Daily Update - Dec 28, 2022

Selected highlights of the day

By: Matthew Otto

A little more to report than yesterday but still very little as trading volumes are low as the US is on holiday season between Christmas and New Year.

Baird downgrades Tesla

  • Robert W. Baird analyst Ben Kallo has decreased the price target for Tesla from $316 to $252, and maintained an outperform rating – a move which may come as no surprise following Tesla’s two-thirds drop in market capitalization since its highest valuation earlier this year. The analyst is known mostly for his lukewarm view on TSLA over the past five years manifested in stock forecasts with no upside but outperform rating, it appears that Mr. Kallo remains in line with this current recommendation.

 

Bank of America and Citigroup shares could be poised for growth

  • According to Oppenheimer analyst Chris Kotowski. He recently adjusted his respective price targets by $1 (down from $52 to $51) and 3 dollars (down from $90 to $87), while maintaining an ‘Outperform’ rating on both stocks.
  •  JPMorgan Chase’s target dropping to $169 from $174 while maintaining its Outperform rating
  • Morgan Stanley similarly reducing its estimate to $97 from an earlier projection at $102 with a similar score maintained.
  • Goldman Sachs Group also maintained its Outperform rating even as he lowered his price target from $512 to $492.

Stephens stays at Overweight but adjusts the price targets

  • Stephens’s analyst George Sellers announced his revised price targets for several stocks, all with a maintained Overweight rating:
    • ESTA from $90 to $87
    • GKOS from  $69 to $68,
    • STAA form $91 to $85
    • TFX from $280 up to $295