Midday movers: Meta Platforms, Lilly rise; Arm, Moderna fall

Laboratory Corporation of America (LH) PT Raised to $260 at BofA Securities

BofA Securities analyst Derik de Bruin raised the price target on Laboratory Corporation of America (NYSE: LH) to $260.00 (from $240.00) while maintaining a Buy rating.

The analyst comments "Much of the call focused on LCD margin dynamics, including Invitae contribution. Core LCD is executing... More

Carvana (CVNA) PT Raised to $150 at Jefferies

Jefferies analyst John Colantuoni raised the price target on Carvana (NYSE: CVNA) to $150.00 (from $130.00) while maintaining a Hold rating.

The analyst comments "CVNA (Hold) - Updating model to reflect 2Q results and outlook; increasing PT to $150 (from $130): Our 2025 Revenue estimate... More

Ferrari a 'prime stock to own' - Barclays

Barclays upgraded Ferrari N.V (NYSE: RACE) to Overweight following the company's strong Q2 performance, highlighting it as a "prime stock to own" after the strong beat.

This decision comes after Ferrari beat EBIT consensus by 7% on August 1, achieving a record 29.9% margin and raising its FY24 guidance to over 27.5% from the previous 27%.

The bank notes that in the first half of 2024,... More

Eli Lilly (LLY) PT Raised to $1,050 at Jefferies

Jefferies analyst Akash Tewari raised the price target on Eli Lilly (NYSE: LLY) to $1,050.00 (from $1,041.00) while maintaining a Buy rating.

Biogen (BIIB) PT Raised to $292 at RBC Capital

RBC Capital analyst Brian Abrahams raised the price target on Biogen (NASDAQ: BIIB) to $292.00 (from $282.00) while maintaining a Outperform rating.

The analyst comments "BIIB's 2Q was better than today's stock action might suggest; while the beat was in partially driven by a few... More

Morgan Stanley Upgrades Mobileye N.V (MBLY) to Equalweight

Morgan Stanley analyst Adam Jonas upgraded Mobileye N.V (NASDAQ: MBLY) from Underweight to Equalweight with a price target of $18.00 (from $25.00).

The analyst comments "Three Key Drivers of our Upgrade to Equal-Weight: 1. Consensus has been reset. After a series of profit warnings, consensus expectations for FY24 and FY25 should fall significantly. We believe that upon this earnings release, SuperVision expectations will now be sufficiently revised downward. We believe this... More

Ferrari (RACE) PT Raised to $475 at Evercore ISI

Evercore ISI analyst Michael Binetti raised the price target on Ferrari (NYSE: RACE) to $475.00 (from $465.00) while maintaining a Outperform rating.

The analyst comments "Bottom Line: While our 2Q preview (link here) anticipated another quarter of tougher margin flow-through (which happened), every... More

Moderna (MRNA) PT Lowered to $120 at Jefferies

Jefferies analyst Michael Yee lowered the price target on Moderna (NASDAQ: MRNA) to $120.00 (from $180.00) while maintaining a Buy rating.

The analyst comments "Despite confidence YTD, MRNA lowered 2024 guidance by $500M-$1B driven by lower Covid (pricing), APA deferrals + RSV will be small... More

BofA Securities Reiterates Buy Rating on Meta Platforms Inc. (META), 'Top AI play in consumer Internet'

BofA Securities analyst Justin Post reiterated a Buy rating and $563.00 price target on Meta Platforms Inc. (NASDAQ: META).

The analyst comments "We see Meta as the top AI play in consumer Internet given: 1) Leading infrastructure and LLM capabilities w/ Llama 3.1, 2)... More