Analysts Stocks

      Daily Update - Jan 23, 2023

      Selected stock price news highlights of the day

      By: Matthew Otto

      TSLA

      Truist Securities analyst William Stein lowered his price target on Tesla from $299 to $245 and kept his Buy rating.. Investors will have a chance to assess the company when it reports earnings on Wednesday morning.

       

      Microsoft and OpenAI have announced the third phase of their long-term partnership

      With this new multibillion dollar agreement set to accelerate advancements in AI. Microsoft CEO Satya Nadella highlighted the shared ambition between both companies: that is “to responsibly advance cutting-edge AI research and democratize [it] as a technology platform”. Earlier reports suggested that Microsoft’s investment could reach up to $10 billion – an amount which has not been officially confirmed by either company at present. With these extended efforts providing more resources for teaching machines human skills such as understanding language and decision making, it appears Artificial Intelligence will be taking strides forward during this period of development.

      • BMO Capital’s Keith Bachman reduces his target price from $270 to $267 while keeping an Outperform.

      SHOP

      • Deutsche Bank analyst Bhavin Shah moved Shopify rating from Hold to Buy and raisied his price target to $50, citing potential for more than 20% growth as brands flock to its platform.

      QCOM

      • Barclays analyst Blayne Curtis has expressed strong optimism for Qualcomm’s future, with the firm being upgraded to Overweight from  Equal Weight and a price target raised to $150 from $120.

      Multiple underlying factors including sustained growth in Auto & IoT industries plus Chinese market tailwinds are seen fueling these potential gains while also avoiding any competitive pricing that could undermine value.

       

      Wayfair

      Announced last week it was downsizing its workforce by 10%. Several top industry analysts have become increasingly bullish on Wayfair’s stock.

      • Baird analyst Colin Sebastian is maintaining his Neutral rating but increasing his price target from $45 to $52.
      • B of A Securities’ Curtis Nagle upgraded his Outlook to Buy with an adjusted price target of $65.
      • Wedbush’s Seth Basham moved Wayfair From Neutral to Outperform while lowering his price target from $110 to $70.
      • JPs Morgan Christopher Horvers raised his rating from Underweight To Overweight with a price targetof $63.

       

      Advanced Micro Devices

      • Truist analysts William Stein upgraded his rating from Hold to Overweight with price targets rising from $70 to $79.
      • Barclays Blayne Curtis upgraded his rating from Hold to Overweight with price targets at $85.

      The excitement comes from AMD’s latest research into AI workloads with real-world applications such as Chat GPT.

      CRM

      • Deutsche Bank analyst Brad Zelnick’s  Salesforce dropped the price target from $200 to $190.

      Activist investor Elliott Management further underpinned their faith in the business-software provider by taking a stake and extending goodwill with Jesse Cohn’s encouraging tweet – “We look forward to working constructively…to realize value befitting such a prestigious company”.

      STX

      • Barclays analyst Tim Long made a bullish upgrade on Seagate Tech from Equal-Weight to Overweight and raised the price target to $70 from $50.

      CHKP

      • Deutsche Bank analyst Brad Zelnick downgrades Check Point from Buy to Hold and lowers his stock forecast from $160 to $150 which still remains above the stock price as the analyst trend over the last two years.