Streetbeat News

Price Targets

MSTR

MicroStrategy Inc. (NASDAQ: MSTR) has outperformed Bitcoin with a 23% increase in the past month and 104% over six months, compared to Bitcoin's 19% and 63% respectively. Canaccord Genuity Corp. raised its price target for MicroStrategy to $670, citing the company's strategic Bitcoin investment and solid software business. MicroStrategy's aggressive Bitcoin acquisition strategy and the potential for U.S. Bitcoin ETF approvals are seen as positive market catalysts.

Portfolio Pulse from Murtuza Merchant

December 05, 2023 | 10:00 pm

SPOT

Spotify Technology SA (NYSE:SPOT) saw its shares rise after announcing a 17% workforce cut, part of cost reduction efforts following excessive hiring in 2020 and 2021. Analysts from Morgan Stanley, Macquarie Equity Research, and Key Banc Capital Market have raised their price targets for SPOT, citing a focus on profitability and earnings potential. Morgan Stanley named SPOT a Top Pick and raised the target from $200 to $230, Macquarie raised it from $210 to $232, and Key Banc raised it to $255 from $210. The layoffs are expected to result in annualized cost savings of about €300 million for FY'24.

Portfolio Pulse from Franca Quarneti

December 05, 2023 | 9:17 pm

PYPL

Over the past 3 months, 21 Wall Street analysts have provided ratings for PayPal Holdings (NASDAQ:PYPL), with an average price target of $73.24, representing an implied upside from the current price of $57.6575. The consensus includes 8 bullish, 5 somewhat bullish, and 8 indifferent ratings, with no bearish or somewhat bearish ratings. The current average price target has decreased by 15.67% from the previous target of $86.85.

Portfolio Pulse from Benzinga Insights

December 05, 2023 | 9:00 pm

GTLB

MSFT

SWI

TEAM

GitLab Inc (GTLB) reported a strong third quarter, exceeding expectations and raising guidance, leading to several analysts maintaining or upgrading their ratings and price targets. Truist Securities, Scotiabank, RBC Capital, and Cantor Fitzgerald all raised their price targets, citing solid execution, demand, and potential conservative guidance. Needham maintained a Hold rating, noting the incremental revenue from the Premium SKU price increase might be lower than some expectations. Microsoft Corp (MSFT) and Atlassian Corp (TEAM) were mentioned as competitors, while SolarWinds Corp (SWI) was referenced in relation to the importance of securing the software supply chain, a task GitLab is well-positioned for. GTLB shares rose 11.10% to $60.42.

Portfolio Pulse from Anusuya Lahiri

December 05, 2023 | 8:13 pm

INTC

Over the past 3 months, 14 analysts have provided their ratings on Intel Corporation (NASDAQ:INTC), with an average 12-month price target of $36.36, a decrease from the previous $37.86. The ratings include 4 bullish, 2 somewhat bullish, 5 indifferent, and 3 bearish. The current average price target represents a 3.96% decrease.

Portfolio Pulse from Benzinga Insights

December 05, 2023 | 8:00 pm

EYPT

Over the past 3 months, 5 Wall Street analysts have provided ratings for EyePoint Pharmaceuticals (NASDAQ:EYPT), with 4 being bullish and 1 somewhat bullish. The average price target is $27.6, representing an implied upside from the current price of $19.3. The target has increased by 6.15% over the past month.

Portfolio Pulse from Benzinga Insights

December 05, 2023 | 8:00 pm

CMA

DA Davidson analyst Peter Winter has reaffirmed a Buy rating on Comerica (NYSE:CMA) and increased the price target from $49 to $55.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 7:54 pm

ZIM

ZIM Integrated Shipping Services' stock is trading lower following Barclays' decision to maintain an Underweight rating and reduce the price target from $6 to $5.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 7:45 pm

APLS

BofA Securities analyst Tazeen Ahmad upgraded Apellis Pharmaceuticals (NASDAQ: APLS) to Buy from Neutral and raised the price target to $85 from $52. The upgrade is based on the strong launch trajectory of Syfovre and lower risk profile following FDA's updated label that does not include a black box warning (BBW). Ahmad sees potential for upside due to the strong demand for Syfovre, its favorable comparison to Beovu, and the potential for increased sales in the EU and among physicians who had previously halted its use. The analyst forecasts 4Q sales of $90 million and risk-adjusted peak sales of $4.1 billion, with an adjusted EPS loss of $(1.91) for FY24.

Portfolio Pulse from Nabaparna Bhattacharya

December 05, 2023 | 7:34 pm

EYPT

HC Wainwright & Co. analyst Yi Chen has reaffirmed a Buy rating on EyePoint Pharmaceuticals (NASDAQ:EYPT) and increased the price target from $25 to $35.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 7:33 pm