Harris support, Tesla earnings, Wiz's deal - what's moving markets

General Motors (GM) PT Raised to $54 at Argus

Argus analyst William Selesky raised the price target on General Motors (NYSE: GM) to $54.00 (from $52.00) while maintaining a Buy rating.

The analyst comments "Raising price target to $54 On July 23, General Motors reported an adjusted 2Q24 net profit of $3.510 billion or $3.06 per diluted share, up... More

Coca-Cola (KO) PT Raised to $70 at Truist Securities

Truist Securities analyst Bill Chappell raised the price target on Coca-Cola (NYSE: KO) to $70.00 (from $65.00) while maintaining a Buy rating.

The analyst comments "This is a follow up from our note published yesterday (see note here). We are maintaining our FY24 sales... More

Coca-Cola (KO) PT Raised to $75 at Argus

Argus analyst Christopher Graja raised the price target on Coca-Cola (NYSE: KO) to $75.00 (from $72.00) while maintaining a Buy rating.

The analyst comments " KO shares have underperformed the S&P 500 over the past quarter, rising 7% compared to gains of 10% for the index and 1% for the... More

Piper Sandler Comments on Tesla (TSLA) 10Q: 'We're not sure why, but warranty expense totaled 4.1% of revenue in 2Q24'

Piper Sandler analyst Alexander Potter reiterated an Overweight rating and $300.00 price target on Tesla (NASDAQ: TSLA)

The analyst comments "TSLA published its 10Q earlier than expected and, as a result, we had the opportunity to dig deeper on automotive gross margin,... More

New Street Research Downgrades Tesla (TSLA) to Neutral, PT $225, 'We see limited (and unreliable) valuation upside'

New Street Research analyst Pierre Ferragu downgraded Tesla (NASDAQ: TSLA) from Buy to Neutral with a price target of $225.00.

The analyst comments "Deliveries recovered at a cost, increasing by 15% QoQ, but with gross margins, ex. credits & leasing, down 1.7pts. Volume increase and cost reductions offset... More

Canaccord Genuity Reiterates Buy Rating on Tesla (TSLA)

Canaccord Genuity analyst George Gianarikas reiterated a Buy rating and $254.00 price target on Tesla (NASDAQ: TSLA).

The analyst comments "Teslas 2Q24 earnings results were mostly uneventful after the delivery announcement earlier this month. Yes, auto gross margins were weaker than expected but were likely impacted by $622M in restructuring costs. We were also looking for meaningful metrics and color around FSD take rates after recent price... More

Loop Capital Reiterates Hold Rating on Alphabet (GOOGL)

Loop Capital analyst Alan Gould reiterated a Hold rating and $170.00 price target on Alphabet (NASDAQ: GOOGL).

The analyst comments "Google reported solid 2Q results with upside in Search, momentum in Cloud, softness at YouTube ads and a surprisingly large miss from Network ads.... More

Loop Capital Reiterates Buy Rating on Comcast Corp (CMCSA)

Loop Capital analyst Alan Gould reiterated a Buy rating and $54.00 price target on Comcast Corp (NASDAQ: CMCSA)

The analyst comments "Broadband sub losses were less than anticipated, but ACP had a minimal impact on 2Q results. Overall revenue missed at the media side,... More

MoffettNathanson Reiterates Buy Rating on Alphabet (GOOGL)

MoffettNathanson analyst Michael Nathanson reiterated a Buy rating and $205.00 price target on Alphabet (NASDAQ: GOOGL).

The analyst comments "We think that the market is making an error in two places. First, not all search activity is alike there are commercial searches... More

Rosenblatt Reiterates Neutral Rating on Alphabet (GOOGL)

Rosenblatt analyst Barton Crockett reiterated a Neutral rating and $181.00 price target on Alphabet (NASDAQ: GOOGL).

The analyst comments "We downgraded Alphabet to NEUTRAL on 6/28, seeing multiple areas of transition risk. 2Q24 eased concerns of transitional revenue risk from the ramp of AI... More

Goldman Sachs Reiterates Buy Rating on Alphabet (GOOGL)

Goldman Sachs analyst Eric Sheridan reiterated a Buy rating and $211.00 price target on Alphabet (NASDAQ: GOOGL)

The analyst comments "We expect the market to have a muted reaction to Alphabets Q224 earnings report upon our first read/analysis of the results. In terms of upside, we would point to Search & Other revenue (against persistent investor fears of disruption and/or macroeconomic headwinds), Google Cloud revenue, Services Operating Income margin and... More

JPMorgan Reiterates Underweight Rating on Tesla (TSLA)

JPMorgan analyst Ryan Brinkman reiterated an Underweight rating and $115.00 price target on Tesla (NASDAQ: TSLA)

The analyst comments "2Q automotive adjusted gross margin and free cash flow also tracked softer, implying negative earnings revision risk. Also pointing to the trend in softer underlying results indicating the risk of... More

Roth/MKM Reiterates Neutral Rating on Tesla (TSLA), PT $85, 'CyberCab Outlook for a Steering Wheel is Bearish for the Stock

Roth/MKM analyst Craig Irwin reiterated a Neutral rating and $85.00 price target on Tesla (NASDAQ: TSLA)

The analyst comments "Tesla's missed adj-EPS consensus by ($0.10) and adj-auto gross margins by (200 bps). This likely refocuses investors on sustained headwinds from vehicle discounting necessary to drive... More

Spotify (SPOT) PT Raised to $399 at Rosenblatt

Rosenblatt analyst Barton Crockett raised the price target on Spotify (NYSE: SPOT) to $399.00 (from $396.00) while maintaining a Buy rating.

The analyst comments " Key Variances -- Revenues of 3,807 million matched guidance, but rose only 21% Y/Y constant currency, versus guidance for 22%. Premium subs grew 7... More

Coca-Cola (KO) PT Raised to $68 at RBC Capital

RBC Capital analyst Nik Modi raised the price target on Coca-Cola (NYSE: KO) to $68.00 (from $65.00) while maintaining a Outperform rating.

The analyst comments "Another strong quarter for KO, delivering top line strength, volume momentum, with high quality earnings. Back half guidance... More

RBC Capital Reiterates Sector Perform Rating on Colgate-Palmolive Company (CL)

RBC Capital analyst Nik Modi reiterated a Sector Perform rating and $95.00 price target on Colgate-Palmolive Company (NYSE: CL).

The analyst comments "Overall, we expect a solid quarter for CL and acknowledge CLs topline momentum, international share gains and improving US trends. Mgmt. has... More

Morgan Stanley Downgrades General Motors (GM) to Equalweight

Morgan Stanley analyst Adam Jonas downgraded General Motors (NYSE: GM) from Overweight to Equalweight with a price target of $47.00 (from $46.00).

The analyst comments "GM's fundamental improvements in capital discipline have not been ignored by the stock market. During the UAW strike of... More

Jefferies Reiterates Hold Rating on Tesla (TSLA)

Jefferies analyst Philippe Houchois reiterated a Hold rating and $165.00 price target on Tesla (NASDAQ: TSLA)

The analyst comments "Q2 results mostly confirmed the growing importance of storage (16% of gross profit) and a return to +ve FCF ($1.3bn) on modest WC reversal and... More

Baird Reiterates Outperform Rating on Tesla (TSLA)

Baird analyst Ben Kallo reiterated an Outperform rating and $260.00 price target on Tesla (NASDAQ: TSLA).

The analyst comments "Reiterate Outperform rating. Short-term weakness in auto margins (ex-credits) and bottom-line miss (due largely to higher opex and restructuring) will weigh on the... More

Stifel Reiterates Buy Rating on Tesla (TSLA)

Stifel analyst Stephen Gengaro reiterated a Buy rating and $265.00 price target on Tesla (NASDAQ: TSLA).

The analyst comments "TSLA's 2Q24 release is a mixed bag and could weigh on the shares following the recent strength. Bears will likely focus on: 1) Auto... More

UBS Reiterates Sell Rating on Tesla (TSLA)

UBS analyst Joseph Spak reiterated a Sell rating and $197.00 price target on Tesla (NASDAQ: TSLA)

The analyst comments "TSLA is being priced on future optionality TSLA is not being priced on auto (or arguably even Energy) but autonomy and AI. TSLA is working on AI initiatives such as robo-taxi and Optimus humanoid robots.... More

Wells Fargo Reiterates Underweight Rating on Tesla (TSLA), PT $120

Wells Fargo analyst Colin Langan reiterated an Underweight rating and $120.00 price target on Tesla (NASDAQ: TSLA).

The analyst comments "How do we expect the stock to trade? We expect the stock to trade down. TSLA's Q2 earnings result was low quality;... More

General Motors (GM) PT Raised to $61 at JPMorgan

JPMorgan analyst Ryan Brinkman raised the price target on General Motors (NYSE: GM) to $61.00 (from $60.00) while maintaining a Overweight rating.

The analyst comments "We are reiterating our Overweight rating on GM shares after the automaker reported strongly better 2Q results Tuesday, which along with GMs strongly better than expected 2024 outlook introduced in January, strongly better than expected 1Q beat, unexpected guidance increase at the time of 1Q24 earnings, and unexpected second raise to full-year 2024 guidance today in as many quarters reveal GMs $10 bn accelerated share repurchase program announced last October and subsequent follow-on... More

Comcast Corp (CMCSA) PT Lowered to $46 at Evercore ISI

Evercore ISI analyst Vijay Jayant lowered the price target on Comcast Corp (NASDAQ: CMCSA) to $46.00 (from $48.00) while maintaining a Outperform rating.

The analyst comments "After months of investor debates over the dreaded impacts of the ACP sunset, the roll-off seemed to... More

UPS (UPS) PT Lowered to $138 at Evercore ISI

Evercore ISI analyst Jonathan Chappell lowered the price target on UPS (NYSE: UPS) to $138.00 (from $145.00) while maintaining a In Line rating.

The analyst comments "UPS posted 2Q24 adjusted EPS of $1.79, coming in below our forecast of $1.94 and the average Street estimate of $1.99... More

General Motors (GM) PT Raised to $54 at Mizuho

Mizuho analyst Vijay Rakesh raised the price target on General Motors (NYSE: GM) to $54.00 (from $52.00) while maintaining a Outperform rating.

The analyst comments "Slowing EV Ramps with EV Trucks and Regulations - Still Up Q/Q, Focus on ICE GM noting EVs getting... More

UPS (UPS) PT Lowered to $140 at CFRA

CFRA analyst Stewart Glickman lowered the price target on UPS (NYSE: UPS) to $140.00 (from $149.00) while maintaining a Hold rating.

The analyst comments "Our 12-month target of $140, cut from $149, applies a 14.2x multiple of our forecasted 2025 operating EPS of $9.85 (trimmed by $0.11; we lower our... More

Coca-Cola (KO) PT Raised to $72 at CFRA

CFRA analyst Garrett Nelson raised the price target on Coca-Cola (NYSE: KO) to $72.00 (from $68.00) while maintaining a Buy rating.

The analyst comments "We increase our 12-month target by $4 to $72, based on a '25 P/E of 23.6x, a discount to KO's... More

Google talks to cybersecurity firm Wiz break down - WSJ

Google's discussions regarding the potential acquisition of cybersecurity startup Wiz for a planned $23 billion have fallen apart, according to a report by The Wall Street Journal on Tuesday.

The WSJ said that in an email to employees sent Monday, which it had viewed, Wiz Chief Executive Assaf Rappaport stated the company is now seeking an initial public offering.

He reportedly wrote: "Wizards, I know the last week has been intense, with the buzz about a potential acquisition."

"While we are flattered by offers we have received, we... More

Citi Reiterates Neutral Rating on Spotify (SPOT), PT $310

Citi analyst Jason Bazinet reiterated a Neutral rating and $310.00 price target on Spotify (NYSE: SPOT).

The analyst comments "Spotify reported 2Q24 revenue a tad below the Street, while gross margins and operating income exceeded consensus estimates. Premium net adds were modestly above... More

Coca-Cola (KO) raises 2024 guidance, Q2 earnings and revenue tops estimates

(Updated - July 23, 2024 8:14 AM EDT)

Coca-Cola (NYSE: KO) revealed its second-quarter 2024 earnings, surpassing analyst expectations with an adjusted EPS of $0.84, $0.04 higher than the consensus estimate of $0.80.

Revenue also exceeded forecasts, reaching $12.4 billion against the anticipated $11.77 billion. The beverage giant's stock showed a marginal decline of 0.1% following the announcement.

The company's net revenues saw a 3% increase, with organic revenues... More

General Motors shares slide despite raising full-year outlook

(Updated - July 23, 2024 9:59 AM EDT)

General Motors (NYSE: GM) shares fell more than 5% following the announcement of its second-quarter results, which surpassed analyst expectations on both earnings and revenue fronts.

The automotive giant reported an adjusted EPS of $3.06, notably higher than the consensus estimate of $2.71. Revenue for the quarter also exceeded forecasts, coming in at $47.97 billion against an anticipated $45 billion.

The company's robust performance has prompted an upward revision of its full-year 2024 earnings guidance. GM now projects an adjusted EPS range of $9.50 to $10.50, an... More

UPS shares plunge on Q2 earnings, revenue miss

(Updated - July 23, 2024 9:52 AM EDT)

UPS (NYSE: UPS) shares plunged Tuesday after the company reported a decline in both earnings and revenue for the second quarter of 2024, falling short of Wall Street expectations.

The company's adjusted earnings per share (EPS) came in at $1.79, below the analyst estimate of $2.00, marking a significant 29.5% drop from the $2.54 reported in the same quarter last year. Revenue also saw a slight decrease of 1.1% to $21.8 billion, missing the consensus estimate of $22.17 billion.

Following the announcement, UPS shares tumbled by over 12%, indicating a negative market response to... More