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NSC

B of A Securities analyst Ken Hoexter upgraded Norfolk Southern (NYSE:NSC) from Neutral to Buy and increased the price target from $204 to $248.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 11:34 am

VFC

VF Corp (NYSE:VFC), owner of North Face, is cutting 500 salaried jobs as part of a new strategy to reduce costs and manage debt amid declining North American sales, particularly due to the underperformance of its Vans brand. The company, facing pressure from activist investors, withdrew its fiscal year guidance in October and initiated a transformation plan. VF Corp employs 33,000 people, with 60% in full-time positions. The job cuts are aimed at providing financial flexibility and positioning the company for long-term growth. VFC shares dropped 2.34% to close at $16.73 on Thursday.

Portfolio Pulse from Shivani Kumaresan

December 01, 2023 | 11:32 am

F

TSLA

Analysts are expressing concerns over the pricing of Tesla's Cybertruck, suggesting the company could be losing $40,000 per vehicle at current production levels. Gene Munster of Deepwater Asset Management and Gary Black of Future Fund both indicated that the pricing is higher than expected, with Munster comparing it unfavorably to Ford's F-150 Lightning. However, both analysts acknowledge the strategic rationale behind the higher prices due to limited production capacity. Munster predicts Tesla will produce 35,000 units in 2024 and sees potential for price reductions and increased production in the future. Wedbush analyst Daniel Ives maintains an Outperform rating and $310 price target on Tesla, expecting a slower ramp-up to cash-flow positive status for the Cybertruck. Tesla shares dropped slightly in premarket trading.

Portfolio Pulse from Shanthi Rexaline

December 01, 2023 | 11:30 am

ESTC

Wells Fargo analyst Andrew Nowinski has upgraded Elastic (NYSE:ESTC) from Equal-Weight to Overweight and increased the price target from $70 to $115.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 11:18 am

JNJ

UBS analyst Danielle Antalffy upgraded Johnson & Johnson (NYSE:JNJ) from Neutral to Buy and set a price target of $180.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 11:12 am

AIG

CRBG

AIG has announced a secondary offering of 35 million shares of Corebridge Financial (CRBG) stock, with an option for the underwriter to purchase an additional 5.25 million shares. AIG will remain the majority shareholder after the sale, and all proceeds will go to AIG. J.P. Morgan is the underwriter, and shares will be sold at market or negotiated prices.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 11:10 am

NIO

NIO Inc. reported a 12.6% year-over-year increase in vehicle deliveries for November 2023, with 15,959 EVs delivered. The year-to-date deliveries rose by 33.1% to 142,026 vehicles. NIO's cumulative deliveries reached 431,582. The company has collaborated with Chongqing Changan Automobile to enhance battery-swapping technology and aims to establish 1,000 battery swapping stations by year-end, already operating over 2,000 stations in China and planning expansion in Europe. NIO shares dropped slightly by 0.41% in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 01, 2023 | 11:05 am

BMO

Bank of Montreal (NYSE:BMO) reported Q4 earnings of $2.095 per share, slightly missing the consensus estimate of $2.10. Despite the earnings miss, the company's quarterly sales of $6.23 billion exceeded the expected $6.04 billion. However, both earnings and sales figures represent a decrease from the same period last year, with earnings down 8.52% and sales down 21.58%.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 11:04 am

VSCO

Telsey Advisory Group analyst Dana Telsey has maintained a 'Market Perform' rating on Victoria's Secret (NYSE:VSCO) and increased the price target from $21 to $29.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 11:01 am

BIG

Telsey Advisory Group analyst Joseph Feldman has maintained a 'Market Perform' rating on Big Lots (NYSE:BIG) and increased the price target from $5.5 to $6 as reported on November 30, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 01, 2023 | 10:54 am