Midday movers: McDonald's, Tesla, Onsemi rise; Abbott falls

TD Cowen cuts McDonald's (MCD) to Hold, trough value perceptions 'will take time to fix'

TD Cowen downgraded McDonald's (NYSE: MCD) from Buy to Hold, lowering the price target to $280.00 from $285.00 per share in a note to clients Wednesday, following the fast food giant's latest quarterly earnings.

McDonald's reported Q2 EPS of $2.80, $0.27 worse than the analyst estimate of $3.07. Revenue for the quarter came in at $6.49 billion versus the consensus estimate of $6.62... More

McDonald's (MCD) PT Lowered to $278 at BofA Securities

BofA Securities analyst Gregory Francfort lowered the price target on McDonald's (NYSE: MCD) to $278.00 (from $288.00) while maintaining a Neutral rating.

The analyst comments "Continued negative trends in the US (July SSSG were negative across all operating segments) suggests that even as MCD's $5 Value... More

McDonald's (MCD) PT Lowered to $285 at Wells Fargo

Wells Fargo analyst Jon Tower lowered the price target on McDonald's (NYSE: MCD) to $285.00 (from $300.00) while maintaining a Overweight rating.

The analyst comments "Today's relief makes sense. There's no denying that Q2 was soft, but US comps of -0.7% were better vs feared (-2%),... More

McDonald's (MCD) PT Lowered to $270 at JPMorgan

JPMorgan analyst John Ivankoe lowered the price target on McDonald's (NYSE: MCD) to $270.00 (from $290.00) while maintaining a Overweight rating.

The analyst comments "MCD results may be most notable for their explicit sense of major urgency around re-establishing the brands core value message that was largely... More

ON Semiconductor (ON) PT Raised to $105 at Evercore ISI

Evercore ISI analyst Mark Lipacis raised the price target on ON Semiconductor (NASDAQ: ON) to $105.00 (from $104.00) while maintaining a Outperform rating.

The analyst comments "Turnaround Story is Still Mid Innings. Notwithstanding the turnaround executed so far, (e.g., GM expansion of 1,200 bps since Dec-20,... More

McDonald's (MCD) PT Lowered to $310 at Jefferies

Jefferies analyst Andy Barish lowered the price target on McDonald's (NYSE: MCD) to $310.00 (from $320.00) while maintaining a Buy rating.

The analyst comments "Tough 2Q with EPS miss and US/Int'l SSS each below the Street but perhaps not as bad as buy-side... More

McDonald's (MCD) PT Lowered to $295 at Truist Securities

Truist Securities analyst Jake Bartlett lowered the price target on McDonald's (NYSE: MCD) to $295.00 (from $300.00) while maintaining a Buy rating.

The analyst comments "Following 2Q24 results (SSS and EPS miss) we are lowering ests. and our PT to $295, from $300.... More

McDonald's (MCD) PT Lowered to $257 at Stifel

Stifel analyst Chris O\'Cull lowered the price target on McDonald's (NYSE: MCD) to $257.00 (from $265.00) while maintaining a Hold rating.

The analyst comments " MCD reported earnings below consensus (2Q EPS of $2.97, Stifel $3.04, Street $3.07), with weak comps across all three segments. SRS remained... More

Trump comments on Bitcoin becoming Strategic National Reserve asset is bullish for Coinbase: Oppenheimer

At the Bitcoin Conference 2024, held in Nashville from July 25-27, former President Donald Trump's remarks on Bitcoin stirred significant interest and optimism among attendees.

The event saw a noticeable rise in Bitcoin's price, fueled by the anticipation that Trump might advocate for Bitcoin to become a strategic reserve asset.

Oppenheimer analysts said in a note Monday that "the vibe was upbeat because, regardless of what he... More

Coinbase Global Inc. (COIN) PT Raised to $181 at JPMorgan, 'May was a positive month'

JPMorgan analyst Kenneth Worthington raised the price target on Coinbase Global Inc. (NASDAQ: COIN) to $181.00 (from $171.00) while maintaining a Neutral rating.

The analyst comments "We are marking our model ahead of 2Q24 earnings. May was a positive month for the cryptoecosystem amid the U.S. Ether spot ETFs approval (note linked here); however, we saw markets contract in both April and June, muddling the quarters aggregate performance.... More

Apple price target raised at TD Cowen on AI upgrades

TD Cowen analysts raised their price target for Buy-rated Apple (NASDAQ: AAPL) to $250 from $220, citing anticipated upgrades in artificial intelligence (AI) and favorable trends in emerging markets.

In their latest note, the firm projects a positive outlook for Apple's iPhone and other product lines, highlighting potential growth driven by AI enhancements and strong gross margins.

TD Cowen models Apple to report 4% year-over-year revenue growth for the June... More

Citi Reiterates Neutral Rating on McDonald's (MCD), PT $280

Citi analyst Jon Tower reiterated a Neutral rating and $280.00 price target on McDonald's (NYSE: MCD)

The analyst comments "MCD delivered slightly better than feared comps in the US (many investors bracing for a negative LSD US comp), though IOM missed... More

Morgan Stanley Calls Tesla (TSLA) a 'New Top Pick'

Morgan Stanley analyst Adam Jonas reiterated an Overweight rating and $310.00 price target on Tesla (NASDAQ: TSLA).

The analyst comments "We highlight a number of reasons why we make our new Top Pick in US autos: Cost cutting/restructuring has stemmed the... More