My top 10 things to watch Monday, July 24
2. Truist on Monday lowered its price target on Club oil name Pioneer Natural Resources (PXD) to $196 a share, from $220, while maintaining a hold rating on the stock. The firm said it expects free cash flow for most exploration-and-production firms like Pioneer to be down over 50% given lower commodity prices.
3. Piper Sandler on Monday downgraded Club name Estee Lauder (EL) to neutral, from a buy-equivalent rating. The firm also lowered its price target on the cosmetics firm to $195 a share, down from $265. This is the result of the downfall of the Chinese consumer, which seems endless.
4. Deutsche Bank on Monday raised its price target on Club holding apple (AAPL) to $210 a share, up from $180, citing upside to the tech giant’s iPhone, Mac and services revenues. Apple is set to report fiscal third-quarter results on Aug. 3.
5. UBS on Monday downgraded electric-vehicle maker Tesla (TSLA) to hold, from buy, noting “very limited” upside to the company’s share price going forward. Still, the firm raised its price target on Tesla to $270 a share, up from $220.
6. Mizuho on Monday raised its price target on Club holding Nvidia (NVDA) to $530 a share, up from $400, while maintaining a buy rating on the stock. The analysts cited accelerating demand for generative artificial intelligence.
7. KeyBanc on Monday, in a call I love, raised its price target on Airbnb (ABNB) to $160 a share, from $135, on the back of accelerating travel spending. The reiterated an overweight, or buy, rating on Airbnb stock.
8. Mizuho on Monday raised its price target on Intel (INTC) to $33 a share, from $30, arguing semiconductor group multiples have improved. The firm maintained a neutral rating on the stock.
9. Raymond James on Monday upgraded home-construction company Dr. Horton (DHI) to outperform, or buy, from market performance on the back of its “outstanding” fiscal third-quarter results. The firm, which has a price target of $160 on DHI shares, noted an “impressive rebound” in homebuilding margins.
10. Wells Fargo on Monday downgraded its rating Interpublic Group (IPG) to equal weight, or neutral, from overweight, ahead of a late-cycle downturn. The firm lowered its price target on IPG to $33 a share, from $43.
(See here for a full list of the stocks in Jim Cramer’s Charitable Trust.)
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