Streetbeat News

Price Targets

LYFT

Nomura analyst Anindya Das has downgraded Lyft (NASDAQ:LYFT) from Neutral to Reduce but increased the price target from $11.70 to $13.00.

Portfolio Pulse from Benzinga Newsdesk

December 29, 2023 | 9:36 am

BNBUSD

SOLUSD

Solana (CRYPTO: SOL) has experienced an 8% price drop, falling below $100 after a recent rally. The decline is attributed to profit booking by traders and a decrease in Total Value Locked (TVL) within the Solana ecosystem. A significant whale transaction and liquidation of leveraged long positions have also contributed to the price drop. Meanwhile, Binance Coin (CRYPTO: BNB) has seen a 19.9% increase over the past week and a 3.7% rise in the past 24 hours, reclaiming its position as the fourth-ranked crypto token.

Portfolio Pulse from Khyathi Dalal

December 28, 2023 | 11:20 pm

LTHM

Livent Corporation's stock price has increased following an upgrade in price target by Mizuho from $15 to $20.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 8:26 pm

BMBL

DUOL

MTCH

NFLX

SPOT

KeyBanc analyst Justin Patterson provided updates on several app and entertainment companies. Netflix (NFLX) and Spotify (SPOT) are favored for their pricing power and product leadership, with Netflix's price target raised to $525 and Spotify's maintained at $255. Duolingo (DUOL) is rated Sector Weight with potential for future price increases. Match Group (MTCH) has a lowered price target of $48 due to concerns over its pricing strategy. Bumble (BMBL) retains an Overweight rating and $20 price target, with unchanged estimates. Patterson sees Spotify as his top pick, with Netflix expected to have low-teens revenue growth and raised EPS estimates for 2024 and 2025.

Portfolio Pulse from Anusuya Lahiri

December 28, 2023 | 7:33 pm

CSCO

EXTR

FFIV

JNPR

Needham analyst Alex Henderson reiterated a Buy rating on Extreme Networks Inc (EXTR) with a $23 price target, predicting a strong comeback in CY24. Despite a slow start expected due to tough comparisons, Henderson anticipates growth reassertion and margin expansion to drive EXTR shares higher. The inventory correction is seen as temporary, with normalization expected over the next quarters. Henderson forecasts solid operating margin expansion and robust cash flow. He also notes that EXTR is undervalued compared to peers Cisco Systems (CSCO), Juniper Networks (JNPR), and F5 (FFIV), and has better growth prospects with strong EPS and cash flow growth. EXTR shares were trading higher by 1.35% to $17.98.

Portfolio Pulse from Anusuya Lahiri

December 28, 2023 | 7:13 pm

NKE

Analysts have provided mixed ratings for Nike (NYSE:NKE) with 17 analysts offering their perspectives in the past three months. The average 12-month price target for Nike is $122.06, with a high estimate of $140.00 and a low estimate of $104.00. This average is slightly up from the previous target of $120.92. Analysts' actions include raising, lowering, and maintaining their ratings and price targets. Nike's financial performance shows a solid revenue growth rate of 3.47%, a net margin of 11.79%, an ROE of 11.22%, an ROA of 4.27%, and a healthy debt-to-equity ratio of 0.86.

Portfolio Pulse from Benzinga Insights

December 28, 2023 | 7:00 pm

ACI

AMZN

TGT

WMT

Telsey Advisory Group analyst Joseph Feldman forecasts grocery sales to moderate in Q4 and early 2024 due to easing inflation. Walmart Inc. (WMT) maintained its price leadership in December 2023, with Target Corporation (TGT) retaining the #2 spot. Kroger Company (KR) and other grocers are seeing unit growth but at a slower pace than expected. Amazon.Com, Inc.'s (AMZN) Amazon Fresh and Albertsons Companies, Inc. (ACI) saw their price premiums to Walmart's basket grow. Feldman reiterated outperform ratings for WMT, TGT, and KR with price targets of $185, $160, and $55 respectively. WMT shares traded slightly lower, TGT shares slightly higher, and KR shares slightly lower in the last check.

Portfolio Pulse from Nabaparna Bhattacharya

December 28, 2023 | 6:46 pm

FRSH

Needham analyst Scot Berg has reiterated a Buy rating on Freshworks Inc (NASDAQ:FRSH) and increased the price target from $25 to $30, citing stable-to-improving demand trends, especially from larger customers. Berg anticipates a 300 basis points expansion in FY24 operating margin and has raised FY24 revenue and EPS estimates. Freshworks is now a top pick for 2024 in the Enterprise Software sector and has been added to the Needham Conviction List. FRSH shares saw a slight increase of 0.93% to $23.95.

Portfolio Pulse from Shivani Kumaresan

December 28, 2023 | 6:42 pm

BRPHF

HIVE

HUT

MSTR

MicroStrategy Inc. (NASDAQ:MSTR) is considered overvalued by 26% according to 10x Research's Markus Thielen, who suggests it's time to take profit based on a regression model linking MSTR stock to Bitcoin prices. Thielen predicts Bitcoin to reach $45,000 by Christmas. Other crypto-related stocks like HIVE Digital Technologies Ltd (NASDAQ:HIVE), HUT 8 Corp (NASDAQ:HUT), and Galaxy Digital Holdings Ltd (OTC:BRPHF) also saw significant year-to-date surges. MicroStrategy recently increased its Bitcoin holdings, now owning 189,150 Bitcoin worth $5.9 billion. Max Keiser hinted at a potential $5 billion mixed debt & equity shelf offering by MicroStrategy, possibly to buy more Bitcoin.

Portfolio Pulse from Khyathi Dalal

December 28, 2023 | 5:46 pm

RMBS

Rosenblatt analyst Kevin Cassidy has reiterated a Buy rating on Rambus (NASDAQ:RMBS) and maintained the $85 price target for the company's stock.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 5:38 pm