Daily Update - Jan 05, 2023
Selected highlights of the day
By: Matthew Otto
Tesla’s electric vehicle production in China took a noticeable dip last month
Delivering 55,796 cars compared to 100K the previous November. This 21% drop year-on-year was partly caused by long lockdowns due to Covid and Tesla suspending their Shanghai plant while they upgraded lines. Rival BYD fared better with 234,598 vehicles delivered.
- Mizuho analyst Vijay Rakesh dropped his price target from $285 to $250 while retaining the Buy rating.
Bed Bath faces on going concern
Bed Bath & Beyond experienced a devastating crash in premarket trading on Thursday after announcing their inability to complete its debt exchange. The retailer also released unaudited preliminary results that failed to meet Wall Street’s expectations and have declared they are now considering all strategic alternatives going forward. Investors face substantial doubt regarding the company’s future, leaving you uncertain of what comes next for Bed Bath & Beyond.
- Wells Fargo analyst Zachary Fadem and Telsey Advisory Group’s Joseph Feldman have continued to hold their bearish outlook on the stock, lowering their respective price targets from $3 to $2 while maintaining an Underweight/Underperform rating. Since mid-2022 both analysts appear convinced that even at a reduced cost the future of this investment has yet been seen.
Crowdstrike sees opposites opinions
- Jefferies analyst Joseph Gallo quoted on CNBC saying 2023 “will be a more challenging fundamental year for growth names.”has taken a step back from CrowdStrike downgrading his Buy rating to Hold and lowering the price target for 2023.
- Piper Sandler’s Rob Owens is standing firm on their Overweight rating but does lower its estimated value from $175 to $170. Gallow has been bullish till October of 2022.
Docusign receives approval from Wall Street
- DocuSign continued to show upgrades and higher price targets as Jefferies’ Brent Thill increased their target from $50 all the way up to $70 on an upgrade of Hold to Buy.
- Piper Sandler’s Rob Owens followed suit by increasing his estimate as well, lifting it from a current status of Neutral at $50 up towards more optimistic heights of $55.
Qualys gets downgraded
- Analyst Alex Henderson at Needham downgraded hisrating of Qualys’ stock from Buy to Hold
- Piper Sandler’s Rob Owens also held steady with a Neutral rating but lowered his projected share price from $138 to $115.
Varonis Systems experienced a continuation in analyst opinions
- Jefferies’ Joseph Gallo downgraded his rating to “Hold” and his price target from $30 to $26.
- Piper Sandler’s Rob Owens maintained his Neutral stance while increasing his price forecast from $20 up to $23.
- Both analysts have been downgrading their stock forecasts as the stock lost seventy five percent of its value in the last year.
- Barclays analyst Jeffrey Bernstein increased his price target on Wendy’s from $25 to a more bullish stance of $28 while maintaining an Overweight rating.
- Oppenheimer analyst Brian Bittner downgraded his prediction for the stock, cutting it from Outperform to Peerform.