Daily Update - Jan 03, 2023
Selected highlights of the day
By: Matthew Otto
Welcome to the first trading day of the year.
Tesla ended the fourth quarter of 2022 on a high note
Producing and delivering over 439K vehicles – an increase from 1.31 million in vehicle deliveries and 47% YoY production growth to 1.37 million for the entire year.
- Goldman Sachs analyst Mark Delaney maintains his ‘Buy’ rating
- Cowen Analyst Jeffrey Osborne reduced his price target by more than half down to $122 per share due largely to increasing concerns around profit margins as they ramp up operations at new Texas factories.
- Canaccord analyst George Gianarikas believes Tesla’s fourth quarter delivery miss is a sign of the current economy, not slowing EV adoption. He continues to rate TSLA stock as Buy with his price target still at $275.
- Wedbush analyst Dan Ives also retains an outperform rating on the stock at $175 and acknowledges “demand cracks” are in play for Tesla, he notes that this quarter numbers have yet been promising.
Andrew Jeffrey of Truist Securities has revealed an upgrade for PayPal Holdings
- Giving it a Buy rating and increasing its price target from $75 to $95. The raise comes after over five years of maintaining a Hold rating.
ASLAN and Themo team up
In a promising partnership, ASLAN Pharmaceuticals and Thermo Fisher Scientific have joined forces to produce a high concentration formulation of eblasakimab for upcoming clinical studies. With the use of this powerful new drug delivery system, doses up to 400 mg can be administered with just one subcutaneous injection. Thermo Fisher has also just finalized its acquisition of The Binding Site Group, a global specialist in diagnostics, from European private equity firm Nordic Capital for a $2.8 billion cash transaction. This agreement was first announced at the end of October and marks another milestone as Thermo Fisher dedicates itself to serving science across the world.
- Wells Fargo analyst Timothy Daley maintained an Underweight rating on Thermo Fisher’s while lowering his price target from $525 to $505.
Morgan Stanley maintains a positive outlook on Leidos Holdings
Morgan Stanley’s Matthew Sharpe retains Leidos Holdings‘ rating as Equal-Weight, with a slightly modified price target of $111 lowered from $112. The analyst keeps his price target above the stock price for the past two years.
Pharma gets boosted
- Wells Fargo analyst Mohit Bansal believes Merck is a great buy for investors, increasing the price target from $110 to $125 and maintaining an Overweight rating. The analyst proved his worth last year with accurate predictions that flawlessly predicted the market before stocks rose.
- Barclays analyst Carter Gould has expressed confidence in Eli Lilly, upgrading the stock to an Overweight rating with a price target hike from $395 to $400. This analyst achieved great success in 2022 with his accurate stock forecast that led to considerable gains.
- Wells Fargo analyst Mohit Bansal is bullish on Amgen, upgrading the biopharmaceutical company to an Equal-Weight rating while raising its price target from $250 to a maximum of $285, The shift in the stock forecast has seemingly been more of a reallocation rather than an insight-driven decision.
BNP lowers expectation on Aaple
- Exane BNP Paribas analyst Jerome Ramel downgraded Apple’s outlook from an outperform rating to a neutral, setting his price target at $140.
Citizens financial gets mixed reviews
- Wedbush analyst David Chiaverini has downgraded CFG from an Outperform to a Neutral rating, while Barclays’ Jason Goldberg still stands by his Overweight stance with the stock and bumped up his price target from $54 to $57.
Wells Fargo and Piper Sandler have both increased their price targets on COTY.
- Wells Fargo’s Chris Carey raised his target from $7 to $9, while maintaining an equal-weight rating.
- Korinne Wolfmeyer at Piper Sandler upgraded her recommendation for the company from Neutral to Overweight raising her prediction up to a $10.
Gilead and Mondelez get boosted by Wells Fargo but not by RBC
- Wells Fargo’s analyst Mohit Bansal is bullish also on GILD, bumping up his price target from $75 to a more optimistic $90 while maintaining an Equal-Weight rating.
- RBC Capital’s Brian Abrahams has downgraded his Outperform prediction and dropped their price target to $87 and a Sector Perform rating.
- Mondelez International saw Wells Fargo analyst Chris Carey maintain an Overweight rating and increase his price target from $75 to $69.
- RBC Capital’s Nik Modi downgraded his Outperform to Sector Perform.
M&T Bank gained an upgrade
- Wedbush analyst David Chiaverini who raised the price target from to $170 and his rating from Neutral to Outperform.
- Barclays analyst Jason Goldberg decreased his prediction for M&T’s stock, reducing it from $225 to $ 194 and an Equal-Weight rating.