Selected stock price target news of the day - January 4th, 2024

By: Matthew Otto

 

Apple Settles Gift Card Scam Lawsuit

Apple has reportedly reached a settlement in a lawsuit accusing the tech giant of knowingly enabling scammers to exploit its gift cards. The lawsuit, filed in federal court in San Jose, California, alleges that Apple allowed fraudsters to take advantage of its gift card system, leading to significant financial losses for victims. The settlement terms, currently in the drafting stage, are expected to be presented to U.S. District Judge Edward Davila for preliminary approval.

 

The lawsuit, covering individuals in the United States who purchased gift cards redeemable on iTunes or the App Store between 2015 and July 31, 2020. This revolves around scammers convincing victims to buy Apple gift cards for various fabricated reasons. Despite warnings on the cards not to share codes, victims were coerced into providing them, resulting in substantial financial losses. The claim contends that Apple retained 30% of the stolen funds as a commission for knowingly converting the stolen codes into dollars. The settlement negotiations mark a crucial step in resolving the legal dispute and addressing the alleged consequences of Apple’s role in the scam.

 

Mixed Signals: Apple Faces Analyst Divergence

  • Piper Sandler analyst Harsh Kumar downgraded from Overweight to Neutral rating and the price target from $220 to $205.
  • DA Davidson analyst Gil Luria initiated with a Neutral rating and a Price Target of $166.

 

Which Analyst has the best track record to show on AAPL?

Analyst Toni Sacconaghi (BERNSTEIN) currently has the highest performing score on AAPL with 62/70 (88.57%) price target fulfillment ratio. His price targets carry an average of $16.25 (9.09%) potential upside. Apple stock price reaches these price targets on average within 204 days. 

 

 

 

First Solar and Cleantech Solar Collaborate for Sustainable Energy in Tamil Nadu

First Solar has inked a 15-year Power Purchase Agreement (PPA) with Cleantech Solar, marking a stride in renewable energy solutions for corporations in India and Southeast Asia. The agreement outlines Cleantech Solar’s construction of 150 MW of photovoltaic solar and 16.8 MW of wind-generating assets in Tamil Nadu, India, contributing approximately 7.3 gigawatt-hours of clean electricity to First Solar’s newly established 3.3-gigawatt vertically integrated solar manufacturing facility in the same region. Anticipated to be fully operational by the third quarter of 2024, these assets are expected to cover up to 70% of the manufacturing facility’s power needs and displace nearly 7,000 kilotons of CO2 emissions over the PPA’s lifespan.

 

First Solar’s Tamil Nadu manufacturing plant aims to set global benchmarks for sustainable solar manufacturing, with net-zero water withdrawal, reliance on treated reverse osmosis water from the city’s sewage treatment plant, and a pioneering photovoltaic solar recycling plant. Cleantech Solar will procure 150 MW of India-made Series 7 thin film solar panels from First Solar.

 

Analyst Upgrades Rating and Price Target 

  • Mizuho analyst Maheep Mandloi maintained a Buy rating and raised the price target from $188 to $196.

 

Which Analyst has the best track record to show on FSLR?

Analyst Vikram Bagri (CITI) currently has the highest performing score on FSLR with 2/5 (40%) price target fulfillment ratio. His price targets carry an average of $31.87 (20.81%) potential upside. First Solar stock price reaches these price targets on average within 7 days.

 

 

Rivian Downgraded Amid Market Challenges

Rivian has experienced a recent downgrade in its stock rating by Wolfe Research analyst Rod Lache, shifting from Buy to Hold. The company produced 57,232 units in 2023 compared to 24,337 in the previous year. However, Lache’s apprehensions revolve around future demand uncertainties, questioning whether the growth observed in 2023, with 50,122 units sold, can be sustained as the company awaits the release of its R2 platform in 2026 and 2027. Despite growth rates, concerns linger regarding the saturation of the luxury EV market and the potential impact on Rivian’s sales.

 

Americans purchased approximately 1.1 million EVs in 2023, reflecting a 45% increase from the previous year. Rivian’s market share in the EV segment rose from 3% in 2022 to about 5% in 2023.

 

Analysts Downgrades Rivian to Peer Perform

  • Wolfe Research analyst Rod Lache downgraded from Outperform to Peer Perform rating.

 

Which Analyst has the best track record to show on RIVN?

Analyst Mark Delaney (GOLDMAN SACHS) currently has the highest performing score on RIVN with 6/6 (100%) price target fulfillment ratio. His price targets carry an average of $1.26 (7.10%) potential upside. Rivian Automotive stock price reaches these price targets on average within 36 days.

 

 

Daily stock Analysts Top Price Moves Snapshot