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He added, "Wells Fargo could fetch a higher multiple in the market as a result." A Wells Fargo spokesperson declined to comment on the total number of CIB-related hires across all levels in the division. Wells Fargo and other banks have benefited in recent years as the Federal Reserve began hiking interest rates in March 2022. More recent data indicates that Wells Fargo's investment banking revenue share globally has jumped to No. A woman walks past Wells Fargo bank in New York City, U.S., March 17, 2020.
Persons: Wells, Wells Fargo, JPMorgan Chase, Jeff Marks, Charlie Scharf, Scharf, Doug Braunstein, Braunstein, Fernando Rivas, Rivas, Jonathan Weiss, Weiss, Piper Sandler, Wells Fargo's Scharf, NII, Kroger, Scharf's, Scott Siefers, Siefers, Jim Cramer's, Jim Cramer, Jim Organizations: Wall, CNBC, JPMorgan, CIB, Wells, North American Investment Banking, Barclays, Deutsche Bank, Suisse —, Management, Federal Reserve, Fed, Albertson's, Federal Trade Commission, Currency Locations: Wells Fargo, Americas, U.S, IPOs, Wells, New York City
It may be time for investors to trim positions in overbought names after the stock market reached record levels this week. Certain stocks this week became overbought, based on their 14-day relative strength index, or RSI. Here are the most overbought names in the S & P 500 this week: Moderna was the most overbought stock in the S & P 500, scoring an RSI of about 86.5. Analysts think shares, which have rallied about 28% this year, could peel back roughly 8%. Other oversold stocks include SLB , J.B. Hunt and Molson Coors .
Persons: LSEG, Jon Windham, Johnson, Ulta, Hunt Organizations: Dow Jones Industrial, Nasdaq, Nvidia, Moderna, UBS, Johnson Controls, Bloomberg, Elliott Investment Management, Johnson, Barclays, Deutsche Bank, Jefferies, Molson Coors Locations: U.S, oversold, J.B
Bank of America reiterates Nvidia as buy Bank of America raised its price target on the stock to $1,320 per share from $1,100 following earnings. Deutsche Bank initiates Freshpet a buy Deutsche said it sees "multiple structural tailwinds" for shares of the pet food and health company. Deutsche Bank initiates BellRing Brands as buy Deutsche said it sees a long runway for growth for the food company. " Deutsche Bank initiates Legend Biotech as buy Deutsche said it's bullish on the biotech company's multiple myeloma drug Carvykti. Bank of America reiterates Super Micro Computer as buy Bank of America said Nvidia's earnings report on Wednesday bode well for companies like Super Micro.
Persons: Bernstein, Ford, Morgan Stanley downgrades NetEase, Morgan Stanley, Evercore, BRBR, Wedbush, Jefferies, GDRX, Oppenheimer, Armour, Kevin, Dell, Chubb, Stephens, FHN, Tesla, Argus, it's bullish, bode Organizations: " Bank of America, Nvidia, Bank of America, Deutsche Bank, Deutsche, BellRing Brands, JPMorgan, Hasbro, RBC, Norfolk Southern, NSC, GE Vernova, GE, UBS, Eastman Chemical, Eastman, SAP, underperform Bank of America, Berkshire Hathaway's, of America, Rockstar Games, NextEra Energy Partners, Argus, Wynn, Biotech, Computer Locations: U.S, China, Berkshire, Macau, Las Vegas, 2H24
Here are Wednesday's biggest calls on Wall Street: Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's sticking with its overweight rating on Tesla but says it's only a matter of time before others automakers begin to take advantage of AI also. Morgan Stanley reiterates Meta as overweight Morgan Stanley said that, as users adopt the company's Reels product it becomes a "monetization opportunity." Morgan Stanley reiterates Dell as a top pick Morgan Stanley said Dell remains a favorite name at the firm. Morgan Stanley reiterates McDonald's as overweight Morgan Stanley said it's standing by the fast-food chain. Morgan Stanley reiterates Ferrari as overweight Morgan Stanley said it's standing by its overweight rating on the automaker.
Persons: Morgan Stanley, Tesla, Piper Sandler, Piper, Meta, Dell, JMP, Oppenheimer, it's, Goldman Sachs, Goldman, Kraft Heinz, McDonald's, Rosenblatt, John Malone, Sportico, Morgan Stanley downgrades, Generac, Jefferies, Needham, Stryker, Ferrari, MSFT Organizations: GM, Ford, Nvidia, Blackwell, ODM, Lenovo, Dell, China Tech Hardware, Costco, " Bank of America, Bank of America, Kraft, Brunswick, UBS, Brunswick Corporation, Atlanta Braves Holdings, Deutsche Bank, Waste Management, Deutsche, Price, Jefferies, Prudential, Lincoln National, Microsoft, Garmin, of America Locations: Coinbase, Shopify
"Nothing" to excite about the Kiwi dollar: Deutsche Bank
  + stars: | 2024-05-22 | by ( )   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email"Nothing" to excite about the Kiwi dollar: Deutsche BankTim Baker from Deutsche Bank explains his bearish stance on the New Zealand dollar and why he thinks the currency is on "borrowed time".
Persons: Deutsche Bank Tim Baker Organizations: Kiwi, Deutsche Bank, New Zealand
Alwy initiated coverage of Waste Management and Waste Connections with a buy rating on each. His $241 price target on Waste Management suggests 15.7% upside, and his $189 price target on Waste Connections implies the stock has roughly 14.4% to rise. This year, Waste Management shares are up 17.2%, while Waste Connections has added 11%. Waste Connections is planning to invest $150 million, most of which will be used for renewable natural gas, or RNG, projects, she said. With that price target, she expects shares could add 7.3%.
Persons: Alwy Organizations: Deutsche Bank, Waste Management, Waste, Services, Casella Waste Systems Locations: American, North America
Launched in 2017 by founder and CEO Jaroslaw "Jarek" Kutylowski, DeepL is a competitor to Google Translate. At $2 billion, DeepL is now worth double what it was in its previous round in January 2023, when it raised $100 million from investors at a $1 billion valuation. ICONIQ Growth and Teachers' Venture Growth came on board as new investors, while existing investors IVP, Atomico and WiL also participated. "We're really expanding our product toward being able to support these bigger enterprise customers," Kutylowski said. The company has ramped up its focus on selling into enterprise over the past few years and now counts customers including Zendesk, Nikkei, Coursera and Deutsche Bahn.
Persons: Kutylowski, Jaroslaw, WiL, PARIS —, I'm, DeepL Organizations: CNBC, Google, Venture, PARIS, Zendesk, Nikkei, Coursera, Deutsche Bahn Locations: Atomico, Swiss, U.S, Asia
A top strategist for JPMorgan is sticking with a pessimistic outlook for stocks despite a strong start to 2024 that's winning over other Wall Street skeptics. The JPMorgan note comes shortly after strategists from Deutsche Bank and Morgan Stanley raised their forecasts for the S & P 500. The stock market has outrun most Wall Street projections so far this year, with the S & P 500 up more than 11%. .SPX YTD mountain The S & P 500 has already surpassed the original year-end 2024 targets from major Wall Street strategists. Kolanovic's JPMorgan colleague Dubravko Lakos-Bujas has the lowest S & P 500 target — 4,200 — among major strategists, according to the CNBC Market Strategist Survey .
Persons: that's, Marko Kolanovic, Kolanovic, Morgan Stanley, Dubravko Lakos, Bujas, — CNBC's Michael Bloom Organizations: JPMorgan, Deutsche Bank, CNBC Market, Survey
Here are the biggest calls on Wall Street on Tuesday: Morgan Stanley reiterates Tesla as overweight Morgan Stanley made the case in a note to investors that Elon Musk needs Tesla "more than ever before." Citi initiates Ferrovial at buy Citi said it's bullish on shares of the Dutch infrastructure and transportation company. Citi reiterates Dell as buy Citi raised its price target on the stock by 36% to $170 per share from $125. Morgan Stanley reiterates Apple as overweight Morgan Stanley said its checks show accelerating App Store growth ahead of expectations for Apple. Morgan Stanley names Taiwan Semiconductor a catalyst-driven idea Morgan Stanley said TSM is a likely beneficiary of a solid Nvidia earnings report on Wednesday.
Persons: Morgan Stanley, Tesla, Elon, Raymond James, Baird, it's, Evercore, Piper Sandler downgrades Sunnova, Piper, Brinker, Argus, Apple, TSM, NVDA, it's bullish, Lenz, LENZ Organizations: Elon, Caesars Entertainment, Penn, Penn Entertainment, Boyd Gaming Corporation, Inc, PENN Entertainment, JPMorgan, Therapeutics, Citi, Nvidia, Sunnova, Disney, Dell, Barclays, HP, Brinker International Inc, Apple, Taiwan Semiconductor, Gap Citi, GPS, " Bank of America, Lenz Therapeutics, Bank of America, Deutsche Bank, Deutsche, Recovery Software
Wall Street expects a continued increase in Nvidia's AI chip sales ahead of its next-gen Blackwell chip release. Here's what Wall Street expects from Nvidia's upcoming earnings report. Deutsche Bank: "AI leadership to continue"Deutsche Bank said it fully expects Nvidia to deliver "healthy multi-billion dollar beats/raises on still healthy demand for AI compute." However, the bank sees much of that strength already priced into the stock, leading the firm to believe that Nvidia stock is "fully valued." Bloomberg Intelligence: "Nvidia has more levers to attack the market"Bloomberg Intelligence analyst Oscar Hernandez Tejada said in a recent note he fully expects Nvidia to report "a solid beat and raise" on Wednesday, arguing that "Nvidia's AI demand train running at full speed."
Persons: , Wells, Aaron Rakers, Rakers, Taiwan Semiconductor bode, Vivek Arya, Blackwell, Arya, NVDAs, Oscar Hernandez Tejada, Tejada Organizations: Nvidia, Service, ChatGPT, Nvidia's, Blackwell, GPU, Data, Super Micro Computer, Taiwan Semiconductor, Bank of America, Deutsche Bank, Bloomberg Intelligence, Bloomberg Locations: Wells Fargo, Wells, China
Since then, several major investment firms have lifted their long-term S&P 500 price targets. The firm recommends pairing cyclicals and growth stocks with those attributes so that investors are prepared for stronger or weaker growth. Technology firms using AI need more power, which is a major long-term tailwind for utility companies, Wilson wrote. "We see the recent pullback as an attractive entry point and an opportunity to formally upgrade the sector to overweight," Wilson wrote. "Small-cap valuation is relatively cheap but earnings growth is highly concentrated," Wilson wrote.
Persons: , Brian Belski, Binky, Morgan Stanley, Long, Mike Wilson, subpar, Wilson, Wilson's, Goldman Sachs, Morgan, Morgan Stanley's Organizations: Service, Business, BMO Capital, Deutsche Bank, optimist, Consumer, Utilities
Gareth Southgate has named his 33-man provisional England squad for this summer’s European Championship in Germany. Manchester United forward Marcus Rashford has been left out of Southgate’s squad. Rashford and Henderson won’t be part of the England squad this summer (Gaspafotos/MB Media/Getty Images)“Hendo has given himself every chance,” Southgate said. I have talked with him and the medical team are liaising with Manchester United very closely. Midfielders: Trent Alexander-Arnold (Liverpool), Conor Gallagher (Chelsea), Curtis Jones (Liverpool), Kobbie Mainoo (Manchester United), Adam Wharton (Crystal Palace) Declan Rice (Arsenal).
Persons: Gareth Southgate, Marcus Rashford, Southgate, Marcus, ” Rashford, “ Gareth, Jordan Henderson, Henderson, Henderson won’t, Hendo, ” Southgate, hasn’t, Rashford, Mainoo, J ames, juri, Oliver Glasne, siti, ned 82 sen, It w, sid, ter City), Kier, ber, Jack G, Gordon (Newca, o ney, Brent, atkin Organizations: England, Manchester United, , Ajax, UE, nsa, Aston Locations: Germany, England, Jordan, Brazil, Bowen, ayer, Munich, Bosnia, Serbia
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBest market conditions for primary issuance for at least two years: Deutsche BankHenrik Johnsson, co-head of the Investment Bank EMEA at Deutsche Bank, discusses market conditions and the "Goldilocks soft landing" scenario.
Persons: Deutsche Bank Henrik Johnsson Organizations: Deutsche Bank, Investment Bank EMEA
The U.S. equity strategist now expects the S & P 500 will rise to 5,400 by the second quarter of 2025. Just last week, the S & P 500 closed above 5,300 for the first time. His bull case of 6,350 represents roughly 20% upside over the next 12 months for the S & P 500. Deutsche Bank's Binky Chadha hiked his S & P 500 target to 5,100, noting the benchmark could pop to 5,500. But market strategists on average are anticipating the S & P 500 will fall to 5,220 by the end of 2024, according to CNBC's Market Strategist Survey .
Persons: Morgan, Mike Wilson, Wilson, Morgan Stanley's, Brian Belski, Chadha, Dubravko, Bujas Organizations: CNBC Market, Deutsche
Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Club holding Nvidia helped drive the market higher, up 2.5% ahead of its quarterly earnings report Wednesday night. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.
Persons: Jim Cramer, it's, Jim, Jim Cramer's Organizations: CNBC, Nasdaq, Dow Jones, Nvidia, TJX Companies, Deutsche Bank, ISI, JPMorgan, Marshalls, Palo Alto Locations: Maxx, Palo Alto
Deutsche Bank sees more room for the S & P 500 to run this year as strong earnings growth drives multiples. Binky Chadha, the firm's chief U.S. equity and global strategist, raised his year-end forecast for the broad index to 5,500 from 5,100. "We see the earnings cycle having plenty of legs," he told clients. .SPX YTD mountain S & P 500 Index year to date Chadha said he's been overweight on financial, consumer cyclical, material and utility stocks in this environment. The updated expectations come as the S & P 500 has roared back near all-time highs despite a correction at the start of the second quarter.
Persons: Chadha, he's Organizations: Deutsche Bank, Wall Locations: Europe
Read previewWall Street is investing big in artificial intelligence — and that's good news for machine-learning engineers and other tech talent. Hirsch said that investment banks are hiring AI engineers to build in-house tools that they can use "across their trading, research, and risk-management functions." The 8 banks reviewed are JPMorgan Chase, Bank of America, UBS, Citibank, Barclays, Deutsche Bank, Goldman Sachs, and Morgan Stanley. We pulled data for roles containing keywords like "AI," "data science," "machine learning," and "prompt." AdvertisementCheck out data-science and AI salaries for JPMorgan, Goldman Sachs, Citi, Bank of America, and other investment banks:
Persons: , JPMorgan Chase, Jamie Dimon, Dimon, Gil Perez, Giancarlo Hirsch, Hirsch, Goldman Sachs, Morgan Stanley Organizations: Service, JPMorgan, Business, Deutsche Bank, Wall, of Foreign Labor, JPMorgan Chase, Bank of America, UBS, Citibank, Barclays, Department, Labor, Citi Locations: America
Dow closes above 40,000 points for first time in history
  + stars: | 2024-05-17 | by ( )   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDow closes above 40,000 points for first time in historyDeepak Puri, Deutsche Bank CIO of Americas, and Scott Chronert, Citi Research head of U.S. equity strategy, join 'Closing Bell Overtime' to talk the Dow's record day.
Persons: Dow, Deepak Puri, Scott Chronert Organizations: Deutsche Bank CIO, Americas, Citi Research
Now that the S & P 500 and most major stock market indexes are at or near historic highs, expect a raft of earnings and year-end price target revisions for the S & P 500 to be coming. First up with an upward revision was Brian Belski at BMO Capital, who Wednesday raised his year-end S & P target to 5,600 from 5,100. The median price target (half above, half below) is 5,200. Earnings for the rest of the year have been remarkably stable, but the key point is that each quarter is higher and a record for S & P 500 profits: 2024 S & P 500 quarterly earnings estimates Q2: $59.46 (record) Q3: $63.49 (record) Q4: $65.08 (record) Source: LSEG Valuations (roughly 20 times forward S & P 500 earnings) are pricey but not unreasonable given the continuing strength of the economy and the prospects of AI-boosted returns. May: market advance broadens (advance/decline line) S & P 500: near new high S & P Mid Cap: new high S & P Small Cap: highest since Dec.
Persons: Sam Stovall, CFRA, Brian Belski, Belski, Subramanian, Venu Krishna, Goldman Sachs, David Kostin, Ned Davis, Ed Clissold, Oppenheimer, John Stoltzfus, Lori Calvasina, Manish, Nicolaus, Barry Banniester, Jonathan Golub, Chris Harvey, Dubravko, Bujas, Cantor Fitzgerald, Eric Johnson, Scott Chronert, Julian Emanuel, Fundstrat, Tom Lee, Morgan Stanley, Mike Wilson, Hugo Ste, Stovall Organizations: BMO Capital, Wall, of America, Barclays, BMO, RBC, Societe Generale, UBS, Bloomberg, Citigroup, Deutsche Bank, ISI, JPMorgan, Scotiabank, @VX Locations: Wells Fargo, Marie
Warren Buffett's purchase of a 6.4% stake in Chubb makes perfect sense as the insurer checks all the boxes of the Oracle of Omaha's investment criteria, according to Deutsche Bank. "We believe that Chubb is an ideal fit for Warren Buffett's investment philosophy, characterized by high-quality business with strong [returns on equity], a robust economic moat, a proven track record of compounding returns, and a distinguished management team," Deutsche Bank analyst Cave Montazeri wrote in a note to clients. Buffett's Berkshire Hathaway unveiled a $6.7 billion stake in Zurich-based Chubb in a new regulatory filing, ending months of speculation over the identity of the secret stock pick. Deutsche Bank said Chubb has a disciplined approach to underwriting and capital allocation and, in the near term, should benefit from earned pricing above loss costs, strong investment income and growth in its international operations. CB ALL mountain Chubb Deutsche Bank has a buy rating on Chubb and a 12-month price target of $278, implying a 10% gain from Wednesday's close of $252.97.
Persons: Warren Buffett's, Chubb, Warren, Cave Montazeri, Berkshire Hathaway, Montazeri, — CNBC's Michael Bloom Organizations: Oracle, Deutsche Bank, Berkshire, Securities and Exchange Commission, Chubb Deutsche Bank, ISI, Alleghany Corp Locations: Zurich, U.S, Omaha, Berkshire
The Dow Jones Industrial Average reached the 40,000 milestone level , but investors can still find inexpensive growth opportunities in the index. Shares currently have a forward P/E of 12.6, versus the stock's average five-year P/E of 17.8. The consensus price target on the stock indicates 14.2% upside from Wednesday's close. The stock's current forward P/E is at 27.6, slightly lower than its 5-year average of 32.1. Shares are trading at a 25.3 forward P/E ratio, relative to the 28.2 five-year average P/E ratio.
Persons: Dow, Piper Sandler, DA Davidson, Johnson, McDonald's, , Fred Imbert Organizations: Dow Jones, CNBC, Deutsche Bank, Amazon, Dow, Chevron, Exxon, Hess, Visa, Walmart, Management, Verizon, Johnson Locations: headwinds, Guyana
Here are the biggest calls on Wall Street on Wednesday: UBS reiterates Nvidia as buy UBS said it's standing by its buy rating heading into Nvidia earnings next week. Wells Fargo names Natera a top pick Wells said the fertilizer company is a new top pick at the firm. Morgan Stanley resumes Exxon as overweight Morgan Stanley resumed coverage of the stock and says it has "attractive growth at a compelling valuation." Morgan Stanley reiterates Palo Alto as overweight Morgan Stanley said it's bullish on shares of Palo Alto heading into earnings next week. Morgan Stanley names Dell a top pick Morga Stanley raised its price target on the stock and says it remains a best idea.
Persons: it's, Cantor Fitzgerald, Tesla, Canto, Tesla's, Wells, CTVA, KeyBanc, TD Cowen, Janus Henderson, Morgan Stanley, Palo, Bernstein, Mills, Campbell, underperform Bernstein, Wolfe, SunPower, Dell, Morga Stanley, Stephens, Truist, Oppenheimer, Will, DA Davidson Organizations: UBS, Nvidia, " Bank of America, Bank of America, Alphabet's, Google, JPMorgan, China, Deutsche Bank downgrades, Deutsche, Fair, Six, Sciences, NTR, Netflix, Energy, Palo Alto, Palo, Food, Tech, Barclays, General Motors, Holdings, ALC, Apple, Apple's Worldwide Developer's Conference, Will Apple, Walmart, D.A Locations: OW, Palo Alto, U.S
Six Flags stock has ticked up nearly 7% in 2024. The analyst reiterated an overweight rating on the stock as well as a $1,200 per share price target, implying more than 31% upside from Tuesday's close. The analyst has a buy rating on Nvidia with a $1,150 per share price target, or about 26% upside ahead. He also raised his price target on U.S.-listed shares to $5.40 per share from $4.80, though the new forecast calls for a 6% decline over the next year. NIO YTD mountain NIO YTD Lai had downgraded Nio to underweight in February due to slowing sales momentum.
Persons: Chris Woronka, Woronka, Brian Evans, John Vinh doesn't, NVDA, Vinh, Timothy Arcuri, Arcuri, — Brian Evans, Goldman Sachs, Alphabet's, Eric Sheridan, Sheridan, Oppenheimer, Jason Helfstein, GOOG, Helfstein, Brent Thill, Jefferies, Nick Lai, YTD Lai, Fred Imbert, ~$ ( ~$) Organizations: CNBC, JPMorgan, Deutsche Bank downgrades, Flags Entertainment, Deutsche Bank, Fair, Nvidia, Blackwell, UBS, Google, Gemini
Dell started monitoring attendance on May 6 and will make the data visible on each hybrid employee's profile on HR platform Workday this week. Dell's memo states: "As the next step in implementing our Hybrid Work Policy, we will track onsite presence using badge swipes for hybrid-designated team members." The color by their name will be considered for performance evaluations, rewards, and compensation, Dell told employees. Staff who opted to remain remote during the company's overhaul of its hybrid work policy, which was first announced in February, will not be monitored. AdvertisementDell's HQ in Round Rock Texas, where staff attendance will be monitored.
Persons: , Michael Dell, Dell, Brandon Bell Organizations: Service, Business, Dell, Dell Technologies, Staff, BI, Google, Deutsche Bank Locations: Round Rock
Dollar droops to one-month low vs euro before key CPI test
  + stars: | 2024-05-15 | by ( )   time to read: +4 min
In this photo illustration, the new £10 note is seen alongside euro notes and U.S. dollar bills on Oct. 13, 2017 in Bath, England. The euro edged up 0.03% to $1.0823 in Asian trading hours, and earlier rose to $1.0828 for the first time since April 10. The dollar edged back 0.12% to 156.245 yen on Wednesday, but had pushed as high as 156.80 overnight. The dollar dropped 0.24% to 7.2232 yuan in offshore trading, after reaching the highest since May 1 at 7.2460 overnight. The New Zealand dollar climbed 0.37% to $0.6062, and earlier touched $0.6064 for the first time since April 10.
Persons: Alan Ruskin, Jerome Powell, Tony Sycamore, Joe Biden's Organizations: Reserve, U.S, Treasury, Deutsche Bank, Bank of Japan, CPI, IG, Australian, New Zealand Locations: Bath, England, U.S, China
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