US stock futures fall after hot inflation dashes rate cut hopes

Delta Air Lines (DAL) PT Raised to $60 at Wolfe Research

Wolfe Research analyst Scott Group raised the price target on Delta Air Lines (NYSE: DAL) to $60.00 (from $57.00) while maintaining a Outperform rating.

The analyst comments "Our Airline index is tracking up 0.2% this week, underperforming the S&P 500 by 80bp and our Transports index by 30bp. Our Airline index is now down 2% YTD, underperforming the S&P 500 (+9%) and our Transports index (+6.3%). However, DAL is up 18% YTD, materially... More

Goldman Keeps Conviction Buy Rating on Citi (C), 'A good start of the year'

Goldman Sachs analyst Richard Ramsden reiterated a Conviction Buy rating and $69.00 price target on Citi (NYSE: C).

The analyst comments "C reported 1Q24 EPS of $1.58 vs GSe/Visible Alpha Consensus Data of $1.04/$1.14, with core EPS of $1.87, above our like estimate of $1.52 (excluding separation costs related divestitures, lending hedges, normalizing the tax rate, adjusting for impairment, FDIC special assessment, and coring out reserve), predominately due to higher fee revenue than the Street had expected, coupled with lower... More

Evercore ISI on Wells Fargo (WFC): 'Expenses miss is noteworthy'

Evercore ISI analyst John Pancari reiterated an Outperform rating and $67.00 price target on Wells Fargo (NYSE: WFC)

The analyst comments "Core 1Q24 EPS $1.27 vs. EVR $1.10 and cons $1.11. Reported $1.20. Core EPS beat driven by higher non-II (+$0.22) and lower provision (+$0.09), partially offset by higher expenses... More

Goldman Sachs on Wells Fargo (WFC): 'EPS beat on stronger fee income, though focus is on unchanged NII guidance'

Goldman Sachs analyst Richard Ramsden reiterated a Buy rating and $65.00 price target on Wells Fargo (NYSE: WFC)

The analyst comments "WFC reported 1Q24 EPS of $1.20, better than Visible Alpha Consensus Data/GSe of $1.01/$1.03, although excluding one-timers, core earnings per share appear to be $1.31, above Street/our like estimates of $1.26/$1.20. Key takeaway: We expect a mixed investor response to results, as the core PPNR of $7.5bn came in 6% above like Street PPNR, but the company guided... More

Evercore ISI on JPMorgan (JPM): 'NII Beat & Raise Punchbowl Running Low, Rest Looks Normal JPM Good'

Evercore ISI analyst Glenn Schorr reiterated an Outperform rating and $210.00 price target on JPMorgan (NYSE: JPM).

The analyst comments "JPM EPS of $4.44 ($4.63 ex FDIC) vs. Our / Street of $4.33 / $4.13. Beat on top and bottom line and we saw a lot of the typically strong JPMorgan metrics to point to, though wed expected the NII trend and commentary to steal the show for a minute and think the most bullish JPM fans were hoping for a bigger upside guide than we got as Jamie has been telling... More

Deutsche Bank on BlackRock (BLK): 'Flows were moderately higher than expected in equity and fixed income iShares'

Deutsche Bank analyst Brian Bedell reiterated a Buy rating and $936.00 price target on BlackRock (NYSE: BLK).

The analyst comments "We view 1Q core results as being mixed overall. Positively, cost control was good with an adjusted operating margin of 42.2% vs. our 41.8% vs. our 41.1% estimate while performance fees were strong, at $204mn vs. our $116mn estimate ($94mn Consensus). However, base mgmt. fees of $3.778bn were below our $3.833bn... More

BofA Securities on BlackRock (BLK): 'ETFs are the main driver of positive LT net flows'

BofA Securities analyst Craig Siegenthaler reiterated a Buy rating and $1,030.00 price target on BlackRock (NYSE: BLK).

The analyst comments "ETFs are the main driver of positive LT net flows. Long-term net flows of $76B slightly missed our $83B forecast while total... More

Evercore ISI on BlackRock (BLK): 'Better Than Feared with a Healthy Outlook'

Evercore ISI analyst Glenn Schorr reiterated an Outperform rating and $900.00 price target on BlackRock (NYSE: BLK).

The analyst comments "1Q24 adjd EPS of $9.81 vs Our/Street of $9.01 / $9.38: Modest beat on higher performance fees & a little lower expenses, but AUM was up 15% y/y and the 11% revenue growth was mostly driven by higher markets, organic base fee growth & technology... More

Goldman Sachs on BlackRock (BLK): 'Mixed 1Q results with a soft fee rate'

Goldman Sachs analyst Alexander Blostein reiterated a Buy rating and $913.00 price target on BlackRock (NYSE: BLK)

The analyst comments "

BLK reported 1Q24 adjusted EPS of $9.81, above both GSe at $9.57 and Visible Alpha Consensus Data $9.37. Operating income of $1,775mn was up 3% q/q and 17% y/y, coming in 5% above Consensus amid higher performance fees within Alts and stronger margin expansion (all non-comp expense driven). That said, management fees of $3,778mn missed... More

FED's Collins: Sees 'in The Range Of Two' Rate Cuts For 2024 - Reuters

FED's Collins: Sees 'in The Range Of Two' Rate Cuts For 2024 - Reuters

BlackRock (BLK) AUM $10.47t, Est. $10.43t - Bloomberg

Blackrock AUM $10.47t, Est. $10.43t - Bloomberg

Boston Fed Collins: Economic Uncertainty is Elevated

Boston Fed Collins: Economic Uncertainty is Elevated

Boston Fed Collins: Recent Data Eased Concerns About Imminent Need to Cut - Bloomberg

Boston Fed Collins: Recent Data Eased Concerns About Imminent Need to Cut, Appropriate to begin Rate Cuts Later This Year - Bloomberg

ECB Governors Still Confident About June Cut, Some See July Pause - Reuters

ECB Governors Still Confident About June Cut, Some See July Pause - Reuters

Delta Air Lines (DAL) PT Raised to $55 at Argus

Argus analyst John Staszak raised the price target on Delta Air Lines (NYSE: DAL) to $55.00 (from $39.00) while maintaining a Buy rating.

The analyst comments " We are maintaining our BUY rating on Delta Air Lines Inc. (NYSE:... More

Wall Street strategists don't see Fed cutting rates in June after strong CPI data

Following Wednesday's hotter-than-expected CPI data and the FOMC minutes, analysts at investment banks Citi, UBS, and Goldman Sachs have said they don't see the Federal Reserve cutting rates in June.

Citi told investors in a note that the March minutes show Fed officials still need more confidence.

"'Generally' Fed officials did not have more confidence after the January and February inflation prints, and today's strong March CPI print would have not increased that confidence either," said Citi. "This makes the case... More

Evercore ISI Upgrades Vertex (VRTX) to Outperform

Evercore ISI analyst Liisa Bayko upgraded Vertex (NASDAQ: VRTX) from In Line to Outperform with a price target of $438.00.

The analyst comments "In a surprise move (but makes all the sense now), VRTX is acquiring ALPN, a company focused on developing protein-based... More

Delta Air Lines (DAL) PT Raised to $60 at Deutsche Bank

Deutsche Bank analyst Michael Linenberg raised the price target on Delta Air Lines (NYSE: DAL) to $60.00 (from $50.00) while maintaining a Buy rating.

The analyst comments "Following March quarter results and incorporating the June quarter outlook, our confidence in Delta's ability to... More

Delta Air Lines (DAL) PT Raised to $55 at BofA Securities

BofA Securities analyst Andrew Didora raised the price target on Delta Air Lines (NYSE: DAL) to $55.00 (from $53.00) while maintaining a Buy rating.

The analyst comments "DAL reported 1Q24 EPS at the high end of the guided range and initiated 2Q24 EPS guidance of... More