Streetbeat News

Price Targets

BMY

B of A Securities analyst Geoff Meacham has maintained a Buy rating on Bristol-Myers Squibb (NYSE:BMY) but reduced the price target from $72 to $68.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 10:50 am

GRCL

Piper Sandler analyst Joseph Catanzaro has downgraded Gracell Biotechnologies (GRCL) from Overweight to Neutral and set a price target of $10. The downgrade reflects a more cautious stance on the company's stock.

Portfolio Pulse from Benzinga Newsdesk

December 27, 2023 | 9:31 am

TSLA

Morgan Stanley analyst Adam Jonas maintains an overweight position on Tesla Inc (TSLA) with a $380 price target, citing potential growth from non-automotive segments like AI, network services, and energy. He highlights the importance of Optimus, Dojo, and AI for Tesla's future, expecting new technologies to be introduced at Tesla's next AI day in 2024. Jonas predicts a 27% CAGR in Tesla's EPS through FY30, reaching $15/share by mid FY29 and $5/share by end of 2025.

Portfolio Pulse from Anan Ashraf

December 27, 2023 | 3:36 am

TFII

B of A Securities analyst Ken Hoexter has maintained a Neutral rating on TFI International (NYSE:TFII) and increased the price target from $127 to $140.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 8:10 pm

EFA

IVV

SPY

VOO

WFC

XLB

XLI

XLV

Wells Fargo Investment Institute has set a target for the S&P 500 Index at 4600-4800 by the end of 2024, expecting global earnings to face challenges early in the year but to rebound later. They favor large-caps over mid-caps and small-caps, and have a target for the MSCI EAFE Index at 2000-2200. Wells Fargo's favored sectors for 2024 are Health Care, Industrials, and Materials, while Consumer Discretionary and Real Estate are viewed unfavorably. ETFs tracking these indices and sectors are highlighted as investment options.

Portfolio Pulse from Surbhi Jain

December 26, 2023 | 7:37 pm

ARM

Rosenblatt analyst Hans Mosesmann maintained a Buy rating on ARM Holdings Plc (NASDAQ:ARM) and increased the price target from $85 to $110, citing growth potential from generative AI design and licensing momentum. The analyst's optimism is based on recent findings from an Asia trip and SoC IP checks, expecting ARM to benefit from improved licensing and royalty dynamics. Key drivers for ARM's growth include the v9 architecture shift, AI advancements, CPU share gains in PCs and servers, and the new ARM CSS program. The analyst suggests a mid-40s P/E multiple on FY26 EPS of ~$2.50, leading to the revised price target. ARM shares were trading up by 0.82% at $72.89.

Portfolio Pulse from Anusuya Lahiri

December 26, 2023 | 7:09 pm

BMY

KRTX

LLY

Bristol-Myers Squibb Company (BMY) has agreed to acquire Karuna Therapeutics, Inc. (KRTX) for $330 per share, totaling $14.0 billion. H.C. Wainwright analyst Raghuram Selvaraju downgraded KRTX to Neutral from Buy, raising the price target to $330 from $300. The acquisition is expected to close in the first half of 2024, ahead of the U.S. approval decision for KarXT, Karuna's lead candidate. Eli Lilly And Company (LLY) will receive milestone payments and royalties from KarXT sales due to its involvement in the development of one of the drug's components. KRTX shares are trading slightly lower following the news.

Portfolio Pulse from Nabaparna Bhattacharya

December 26, 2023 | 7:02 pm

MPWR

NVDA

TSLA

Rosenblatt Securities analyst Hans Mosesmann reiterated a Buy rating on Monolithic Power Systems, Inc. (MPWR), raising the price target to $750 from $550 due to a strong AI roadmap and partnership with NVIDIA Corporation (NVDA). The company is expected to benefit from the power analog AI sector, sophisticated power analog and liquid cooling techniques, and its relationship with NVIDIA and other AI accelerator chip players. Additionally, Monolithic Power is likely to see dollar content expansion in automotive platforms, chasing Tesla, Inc. (TSLA) EV/autonomous driving innovation. Revenue and EPS projections for FY23, FY24, and FY25 were provided, with a price target based on a high-30's P/E multiple and a 20%+ sales CAGR.

Portfolio Pulse from Nabaparna Bhattacharya

December 26, 2023 | 6:59 pm

ARMH

Arm Holdings' stock price has increased following an upgrade in price target from $85 to $110 by Rosenblatt.

Portfolio Pulse from Benzinga Newsdesk

December 26, 2023 | 6:59 pm

FPI

Raymond James analyst Buck Horne has reiterated an Outperform rating on Farmland Partners Inc (FPI) and increased the price target from $14 to $15. Despite a 10% year-over-year drop in agricultural commodity prices, U.S. farmers are experiencing strong profitability, with 2023 expected to be the third-highest year for farm income in a decade. FPI has repurchased over 11% of its shares year-to-date at $11/share and announced a special dividend of $0.21/share. The company has also completed property dispositions worth $71.1 million this quarter, with a year-to-date total of $122 million. FPI is executing a $190 million capital recycling program to leverage the difference between public valuation and private market value. Lease renewals in 2023 have seen an 18% increase year-to-date. With $163.1 million in available liquidity, FPI is well-positioned to maintain its dividend. The analyst estimates FPI's Net Asset Value/share at $16, indicating a 20% discount on the current share price, with the target price reflecting a 10% discount to NAV. FPI shares are up 1.65% at $12.97.

Portfolio Pulse from Shivani Kumaresan

December 26, 2023 | 6:51 pm