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☆ Pharma and rideshare providers are among most overbought S&P 500 stocks this week
▼ + stars: | 2024-02-16 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

Despite the market's lack of direction this week, investors nonetheless poured into some specific stocks, pushing them into overbought territory. The RSI, which measures the magnitude and speed of price moves, is a popular yardstick used to evaluate whether shares are overbought or oversold. A stock with a 14-day RSI above 70 is considered overbought, signaling a possible selling opportunity. Biogen is another stock on the list that took a sizable drop this week, with shares tumbling more than 7%. But Wall Street anticipates a turnaround, with the consensus price target reflecting the potential for upside of more than 38%, according to FactSet.

Persons: Eli Lilly, Tesla, Morgan Stanley, Terence Flynn, FactSet, Uber, Stephen Bersey, Bersey Organizations: Dow Jones, Nasdaq, Federal Reserve, CNBC, RSI, pharma, Traders, Uber, Technologies, HSBC Locations: Thursday's, Biogen

— Alex Harring 6:46 a.m.: HSBC sees Snowflake pulling back after rally Snowflake's good news has already been priced in with a recent rally, according to HSBC. Analyst Sara Russo upped her price target by $26 to $72, now implying a smaller downside of 43%. — Alex Harring 6:05 a.m.: Macquarie moves to sidelines on Sony There's reasons for pause on Sony , Macquarie warned. Still, the analyst noted the "many" risks to the stock price, including valuation and if the ETFs become a competitor to Coinbase itself. The bank initiated coverage of the medical technology stock with a buy rating and a price target of $100 per share.

Persons: Ulta, Oppenheimer, Rupesh, Parikh, Alex Harring, Snowflake, Stephen Bersey, Bersey, Bernstein, Sara Russo, Russo, — Alex Harring, Skechers, Jesalyn Wong, Wong, Macquarie, Damian Thong, Thong, deconsolidation, Colin Isaac, Eastman, Isaac, EBITDA, Piper Sandler, Harsh Kumar, Kumar, Kenneth Worthington, Worthington, Sezgi Oezener, Taha Kass, Oezener, Fred Imbert Organizations: CNBC, JPMorgan, HSBC, GE Healthcare, ISI, Distributors, Sony, Macquarie, U.S, Eastman, Eastman Chemical, Nvidia, GE Healthcare HSBC, General Electric, Learning, Amazon, Science & Technology Locations: Wednesday's, Sony's U.S, premarket, Coinbase

The firm downgraded the cosmetics stock to hold from buy but maintained $530 per share price target. The firm maintained a neutral rating alongside a $13 per share price target, implying nearly 10% upside ahead. The firm is standing by an underperform rating on Robinhood stock with a $12 per share price target. HSBC downgraded the software stock to hold but maintained its $22 per share price target. First Solar shares have lagged in 2024, losing 11.6% amid concern that Federal Reserve rate cuts may not arrive until later than anticipated.

Persons: Ulta, Anthony Chukumba, Chukumba, Brian Evans, Christopher Danely, — Brian Evans, Robinhood's, Robinhood, LSEG, JPMorgan's Kenneth Worthington, Goldman Sachs, Will Nance, America's Craig Siegenthaler, Wells, Biogen, Mohit Bansal, Stephen Bersey, Christopher Dendrinos, Dendrinos, Fred Imbert Organizations: CNBC, U.S, Wednesday, RBC, HSBC, Palantir, Citi, Revenue, Bank, America's, Technologies, RBC Capital Markets, Enphase Energy, Shoals Technologies Locations: 2024e, Tuesday's, U.S

☆ There's one Wall Street investment bank that's not buying the AI hype
▼ + stars: | 2023-09-15 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Excitement around artificial intelligence is leading many investors to snatch up shares of potential winners in 2023. But not everyone on Wall Street is buying up the near-term hype. Even so, Bersey called Snowflake "well placed" for AI due to its data warehousing business needed for deploying large sets of data. This necessity should also benefit shares of Oracle, along with its cloud-based enterprise software segments, necessary for automating business needs. While the AI tailwinds may take longer to play out, Bersey does see some shorter-term macro trends that should benefit the sector.

Persons: Stephen Bersey, Bersey, — CNBC's Michael Bloom Organizations: HSBC, Wall, Nasdaq, Oracle, Software

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