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Wall Street analysts are standing by Meta Platforms despite Thursday's sell-off. The analyst cut his price target to $480 from $535 a share, noting that building and creating new products is no easy — or quick — feat. The adjusted price target reflects nearly 3% downside from Wednesday's close. Morgan Stanley analyst Brian Nowak retained his overweight rating and $550 price target, saying the firm remains "buyers through Meta's investments." Meta isn't alone in this feat, with Nowak expecting competitors to undertake similar steps as more AI opportunities arise.
Persons: Doug Anmuth, Benjamin Black, Black, Citi's Ronald Josey, Goldman Sachs, Eric Sheridan, Morgan Stanley, Brian Nowak, Meta isn't, Nowak, Bank of America's Justin Post, Ross Sandler, Mark, Zuckerberg, Sandler Organizations: Meta, Facebook, Deutsche Bank, Bank of America's, Barclays
A slate of major Wall Street firms has begun coverage of Reddit – and some of them see the stock's gains moderating from here. He rated the company neutral and gave it a price target of $47, anticipating 11% upside from Friday. Sheridan's 12-month price target of $40 was one of the lowest on Wall Street and implies that shares could slide 5% from here. Morgan Stanley had a slightly more optimistic price target of $45, corresponding to a roughly 6.5% gain. Citi analyst Ronald Josey's price target of $53 — which forecasts 25% upside — is among one of the highest on the Street.
Persons: Reddit, Doug Anmuth, JPMorgan's Anmuth, Goldman Sachs, Morgan Stanley, Goldman, Eric Sheridan, Brian Nowak, Ronald, Josey, Benjamin Black Organizations: Bank of America, Citi, Deutsche Bank
Elsewhere, Bank of America raised its price target on Nvidia, calling for more than 25% upside. 7:07 a.m.: Deutsche Bank deals latest blow to regional bank after earnings disappoint Deutsche Bank joined the post-earnings dogpile on New York Community Bank . Analyst Bernard von-Gizycki downgraded the regional bank to hold from buy and slashed to price target to $7 from $15. Analyst Alicia Yap upgraded the consumer internet stock to buy from neutral and raised her price target by $6 to $50. — Alex Harring 5:45 a.m.: Bank of America hikes Nvidia price target Don't expect Nvidia to lose momentum anytime soon, according to Bank of America.
Persons: Goldman Sachs, Bernard von, Gizycki, — Alex Harring, There's, Alicia Yap, Sea's, Shopee, Alex Harring, what's, Tim Cook, Brandon Nispel, AAPL's, AAPL, Morgan Stanley, Erik Woodring, we're, Tim Long, Piper Sandler, Harsh Kumar, Meta, Ross Sandler, Benjamin Black, Mark Kelley, Bernstein, Mark Shmulik, LSEG, Rufus, Eric Sheridan, Brian Nowak, outsized, Brad Erickson, Vivek Arya, Fred Imbert Organizations: CNBC, Apple, Bank of America, Nvidia, Deutsche Bank, New York Community Bank, von, Investors, Traders, Citi, Nasdaq, Conference, Barclays, Vision, Meta, Wall Street, Amazon, RBC Capital, Enterprise, SAP, VMWare, Dell Locations: Wall, New, Thursday's, Friday's premarket, China, genAI, CY25
The firm named the stock a top pick for 2024 and reiterated an overweight rating alongside a $105 per share price target. The firm downgraded the health insurance stock to neutral from buy, and lowered its price target to $370 per share from $530. Sur reiterated an underweight rating on Intel stock alongside a $37 per share price target, or more than 25% downside moving forward. Deutsche Bank's Ross Seymour reiterated a hold rating on the stock as well as a $42 per share price target, implying about 15% downside. Analysts Benjamin Black upgraded the Snapchat parent company to buy from hold and raised his price target to $19 from $10.
Persons: Oppenheimer, Wells, Timur Braziler, — Brian Evans, AJ Rice, Brian Evans, Piper Sandler downgrades, Bancorp Piper Sandler, Piper Sandler's, Scott Siefers, Harlan Sur, Sur, America's Vivek Arya, Arya, Deutsche Bank's Ross Seymour, Seymour, Owen Lau, Lau, Coinbase, Analysts Benjamin Black, Black, Fred Imbert Organizations: CNBC, Deutsche Bank, UBS downgrades Humana, UBS, Humana, Piper Sandler downgrades U.S, Bancorp, U.S . Bancorp, Intel, . Bank, America's, GM, Deutsche, U.S . Securities, Exchange Commission, Analysts Locations: Wells Fargo, Puerto Rican, ., Coinbase, Thursday's, China
Spotify's post-earnings selloff created a buying opportunity for investors, according to Deutsche Bank. The bank upgraded the music streaming service to buy from hold Wednesday. But analyst Benjamin Black said that Spotify's results are a function of currency fluctuations as opposed to a fundamental company issue, adding the selloff is overdone. SPOT YTD mountain Spotify stock slumped more than 14% after reporting quarterly results on Tuesday. Despite Tuesday's steep decline, Spotify shares are up more than 77% year to date.
Persons: selloff, It's, Benjamin Black, Black, — CNBC's Michael Bloom Organizations: Deutsche Bank, Spotify Locations: Tuesday's
Landing the NFL's Sunday Ticket could help YouTube-parent Alphabet accelerate its subscription services, according to Citi. "[We] believe the Sunday Ticket could accelerate adoption of more subscription services," Josey added. The price target implies shares could surge 36% from Thursday's closing price. The Sunday Ticket package will be available to viewers as an add-on service on YouTube TV, or on YouTube Primetime Channels as a stand-alone a la carte option. In July, Google said YouTube TV has more than 5 million customers, which included trial subscriptions.
Wall Street analysts are bullish on Meta Platforms for 2023 after shares in the company nosedived by more than 65% this year. The decline is the largest among mega-cap stocks, with many analysts saying shares in the company have fallen too far. As a result, while the stock has since risen by about 16%, it remains down by more than 65% this year. Bank of America Bank of America analysts have also become bullish on Meta's shares after the company announced its cost-cutting measures. The analysts have called Meta a "top recession stock" and expect shares to rise by 19% to $136 next year if Facebook's parent can keep costs to a minimum through the recession.
Revenue also came in short at $69.09 billion where Wall Street analysts anticipated $70.58 billion. Those weaker-than-expected results were driven by a slowdown in ad spending and a slip in revenue at YouTube, areas where analysts expected growth. Citi analyst Ronald Josey cut his price target on the company to $120 from $140 to reflect slower revenue growth and margin pressures. A leaner Alphabet Alphabet announced that it would slow hiring in the coming quarter in a move to increase efficiency. "We believe advertising, content and product sales are converging, and GOOGL appears to be ahead of this trend, which is promising."
One approach that could help is by looking at the names most beloved by analysts heading into earnings. The e-commerce giant is slated to report earnings Thursday. Alphabet, which is set to report earnings Tuesday, has struggled in 2022, losing 30% in that time. The company is slated to report earnings Thursday. ServiceNow and Alexandria Real Estate have the most buy rating from analysts covering them at 83.5% each.
Now, the East African country — lauded for its coronavirus response, which was built around engaging the community and training health officials — is drawing lessons from the first Ebola outbreak in 2004. “They alerted the WHO early and put in the basic pillars of a response early,” Dr. Benjamin Black, an obstetrician, said recalling the West African Ebola response from 2014 to 2016. But Ghebreyesus said Wednesday a clinical trial of vaccines to combat the Sudan species of the Ebola virus could start within weeks. “There’s burnout amongst health workers, health officials and the public across the board in Uganda,” Agoada said. The threadlike Ebola virus spreads when it comes in contact with an infected person’s bodily fluids.
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