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☆ Thursday's analyst calls: Discount retailers upgraded, more good news for Carvana, tough outlook for CVS
▼ + stars: | 2024-05-02 | by ( Hakyung Kim | ) www.cnbc.com time to read: +8 min

Thursday's analyst calls feature upgrades to discount retailers TJX and Burlington and used car outlet Carvana, while there was more bad news for CVS Health following a tough earnings report Wednesday. He also raised his price target to $130 from $70, or 49.2% above Wednesday's close price. He lowered his price target by $25 to $60, or just 5.6% higher from Wednesday's close price. Analyst Jay Sole also lifted his price target to $132 from $104, indicating nearly 41% upside from Wednesday's close. He raised his price target to $212 from $126, suggesting shares could gain 19.1% from where they closed Wednesday.

Persons: Morgan Stanley, Joseph Moore, Moore, Samik Chatterjee, Chatterjee, Tal Liani, Liani, — Hakyung Kim, JPMorgan Carvana, Rajat Gupta, Gupta, Kevin Caliendo, Caliendo, Jay Sole, Sole, BURL, — Hakyung Kim —, Michael Bloom Organizations: CNBC, CVS Health, UBS, CVS, JPMorgan, Qualcomm, Wall Street, Samsung, Huawei, Edge, headwinds, " Bank of America, Microsoft, Burlington Discount, TJX Companies, Burlington Stores, Burlington Locations: Burlington, Carvana, CY24, seasonality, optionality, Maxx

☆ Here are JPMorgan's top stock picks heading into April
▼ + stars: | 2024-04-01 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

JPMorgan added two new names to its list of top stocks as April begins — Bank of America and CarMax . However, his price target of $35 implies that shares could fall 8% from their Thursday close. On the other hand, analyst Rajat Gupta views CarMax as a short idea, with his $60 price target suggesting approximately 31% downside from where the stock closed on Thursday. Here are some of the top picks that made JPMorgan's list: Growth stock Danaher is one returning name to the list. Analyst Tami Zakaria's $385 price target corresponds to a further 5% rally from the stock's Thursday close.

Persons: Vivek Juneja, Juneja, Rajat Gupta, CarMax, Rachel Vatnsdal's, Tami Zakaria's, — CNBC's Michael Bloom Organizations: JPMorgan, — Bank of America, Bank of America, of America, " Bank of America, Caterpillar

☆ A year after bankruptcy concerns, Carvana is leaner and ready for its Wall Street redemption
▼ + stars: | 2024-02-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +13 min

Carvana over the last 18 months aggressively restructured its operations and debt amid bankruptcy concerns to pivot from growth to cost-cutting. Carvana puts each vehicle it intends to sell through a lengthy inspection, repair and sale preparation process. A Ford F-150 is prepped for a painting booth at Carvana's vehicle reconditing center outside Phoenix. The Wall Street Journal in December 2021 detailed a network of Garcia companies that do business with DriveTime, Carvana or both. Carvana sells such warranties or other service-related protections to customers, and DriveTime takes them over, giving Carvana a commission.

Persons: Michael Wayland, Ernie Garcia III, Ernie Garcia II, Garcia, Carli, Carvana, There's, Richard, Dick, Nixon, there's, Ernie Garcia, pathing, Rajat Gupta, Doug Guan, we've, CNBC Guan, Coldplay, Neil Diamond, Teresa Aragon, DriveTime, Duckling, Garcia II, Charles Keating's Lincoln, hasn't, – Organizations: CNBC PHOENIX, CNBC, Ford, Ford Motor, Nissan, State, Charles Keating's Lincoln Savings & Loan, Street Journal, DriveTime Locations: Tempe, Ariz, Tempe , Arizona, Phoenix, Carvana, Florida, reconditioning, Silicon Valley, Aragon, DriveTime, Drivetime

☆ Monday's analyst calls: 30% upside for GM, Carvana upgrade, Anheuser-Busch downgrade
▼ + stars: | 2023-12-04 | by ( Brian Evans | ) www.cnbc.com time to read: +7 min

So far this morning there is a big auto stock upgrade and a big beverage downgrade, among other calls. Morgan Stanley dimmed its view on Citizens Financial , downgrading the stock to equal weight from overweight but maintained its $31 per share price target, implying roughly 9% upside. The firm made the chipmaker its top large cap pick on Monday, and reiterated an overweight rating alongside a $620 per share price target. The analyst raised his price target from $25 to $40, which represents 14% upside. "We continue to see ABI's broadly EM focused sales exposure as attractive combined with the company's market leading market share positions," analyst Mitch Collett said.

Persons: Morgan Stanley, Manan, Brian Evans, Piper Sandler, Piper Sandler's, Harsh Kumar, Kumar, Wells, Ike Boruchow, Boruchow, — Brian Evans, JPMorgan's Rajat Gupta, Carvana, John Melloy, Bud Light, Mitch Collett, Vijay Rakesh, Rakesh Organizations: CNBC, East West Bancorp, Citizens Financial, Citizens, West Bancorp, Nvidia, TAM, Wells, JPMorgan Carvan, JPMorgan, Deutsche Bank downgrades Anheuser, Busch, Deutsche Bank, Anheuser, Busch InBev, Staples, Beverages, Mizuho Securities Mizuho Securities, General, United Auto Workers, GM, Vehicles, UAW Locations: China, Wells, Friday's, North America, N.A

☆ Stocks making the biggest moves premarket: JetBlue, Pinterest, Chewy, Caterpillar and more
▼ + stars: | 2023-10-31 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +4 min

This was higher than the $1.58 in earnings per share on $1.48 billion in revenue that analysts surveyed by FactSet had been expecting. Chewy — The pet food seller added 4% in premarket trading after Morgan Stanley upgraded the stock to overweight from equal weight. Chegg's third-quarter earnings came in at 18 cents per share, excluding items, higher than the 17 cents per share expected by analysts polled by LSEG. BP — Shares of the oil company slid 4% after the company missed analysts' estimates for its third-quarter earnings . XPO — The freight transportation company added 1.7% after announcing stronger-than-expected third-quarter earnings.

Persons: FactSet, Pinterest, Chewy, Morgan Stanley, Lauren Schenk, Caterpillar, LSEG, Tesla, XPO, Jefferies, AutoNation, Rajat Gupta, Wells, Ferguson, MoffettNathanson, Alex Harring, Jesse Pound, Samantha Subin Organizations: Arista Networks, Arista, Revenue, Global, Anheuser, Busch, LSEG, Caterpillar — Investors, JetBlue, BP —, BP, JPMorgan, Bank of America Locations: U.S, Wells Fargo

☆ JPMorgan says Carvana can fall more than 70% after skyrocketing this year
▼ + stars: | 2023-07-13 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

It's time to pull back on Carvana after its shares shot up this year, JPMorgan said. Gupta's $10 price target means he thinks the stock could fall 74.3%. JPMorgan raised its non-GAAP EBITDA and gross revenue per unit expectations for the 2023 through 2025 fiscal years. Last month, JPMorgan said the company should still consider an equity raise to further reduce concerns. The issue with Carvana's story, according to Gupta: Investors are anticipating a stronger return to growth and leverage in 2024 than will actually take place.

Persons: Rajat Gupta, Gupta, Gross, — CNBC's Michael Bloom Organizations: JPMorgan, Gupta Locations: Carvana

☆ JPMorgan downgrades AutoNation, says car dealer stock is overvalued
▼ + stars: | 2023-02-21 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

It's time to sell AutoNation as consumer demand for vehicles starts to pull back, according to JPMorgan. Analyst Rajat Gupta downgraded AutoNation to underweight from neutral, saying the car dealer stock is starting to look overvalued after its solid performance during the pandemic. AutoNation shares outperformed at the onset of the Covid pandemic. The car dealer stock jumped more than 40% in 2020, and surged more than 60% in 2021. On Friday, following strong fourth-quarter results, AutoNation shares surged to an all-time high and posted its best day in about three years .

☆ Stocks making the biggest premarket moves: Walmart, Home Depot, Vir Biotechnology and more
▼ + stars: | 2023-02-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading:Walmart — Walmart shares fell about 4% before the bell after sharing a cautious outlook for the year as consumers trade down and purchase fewer discretionary items. Home Depot — The retail stock dropped 4% in premarket trading after Home Depot's fourth-quarter report showed lighter-than-expected sales. Home Depot reported $3.30 in earnings per share on $35.83 billion of revenue. Vir Biotechnology — The immunology company jumped nearly 11% after being upgraded to buy from neutral by Goldman Sachs. HSBC cited strong reported revenue growth and lower reported operating expenses.

☆ JPMorgan downgrades CarMax, says hope for a recovery looks 'premature'
▼ + stars: | 2023-01-11 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

JPMorgan is pumping the brakes on shares of CarMax . Analyst Rajat Gupta downgraded the used vehicle stock to underweight from neutral, saying that the risk-reward looks skewed to the downside as the potential for lower earnings revisions linger. He also said recovery hopes look "premature" at the moment. According to Gupta, Wall Street is also failing to accurately account for downside risks to overall earnings. Gupta maintained the Wall Street firm's $60 price target on CarMax, which represents 11% downside from Tuesday's close.

Now, with the fraud charges filed earlier this week against Sam Bankman-Fried, the founder of the bankrupt FTX exchange, Williams has further solidified his office's growing role in prosecuting financial crimes involving cryptocurrency, according to interviews with a half-dozen former prosecutors. Bankman-Fried, 30, has acknowledged risk management failures at FTX but said he does not believe he has criminal liability. In the wake of Bankman-Fried's arrest, Williams has made clear he would plow on with cryptocurrency enforcement. On Wednesday, he announced wire fraud conspiracy charges against the founders of two separate cryptocurrency mining and trading companies he called Ponzi schemes. On Tuesday, Williams told reporters more charges in the FTX probe were possible.

☆ Carvana shares tank as bankruptcy concerns grow for used car retailer
▼ + stars: | 2022-12-07 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Ernest Garcia III, CEO of Carvana, speaks to CNBC on the floor of the New York Stock Exchange, March 7, 2019. Shares of Carvana plummeted by more than 40% in Wednesday morning trading after the embattled online used car retailer's largest creditors signed a deal binding them to act together in negotiations with the company. Such creditor agreements are viewed as a way to streamline negotiations around new financing or a debt restructuring. JPMorgan said Wednesday that the creditor deal signals that Carvana "may have initiated debt restructuring negotiations with bond holders" but the "possibility of imminent Ch. Carvana's stock has plummeted by about 97% this year after reaching an all-time intraday high of $376.83 per share on Aug. 10, 2021.

☆ Why investors have jumped off the Carvana bandwagon
▼ + stars: | 2022-11-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +7 min

He touted the company's "landmark" second-quarter results on Aug. 5, 2021 that included the used car retailer's first-ever quarterly net profit. Analyst Adam Jonas cited deterioration in the used car market and a volatile funding environment for the change. Jonas said "a deterioration in the used car market combined with a volatile interest rate/funding environment" made for a "material risk" to the company. Used vehicle prices have so far remained steady, but that may not last long, as the wholesale costs continue to decline. The average used listing price for a used vehicle is stabilizing but remains near record highs of more than $28,200, according to Cox Automotive.

☆ JPMorgan cuts Carvana price target, asserts used vehicle retailer is 'far from out of the woods'
▼ + stars: | 2022-11-08 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Expect more trouble ahead for Carvana , JPMorgan Chase says. Analyst Rajat Gupta slashed the bank's price target on the used-vehicle seller to $10 from $20 a share, citing the company's mounting net debt and ongoing volume pressures. To be sure, JPMorgan views a downturn scenario where Carvana can ride out the headwinds. But the company's rising net debt and "direction of fundamentals" is not enough to support the current price target, Gupta wrote. JPMorgan's new price target means shares could rally 35% from Monday's close.

☆ JPMorgan upgrades Carvana, says investors have a better handle on risks
▼ + stars: | 2022-11-01 | by ( Sarah Min | ) www.cnbc.com time to read: +1 min

Carvana and its investors seem to be getting a hold of the company's troubles, according to JPMorgan. Analyst Rajat Gupta upgraded shares of Carvana to neutral from underweight, saying that investors have a better handle on the risks around the used car seller after its decline this year, and that the company can better manage its liquidity. The analyst maintained his December 2022 price target of $20, which is roughly 48% upside from Monday's closing price of $13.53. Carvana shares down more than 90% this year, and Gupta expects that the retailer is "not out of the woods" yet as it deals with rising interest rates and a poor macro backdrop for used car sales. Still, Carvana will not deal with the same level of write-down risk like some of its peers such as CarMax, he said in the note.

☆ Wall Street eyes auto industry earnings for signs of 'demand destruction'
▼ + stars: | 2022-10-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

But with interest rates rising, inflation at record highs and recession fears looming, Wall Street is closely watching third-quarter earnings results and guidance for any signs consumer demand might be weakening. Spak said third-quarter earnings "should mostly be fine," with the focus being on company commentary and guidance revisions. DealersCarMax fueled Wall Street's concerns last month after the used car dealer posted one of its biggest earnings misses ever. Citing CarMax's results, J.P. Morgan analyst Rajat Gupta said the sentiment for franchised dealers' third-quarter earnings "is the most negative we have encountered since the pandemic." Other major dealers scheduled to report third-quarter earnings include Group 1 Automotive on Oct. 26, followed by AutoNation , Asbury Automotive Group and Sonic Automotive on Oct. 27.

☆ 10 top crypto tokens, plus the rising stars of equity research
▼ + stars: | 2021-05-02 | by ( Business Insider | ) www.businessinsider.com time to read: +2 min

I'm Joe Ciolli, and I'm here to guide you through what's been happening in markets. Here's what's on the docket:If you aren't yet a subscriber to Insider Investing, you can sign up here. He shares 3 themes and 10 tokens he's betting on in crypto, and also walks through an example of how to execute special situations investing in digital assets. Their bearish bets have paid off amid a steep decline in SPAC market sentiment and overall performance. Exclusive data from S3 Partners details the 10 most profitable SPAC shorts in the market right now.

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