

June 20, 2023 | 6:52 pm

ABBV

RGNX

SRPT

Baird has initiated coverage on RegenXbio Inc (NASDAQ:RGNX) with an Outperform rating and a price target of $42, citing potential gains from AAV gene therapies resurgence. The analyst believes RegenXbio can be a leader in the AAV gene therapy space and that the market underappreciates the opportunity for its partnered ABBV-RGX-314 with AbbVie Inc (NYSE:ABBV). Regenx could also compete with Sarepta Therapeutic Inc's (NASDAQ:SRPT) SRP-9001 in the DMD market.

Portfolio Pulse from Vandana Singh

June 20, 2023 | 6:43 pm

ABCM

RBC Capital Markets has downgraded Abcam PLC (NASDAQ:ABCM) from Outperform to Sector Perform with a price target of $22, down from $23. The downgrade is due to activist investor engagement and potential bid anticipation, which may cause share volatility. Major players in the life science tools space, such as Thermo Fisher Scientific, Danaher Corporation, Merck KGaA, Agilent Technologies, Bio-Techne Corp, and Revvity Inc, could be interested in Abcam.

Portfolio Pulse from Vandana Singh

June 20, 2023 | 6:37 pm

KMX

RBC Capital Markets analyst Steven Shemesh reiterated an Outperform rating on CarMax Inc (NYSE:KMX) with a price target of $70. He predicts near-term volatility and long-term gains for the company. CarMax is set to report Q1 results on June 23, 2023, and Shemesh expects a 4%-6% decrease in Q1 used vehicle ASP, slightly better than the consensus of a 7.1% decrease.

Portfolio Pulse from Nabaparna Bhattacharya

June 20, 2023 | 6:36 pm

ACVA

Needham analyst Chris Pierce reiterated a Buy rating on ACV Auctions Inc. (NASDAQ:ACVA) and raised the price target to $23 from $20. ACVA is gaining momentum in the Upper Midwest, and dealer hesitancy to transact digitally has decreased. This could lead to market share gains for the company in multiple cities in the region.

Portfolio Pulse from Nabaparna Bhattacharya

June 20, 2023 | 6:34 pm

ABCM

Abcam shares are trading lower after RBC downgraded the stock from Outperform to Sector Perform.

Portfolio Pulse from Benzinga Newsdesk

June 20, 2023 | 6:31 pm

AVGO

A whale investor has taken a bearish stance on Broadcom (NASDAQ:AVGO), with 57% of detected trades having bearish expectations. Whales have been targeting a price range of $300 to $1000 for Broadcom over the last 3 months. Analysts from various banks maintain ratings ranging from Equal-Weight to Outperform, with price targets between $785 and $890.

Portfolio Pulse from Benzinga Insights

June 20, 2023 | 6:16 pm

CAR

Avis Budget Group's stock is trading higher following an upgrade from Morgan Stanley, which changed its rating from Equal-Weight to Overweight.

Portfolio Pulse from Benzinga Newsdesk

June 20, 2023 | 6:14 pm

SHOP

Oppenheimer analyst Ken Wong raised Shopify's (NYSE:SHOP) price target to $80 from $70 with an Outperform rating, citing stronger margins and EBIT in FY24. The analyst is bullish on the company's strategic shift and expects total operating expense savings of around $750 million.

Portfolio Pulse from Lekha Gupta

June 20, 2023 | 6:13 pm