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6:59 a.m.: Citi raises AT & T price target A wave of improving outlook for telecommunications could benefit shares of AT & T , according to Citi. The firm upgraded the telecommunications company to neutral from sell and left its $350 per share price target unchanged. "Although our 2028 EPS is still c16% ahead of consensus, we now see less scope for earnings outperformance 2024/2025," the analyst added. The firm upgraded the home furnishings stock to buy from hold and increased its price target to $156 per share to $148. His price target of $105, down from $122, implies upside of just 8.7% from Tuesday's close.
Persons: Goldman Sachs, Morgan Stanley, Jefferies, Michael Rollins, Rollins, — Brian Evans, Graham Parry, Parry, Sonoma Jefferies, William, Jonathan Matuszewski, Matuszewski, Brian Evans, Goldman Sachs downgrades Morgan Stanley, Richard Ramsden, Ramsden, Fred Imbert Organizations: CNBC, Williams, Citi, AT, JV, Apple, Communications Citi, Communications, Charter Communications, Bank of America downgrades Novartis Bank of America, Novartis, William, Elm, Brands, WSM, Goldman Sachs downgrades Morgan Stanley Investors Locations: U.S, Sonoma, Swiss, William, Tuesday's
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. RH after the closing bell on Thursday forecast third-quarter revenue of $740 million-$760 million, below the average Wall Street analyst estimate of $772.87 million according to LSEG data. RH's stock fell more than 15% to $312.95, its biggest daily drop since March 2020. Multiple analysts, including from Citigroup, UBS and Wedbush, slashed their price targets for RH's shares following the report. The median Wall Street price target for RH's shares is $340 with a current recommendation of "Hold," LSEG data showed.
Persons: Brendan McDermid, Gary Friedman, Jonathan Matuszewski, Chibuike Oguh, Lance Tupper, Mark Porter Organizations: New York Stock Exchange, REUTERS, Citigroup, UBS, Wedbush, JPMorgan, Jefferies, Thomson Locations: New York City, U.S, United States, New York
A network of political action committees supported by cryptocurrency industry leaders are planning a last-minute ad campaign in support of congressional candidates, according to one of the groups' chief strategists. Web3 Forward and Crypto Innovation, two super PACs financed by the crypto executives, are both expected to spend at least six figures on an ad blitz starting in two weeks, the strategist explained. During the primary season, Web3 Forward backed Democrats running for Congress, while Crypto Innovation supported Republicans, according to Federal Election Commission records. The spending by the crypto PACs will add to a flurry of cash flowing in what are expected to be the most expensive midterm elections ever. Former Trump White House communications director and SkyBridge Capital founder Anthony Scaramucci donated $100,000 to Crypto Innovation in March, according to an FEC filing.
Despite new signs of slowing consumer demand, pockets of strength remain in travel, payments and autos. "Travel demand surged in the second quarter, and thus far, strong demand trends continue in the third quarter," CEO Bob Jordan said. Credit card companies have been showing no signs of a letup in consumer spending, too. Remember, American Express reported very strong travel and entertainment spending . And here's the key line in the release from CEO Michael Miebach who said, "Increasing inflationary pressures have yet to significantly affect overall consumer spending."
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