Midday movers: Spirit Aerosystems, Tesla rise; Chewy falls
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JPMorgan on Tesla (TSLA): 'We estimate Tesla also lost ground vs. the total auto industry'
July 3, 2024 4:55 AM EDTJPMorgan analyst Ryan Brinkman reiterated an Underweight rating and $115.00 price target on Tesla (NASDAQ: TSLA)
The analyst comments "TSLA shares rallied +10.2% Tuesday vs. the S&P 500 +0.6%, ostensibly upon the release of 2Q24 sales and production figures, which showed that Teslas vehicle deliveries... More
Barclays Reiterates Equalweight Rating on O'Reilly Automotive (ORLY)
July 2, 2024 2:28 PM EDTBarclays analyst Seth Sigman reiterated an Equalweight rating and $986.00 price target on O'Reilly Automotive (NASDAQ: ORLY).
The analyst commented, "Given demand headwinds earlier in the quarter, continuing from Q1, we expect ORLY 2Q24 to come in below the annual range and... More
Truist on Tesla (TSLA): 'we believe lower production may be related to retooling for new model introductions, and will help reduce inventory'
July 2, 2024 1:00 PM EDTTruist Securities analyst William Stein reiterated a Hold rating and $162.00 price target on Tesla (NASDAQ: TSLA)
The analyst comments " 2Q24 deliveries are slightly above consensus; we expect reduced production to help normalize inventory levels. Earlier today, TSLA announced Q2 unit deliveries were 444k in the quarter (down 5% y/y), 1.7%... More
Tesla (TSLA) PT Raised to $254 at Canaccord Genuity, 'We are autonomy uber-bulls'
July 2, 2024 12:25 PM EDTCanaccord Genuity analyst George Gianarikas raised the price target on Tesla (NASDAQ: TSLA) to $254.00 (from $222.00) while maintaining a Buy rating.
The analyst comments "The most important question going into earnings. Teslas upcoming earnings report after the market close on July 23rd will bring lots of new information: margin results, (possible) details on new vehicles, energy storage... More
Morgan Stanley on Tesla (TSLA): '1st Positive Surprise of the Year'
July 2, 2024 11:16 AM EDTMorgan Stanley analyst Adam Jonas reiterated an Overweight rating and $310.00 price target on Tesla (NASDAQ: TSLA).
The analyst comments "Tesla started its Independence Day celebration early with a positive 2Q delivery beat, 33k lower inventory and a large storage beat to remind investors it's not just an auto company. 1. Deliveries beat, but... 2Q deliveries came to 443,956 units vs. MS at 427,303 and cons at 437,812. While this is one of the first and only positive auto surprises of the year for Tesla, we still believe matching last years delivery number would... More
RBC Capital Out Positive on Tesla (TSLA), 'Energy Storage a Positive Surprise'
July 2, 2024 11:12 AM EDTRBC Capital analyst Tom Narayan reiterated an Outperform rating and $227.00 price target on Tesla (NASDAQ: TSLA).
The analyst comments "What do we think? As we thought might happen, June deliveries in the US likely improved vs April's 47K, and May's 52K. We suspect they were closer to 70K, consistent with app download data. We conservatively assumed a 55K June level. We expect Europe was 36K in June, up from 14k/19k in April/May, consistent with App download data, and with our estimate. China, meanwhile, came in at 71K in June... More
Goldman Sachs Out Mixed on Tesla (TSLA)
July 2, 2024 10:20 AM EDTGoldman Sachs analyst Mark Delaney reiterated a Neutral rating and $175.00 price target on Tesla (NASDAQ: TSLA).
The analyst comments "Tesla reported preliminary 2Q24 vehicle deliveries of about 444k (up 15% qoq and down 5% yoy), and production of about 411k vehicles (down 14% yoy). This compares to 1Q24 deliveries of about 387K and... More
Stifel Out Positive on Tesla (TSLA) and Rivian (RIVN) Now
July 2, 2024 10:15 AM EDTStifel analyst Stephen Gengaro reiterated a Buy rating and $265.00 price target on Tesla (NASDAQ: TSLA)
The analyst comments "We believe 2Q24 delivery numbers from TSLA and RIVN are positive for the shares. TSLA deliveries of 443,956 exceeded the consensus of about 438,000 and our... More
Citi Reiterates Neutral Rating on Tesla (TSLA), 'Quick Take on Q2 Deliveries & Production'
July 2, 2024 10:13 AM EDTCiti analyst Itay Michaeli reiterated a Neutral rating and $182.00 price target on Tesla (NASDAQ: TSLA).
The analyst comments "Tesla reported Q2 deliveries of 444.0k (-5% YoY, +15% QoQ), 1.4% above the 437.8k consensus, which was generally viewed as aggressive. In addition to the delivery... More
William Blair Reiterates Outperform Rating on Chewy Inc. (CHWY)
July 2, 2024 7:49 AM EDTWilliam Blair analyst Dylan Carden reiterated an Outperform rating on Chewy Inc. (NYSE: CHWY).
The analyst comments "First, we clearly agree with Gill. Chewy remains our top pick this year because we believe valuation reflects an irrational belief that active customer growth is stalled, with underlying value of longer-term free cash flow being overly discounted in the process. Looking at valuation, at $32.50 in pre-market, shares are trading just above 1 times 2025 sales and18.5 times our initial out-year free cash... More
O'Reilly Automotive (ORLY) PT Lowered to $1,143 at Truist Securities
July 2, 2024 4:47 AM EDTTruist Securities analyst Scot Ciccarelli lowered the price target on O'Reilly Automotive (NASDAQ: ORLY) to $1,143.00 (from $1,212.00) while maintaining a Buy rating.
The analyst comments "Based on softer trends in our Truist Card Data, we are lowering our 2Q comp est. to 2.5%E... More
Spirit AeroSystems (SPR) PT Raised to $37 at CFRA
July 2, 2024 4:46 AM EDTCFRA analyst Stewart Glickman raised the price target on Spirit AeroSystems (NYSE: SPR) to $37.00 (from $36.00) while maintaining a Hold rating.
The analyst comments "We lift our 12-month target price by $1 to $37, reflecting the current terms of the agreement with key... More
Evercore ISI on Chewy Inc. (CHWY): 'our survey noted a sizeable drop in selection of Chewy as a Pet Supplies Online shopping destination'
July 1, 2024 4:11 PM EDTEvercore ISI analyst Mark Mahaney reiterated an In Line rating and $22.00 price target on Chewy Inc. (NYSE: CHWY).
The analyst comments "Our View: We reiterate our In Line Rating on CHWY following our 4 th Annual U.S. Pet Survey of 600+ pet owners/Chewy... More
Goldman Sachs Reiterates $243 PT on Boeing (BA), 'We are Buy rated on BA'
July 1, 2024 4:01 PM EDTGoldman Sachs analyst Noah Poponak reiterated a Buy rating and $243.00 price target on Boeing (NYSE: BA).
The analyst comments "Boeing announced a definitive agreement to acquire Spirit AeroSystems (SPR) in an all-stock transaction. BA expects the transaction to provide long-term value through aligning its commercial production systems and optimizing resources to meet long-term demand. Boeing is... More
CFRA on Chewy Inc. (CHWY): 'investors should brace for a period of extended volatility'
July 1, 2024 1:24 PM EDTCFRA analyst Arun Sundaram reiterated a Hold rating and $23.00 price target on Chewy Inc. (NYSE: CHWY).
The analyst comments "CHWY shares are experiencing volatility following an SEC filing revealing that meme stock trader Keith Gill, also known as "Roaring Kitty," has acquired 9M Class A common... More
CFRA Reiterates Sell Rating on Boeing (BA), 'we see high execution risk'
July 1, 2024 12:02 PM EDTCFRA analyst Stewart Glickman reiterated a Sell rating and $147.00 price target on Boeing (NYSE: BA).
The analyst comments "BA has reached an agreement to buy key supplier Spirit Aerosystems (SPR) in an all-stock deal, currently valued at about $37.25 per share ($4.7 billion before assumed debt). As part... More
Antitrust regulators in France set to charge Nvidia for alleged anti-competitive practices - Reuters
July 1, 2024 11:15 AM EDTAccording to a report from Reuters on Monday, antitrust regulators in France are readying to charge NVIDIA (NASDAQ: NVDA) for allegedly anti-competitive practices.
The publication, citing people with direct knowledge of the matter, said the French regulatory body would be the... More
Deutsche Bank on Boeing (BA) and Spirit AeroSystems (SPR) Deal: 'There are relatively few surprises here'
July 1, 2024 9:52 AM EDTDeutsche Bank analyst Scott Deuschle reiterated a Buy rating and $225.00 price target on Boeing (NYSE: BA)
The analyst comments "Boeing and Spirit AeroSystems announced this morning that they have entered into a definitive merger agreementone that values SPR at $37.25 per share. There... More
Truist Securities Comments on Spirit AeroSystems (SPR) Deal with Boeing (NA)
July 1, 2024 9:49 AM EDTTruist Securities analyst Michael Ciarmoli reiterated a Hold rating and $30.00 price target on Spirit AeroSystems (NYSE: SPR).
The analyst comments "Last night it was announced that Boeing (BA, NR) and SPR had reached terms for BA to buy SPR for $4.7B in an all stock deal. The $37.25 per share agreement represents an ~14% premium to SPR's price of $32.82 after the close Friday 6/28 and values SPR at roughly... More
Jones Trading Downgrades Cassava Sciences (SAVA) to Hold, 'Multiple Uncertainties'
July 1, 2024 9:43 AM EDTJones Trading analyst Soumit Roy downgraded Cassava Sciences (NASDAQ: SAVA) from Buy to Hold.
The analyst comments "Following the federal grand jury indictment of the former consultant of Cassava Sciences, Dr. Hoau-Yan Wang, last Friday (link), and today's 8-K (link) mentioning the... More
