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COIN

Coinbase Global, Inc. (NASDAQ:COIN) shares are trading lower on Tuesday but have risen 5% over the past month. Needham analyst John Todaro maintained a Buy rating and increased the price target from $160 to $180, adding Coinbase to the Conviction List for 2024. Coinbase's product growth, derivatives launch, and international expansion, particularly its approval as a VASP in France, were highlighted. This approval positions Coinbase for expansion across the EU once MiCA regulation is implemented. The potential approval of a spot Bitcoin ETF and the rally in Bitcoin prices have positively influenced Coinbase shares, which are up over 90% in the past six months.

Portfolio Pulse from Erica Kollmann

January 09, 2024 | 8:02 pm

LAZR

NVDA

Luminar Technologies, Inc. (NASDAQ: LAZR) has expanded its partnership with Mercedes-Benz, integrating its LiDAR technology into the Official FIA F1 Safety Car and debuting new Automatic Emergency Steering (AES) software with Iris+ LiDAR at CES 2024. The company also showcased its Automated Valet software, announced the production of six new chips by Luminar Semiconductor, and confirmed the start of production for the Volvo EX90 featuring Luminar technology. Luminar's commercial growth includes partnerships with NVIDIA and Mobileye, and agreements with Kodiak Robotics and Gatik for autonomous trucking solutions.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 8:02 pm

VRTX

16 analysts have recently provided ratings on Vertex Pharmaceuticals (NASDAQ:VRTX), with an average 12-month price target of $383.0, a high of $415.00, and a low of $347.00. The current average price target represents a 3.42% increase from the previous average of $370.33. Analysts' actions include maintaining, raising, and lowering ratings and price targets, reflecting their views on the company's performance. Vertex Pharmaceuticals is a biotech company with a focus on cystic fibrosis drugs and a diversifying pipeline. Financially, Vertex has a market cap above industry average, a revenue growth rate of 6.39%, a net margin of 41.69%, an ROE of 6.47%, an ROA of 4.92%, and a low debt-to-equity ratio of 0.05.

Portfolio Pulse from Benzinga Insights

January 09, 2024 | 8:01 pm

ARDX

Ardelyx, Inc. (NASDAQ:ARDX) stock is rising after Raymond James increased its price target from $12 to $15 and maintained a Strong Buy rating. The boost follows Ardelyx's strategic update and 2024 outlook, where the company projected peak sales of its IBS treatment Ibsrela to surpass $1 billion before 2033. Ardelyx anticipates 2024 U.S. net sales for Ibsrela to be between $140 million and $150 million, aiming for over ten percent market share at peak. The stock is experiencing high trading volume and social media attention, with over 14.1 million shares traded versus a 100-day average of 6.92 million shares. At the time of publication, ARDX shares have increased by 9.44% to $8.95.

Portfolio Pulse from Erica Kollmann

January 09, 2024 | 7:52 pm

MBLY

Mobileye Global Inc. (NASDAQ:MBLY) shares rose after the company introduced DXP, an operating system to help automakers develop custom self-driving systems. The software allows for customization on top of universal components. Mobileye is also expanding its relationship with Mahindra & Mahindra Ltd. to introduce solutions based on Mobileye's EyeQ 6 systems-on-chip and software, aiming to build a full-stack autonomous driving system. Shares of MBLY increased by 3.15% to $32.42.

Portfolio Pulse from Nabaparna Bhattacharya

January 09, 2024 | 7:44 pm

WBD

Warner Bros Discovery Inc's (NASDAQ:WBD) 'Hogwarts Legacy' has sold 22 million copies in 2023, potentially becoming the best-selling game of the year. The game's success is notable as it may be the first time since 2009 that neither a Call of Duty nor a Rockstar game has topped the annual sales chart. Warner Bros. Interactive Entertainment is exploring further Harry Potter-themed projects, including a Quidditch game.

Portfolio Pulse from Franca Quarneti

January 09, 2024 | 7:37 pm

EA

RBLX

TTWO

BMO Capital Markets released an industry primer with a positive outlook for the gaming sector in 2024, highlighting the growth potential of megahit titles and the expanding console market. The report emphasizes the importance of owning franchises like Electronic Arts Inc's EA Sports FC, Take-Two Interactive Software Inc's Grand Theft Auto, and Roblox Corp's Roblox, citing their strong positions and potential for revenue growth. The gaming industry has seen revenues double to $193 billion in 2023, with 3.4 billion gamers globally. BMO projects robust growth in the console market, particularly in the U.S., and recommends investing in companies with significant console game revenue like EA and Take-Two. The report also notes the evolution of business models and the dominance of megahit titles as key investment drivers. Roblox is highlighted for its unique platform and user retention beyond age 13, with expectations of improved monetization and cash flows.

Portfolio Pulse from Franca Quarneti

January 09, 2024 | 7:18 pm

BNTX

PFE

BioNTech SE (NASDAQ:BNTX) announced at the J.P. Morgan Healthcare Conference that it anticipates revenue growth to resume in 2025, driven by oncology and respiratory vaccine launches, pending successful development and regulatory approval. The company forecasts a decrease in total revenue to €3 billion in FY24, down from €4 billion in 2023. BioNTech plans to initiate ten or more late-stage cancer drug trials by the end of 2024 and expects to launch its first oncology drugs from 2026. CEO Ugur Sahin highlighted the expansion of their oncology pipeline and the company's strong financial position with €17.5 billion in cash and investments at the end of 2023. BNTX shares dropped 3.17% to $108.33.

Portfolio Pulse from Vandana Singh

January 09, 2024 | 7:11 pm

BTCUSD

Bitwise CIO Matt Hougan expressed optimism about the anticipated approval of spot Bitcoin ETFs, which he believes will bring Bitcoin into the mainstream investment world. Hougan suggested that the ETFs could launch as early as Thursday, and emphasized the benefits of fee reductions for investors. He acknowledged the risks highlighted by SEC Chair Gary Gensler but noted that ETFs could offer a safer investment option. Hougan also sees Bitcoin as a potential global reserve asset and expects a surge of institutional investors post-ETF approval.

Portfolio Pulse from Murtuza Merchant

January 09, 2024 | 6:57 pm

QCOM

Qualcomm's CEO Cristiano Amon announced that the company's expansion into the automotive chip market is surpassing sales targets. This move is part of Qualcomm's strategy to diversify its business beyond mobile phones. The company is capitalizing on the increasing demand for sophisticated electronics in vehicles, which is a growing segment due to the rise of electric and autonomous vehicles.

Portfolio Pulse from Benzinga Newsdesk

January 09, 2024 | 6:53 pm