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Analyst Edward Kelly upgraded the discount retailer to overweight from equal weight and opened a $180 price target. Yefremov's $400 price target indicates shares can jump 31.7% from Wednesday's closing price. Analyst Andrea Teixeira downgraded the energy drink maker to neutral from overweight and cut her price target by $7 to $59. — Alex Harring 5:38 a.m.: Wall Street reacts to Meta earnings Meta Platforms disappointed investors with its weak revenue guidance , sending shares down about 13% in premarket trading. His price target of $55 implies upside of 22% over the next 12 months.

Persons: Bernstein, Wells, Edward Kelly, shrinkflation, Kelly, — Alex Harring, Sherwin, Williams, Aleksey Yefremov, Yefremov, Doug Creutz, Creutz, Judas, Goldman, bullish, Goldman Sachs, Brooke Roach, Roach, Andrea Teixeira, Alex Harring, Ford, Wells Fargo, Colin Langan, Langan, LSEG, Eric Sheridan, Brian Nowak, Morgan Stanley, Doug Anmuth, Ronald Josey, Daniel Roeska, Roeska, General Motors, Fred Imbert Organizations: CNBC, General Motors, Traders, Grand Theft, Sony, Electronic Arts, TJX, TJX Companies, JPMorgan, Monster Beverage, Ford, Ford Pro, Facebook, Meta, Citi, mojo, General, GM Locations: Wells Fargo, Thursday's, Wednesday's, Michigan

☆ Costco is selling up to $200 million of gold bars and silver coins every month, but probably not making much profit, retail analyst says
▼ + stars: | 2024-04-11 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Costco's monthly sales of its gold bars and silver coins could total $200 million, Wells Fargo estimated. The gold bars — which sell out very quickly — go for about 2% over the spot price. AdvertisementCostco could be selling up to $200 million worth of its one-ounce gold bars and 25-pack silver coins every month, according to estimates from Wells Fargo. The gold bars are limited to five per Costco membership, while the coins are limited to five cases. Kelly, however, noted that the sales of gold bars and silver coins would likely be bringing "minimal profit" for Costco.

Persons: Edward Kelly, —, Costco's, Richard Galanti, Kelly, Costco doesn't Organizations: Costco, Service, UPS, CNBC, Costco Citi Locations: Wells, Wells Fargo

☆ Costco selling as much as $200 million in gold bars monthly, Wells Fargo estimates
▼ + stars: | 2024-04-09 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

Gold has turned into money for Costco , where yellow metal sales begun last year have turned into a cash cow for the big-box retailer. In fact, sales are so brisk that analysts at Wells Fargo expect revenue "may now be running at" $100 million to $200 million a month, a rapid acceleration since bullion hit the warehouse club late in the summer of 2023. "The accelerating frequency of Reddit posts, quick on-line sell-outs of product, and COST's robust monthly eComm sales suggests a sharp uptick in momentum since the launch." Costco is selling 1-ounce bars made of nearly pure 24-karat gold. The government is on pace for a $2 trillion deficit this year, adding to a total debt load that has surpassed $34.6 trillion.

Persons: Gold, Edward Kelly Organizations: Costco Locations: Wells

Thursday's early calls featured a retail upgrade and an EV charging stock downgrade. The analyst reiterated his buy rating and $450 price target on the stock. Microsoft's AI cybersecurity solution Security Copilot, which was only recently expanded through an early access program on Oct. 19, already has tons of pent-up interest, Thill said. The firm downgraded shares from neutral to underperform and lowered its price target on the stock by $17 to $43. He gave the stock a $50 price target — $13 higher from the previous one — which implies 23.1% upside for shares since Wednesday's close.

Persons: Wells Fargo, Goldman Sachs, Kash Rangan, Rangan, Maia, Brent Thill, Thill, Vivek Arya, Arya, Raimo, Microsoft's, — Pia Singh, Elizabeth Suzuki, Vijay Rakesh, Rakesh, Vikram Bagri, Bagri, Fred Imbert, Edward Kelly, Kelly Organizations: CNBC, Citi, Microsoft's Ignite, Jefferies, Microsoft, Bank of America, Nvidia, Devices, Barclays, Advance, AAP, Mizuho, Intel, Mizuho Securities, Foundry, Foundry Services, Sapphire, Sierra, AMD, Wells Locations: Seattle, U.S, Wells Fargo, Wednesday's

☆ Public workers may receive reduced Social Security benefits. There’s growing support in Congress to change that
▼ + stars: | 2023-11-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +7 min

The benefits were adjusted based on rules for workers who earn both pension and Social Security benefits. Today, Dave is pushing for the Social Security rules that reduced his benefits to be changed. Social Security benefits are calculated using a worker's average indexed monthly earnings, and then using a formula to calculate a worker's basic benefit amount. If two-thirds of the government pension is more than the Social Security benefit, the Social Security benefit may be zero. Part of what may create that advantage is that Social Security benefits are progressive, and therefore replace a larger share of income for lower earners.

Persons: Araya Doheny, Dave Bernstein, Bernstein, Phyllis Bernstein, Dave's, Dave, Phyllis, –, Edward Kelly, they're, Kelly, Emerson Sprick, Sprick Organizations: Getty, U.S . Postal Service, Social, Social Security, Finance, Will, New Zealand, American Postal Workers Union, GPO, International Association of Fire Fighters, Center, Budget Locations: Tampa , Florida, Australia, New, Congress

☆ Boycotts hit stocks hard. Here's what might be next for Bud, Target and others caught in the anti-Pride backlash
▼ + stars: | 2023-06-03 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +9 min

Stock Chart Icon Stock chart icon Anheuser-Busch InBev shares hit a 52-week high of $67.09 on March 31. Bud Light has tried to win back customers with a $15 off rebate program on Budweiser, Bud Light, Bud Select and Bud Select 55. Stock Chart Icon Stock chart icon Target's stock hit a 52-week low on Thursday. Stock Chart Icon Stock chart icon VF Corp. shares traded as low as $16.77 on Thursday. Stock Chart Icon Stock chart icon Kohl's shares on Thursday hit a low of $17.89, the stock's lowest level since May 22, 2020, when it traded as low as $17.19.

Persons: BUD TGT, Justin Sullivan, Bud Light, Dylan Mulvaney, Pattie Gonia ., it's, Brayden King, Cowen, Vivien Azer, Miller, Azer, Bud, Brandon Bell, King, Sarah Kate Ellis, recouping, Christopher Horvers, Horvers, Wells, Edward Kelly, Kelly, Americus Reed Organizations: TAP, Anheuser, Busch, Target, VF Corp, North, Pride, Busch InBev, Coors, Molson Coors, Lite, Bud, Budweiser, Walmart, Bud Light, Companies, GLAAD, JPMorgan, Americus, University of Pennsylvania Locations: San Francisco , California, Austin , Texas, Wells Fargo

☆ Wells Fargo downgrades Target, says headwinds are mounting for the retailer
▼ + stars: | 2023-01-04 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

It's time to step to the sidelines on Target , according to Wells Fargo. Analyst Edward Kelly downgraded shares to equal weight from overweight, saying a weaker consumer in 2023 will be especially challenging for general merchandise companies. "TGT's outlook has deteriorated meaningfully and we no longer see it as an attractive investment into an uncertain 2023," Kelly wrote in a Wednesday note. Target shares dropped more than 35% in 2022, greatly underperforming the S & P 500's 19% fall, as it dealt with a challenging retail environment. The analyst's $142 target price, dropped from $170, represents a more than 6% decrease from Tuesday's closing price of $151.73.

☆ Dollar General cuts annual profit view as costs surge
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

Freight, labor and other supply chain-related costs have jumped for U.S. retailers, while excess inventory levels have also forced them to offer deep discounts to spur demand. While margins have been pressured across the retail industry, Tennessee-based Dollar General said it was also seeing inefficiencies within its own supply chain. Unexpected delays in acquiring additional warehouse space to store inventory resulted in higher-than-expected distribution and transportation costs, according to the company. Dollar General, which in July named insider Jeff Owen its new chief executive, saw its gross margin fall by 27 basis points to 30.5% in the third quarter. Dollar General now expects fiscal 2022 earnings per share to increase about 7% to 8%, compared with its prior outlook of a rise of about 12% to 14%.

☆ Analysts see one retailer winning this holiday and taking share as Target struggles
▼ + stars: | 2022-11-16 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

In contrast, Target reported an earnings miss Wednesday, with profit that fell by about 50% in its fiscal third quarter. "General merchandise softness continues to be linked to Covid-winner categories (CE, home, and apparel basics), although the category's performance also improved sequentially." Walmart's general merchandise sales fell at a low-single digit pace, its chief financial officer, John Rainey, said on the earnings conference call Tuesday. For Target, the softness in general merchandise is taking its toll. The retailer has made some progress clearing through its excess inventory, but the fiscal thir quarter brought higher-than-expected markdowns, Target said.

☆ Wells Fargo downgrades Costco, says shares are too expensive given the 'hurdles' ahead
▼ + stars: | 2022-11-07 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Costco 's stock is too expensive given the headwinds the company faces in the month ahead, according to Wells Fargo. Kelly also sees currency and fuel risks and currency pressures ahead for Costco, which could provide as much as a 5% and 3% headwind to earnings, respectively. Wells Fargo's new price target suggests shares will remain range bound in the near future, having fallen already more than 14% this year. If momentum slows more than anticipated, Kelly estimates a 15% to 20% downside risk to the stock ahead. "In the end, we see more risk to consensus estimates going forward than upside potential, not a good set-up for this name given its valuation."

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