All the hot stories on Wall Street markets from Friday
(This is CNBC Pro’s live coverage of Friday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to see the latest posts.) One bank Major U.S. retailers and a social media company were among the companies mentioned by analysts on Friday. KBW upgraded Bank of America to outperform. Meanwhile, Piper Sandler reiterated Pinterest as the top choice, calling for a 20% price increase. Check out the latest calls and chats below. All times ET. 6:04 a.m.: Loop Capital raises Costco price target Loop Capital is more bullish on Costco after a tour of the Los Angeles store. “We see a group focus on value and volume, with increased store-level tailoring to maximize each club’s coverage,” said analyst Laura Champine. Champine reiterated a Buy rating on the wholesaler and raised its price target to $940 per share from $890. Loop’s forecast implies a gain of more than 11% from Thursday’s close of $845.96. “While deflation may challenge revenues, field management reported commensurate or greater volume increases as an offset,” Champagne added. Costco shares are up about 28% in 2024. – Brian Evans 5:40 a.m.: KBW upgrades Bank of America thanks to strong net interest income forecast Keefe, Bruyette & Woods analyst David Konrad says Bank of America could reach an inflection point in net earnings that could push shares higher in the future. The analyst upgraded BofA’s stock to outperform from market performance and raised his price target to $46 per share from $37. KBW’s forecast implies a gain of more than 17% from Thursday’s close. “With current expectations of only one cut in 2024 coupled with improved back-book benefits, we expect 4Q24 NII to increase 5% versus 2Q estimates,” Konrad said. our 24th year”. “While BAC is considered asset-sensitive in a parallel shift, we believe the curve will gradually turn positive over the next two years. Furthermore, BAC’s cumulative deposit beta of 53% is in line with its peers; However, due to floating-rate debt, the analyst added, total liability beta is elevated relative to peers (76% vs. 59%) to mitigate the impact of the decline at the end of the curve. Bank of America shares up 16% in 2024. BAC Mountain YTD – Brian Evans 5:40 am: Piper Sandler reiterates Pinterest as top pick Investors should remain bullish on Pinterest even after stock The stock has grown steadily year-to-date, according to Piper Sandler. Analyst Thomas Champion reiterated the social media company as the top pick. He has a high rating and a price target of $52, implying a 20% upside over the next 12 months. To be sure, Champion admits that some advertising metrics – including those from partner Amazon – have recently been down slightly. However, “we would remind investors (1) we expect a test/boost of volatility, (2) a naturally offsetting auction, and (3) much of the strength in 1Q24 due to improvements in 1Q. We also recently spoke with the company and arrived.” constructive.” Pinterest shares are up more than 16% year-to-date. PINS YTD mountain PINS year-to-date — Fred Imbert
