(This is CNBC Pro’s live coverage of Tuesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) Nvidia and a major gym stock were among the biggest names talked about by analysts on Tuesday. Deutsche Bank maintained a hold rating on Nvidia ahead of earnings next week, while Wells Fargo raised its price target. Elsewhere, JPMorgan upgraded Planet Fitness to overweight from neutral. Check out the latest calls and chatter below. All times ET. 7:15 a.m.: Sarepta Therapeutics is a ‘gene therapy leader,’ says Oppenheimer Oppenheimer has become bullish on biotech company Sarepta Therapeutics , which it believes has “first-in-class” treatments. Analyst Hartaj Singh upgraded shares to outperform from perform. He has a $180 price target on shares, suggesting nearly 37% upside from where shares closed on Monday. Singh believes Elevidys, Sarepta’s prescription gene therapy for ambulatory children with Duchenne muscular dystrophy, could potentially see a label expansion. This would be “a prelude to SRPT’s pipeline in other muscular dystrophies (various Limb-girdle muscular dystrophies, or LGMDs) and the next-generation commercial products,” Singh wrote in a Tuesday note. Sarepta’s six LGMD programs are also valuable, Singh added. “We believe SRPT is investing considerable resources to become the leader in gene therapy and muscular dystrophies in particular,” wrote Singh. Shares gained 1.8% Tuesday before the bell. — Hakyung Kim 6:50 a.m.: Roth steps to the sidelines on Roblox It’ll take some time for Roblox to regain investors’ trust after the company pulled back its forward guidance , according to Roth Capital Partners. The firm downgraded shares to neutral from buy while lowering its price target to $35 from $55. The new target price implies shares gaining 13% from Monday’s close. The video game developer cut its annual booking forecast earlier to a range of $4 billion and $4.10 billion, down from prior guidance between $4.14 billion and $4.28 billion. The broader gaming industry is facing pressures from lower engagement levels. “For us to take a more positive view and support multiple expansion, increased confidence in management’s ability to return to and maintain a 20% multi-year, top line growth outlook is needed,” analyst Eric Handler wrote in a Tuesday note. Handler added, “we like the groundwork being laid to build out advertising and real world e-commerce, but these efforts will also take time to achieve a critical mass. There is still upside potential for Roblox’s shares, but in our view, the risk/reward is no longer as favorable.” The stock fell 22.1% alone on the day it announced its weak forward estimates. Shares are now down nearly 33% in 2024. — Hakyung Kim 6:21 a.m.: Tesla outlook is murky after earnings, Barclays says Tesla’s first-quarter earnings report suggests uncertainty ahead for the electric vehicle maker, says Barclays. The company reported a 9% drop in quarterly revenue, the largest drop since 2012. Earnings also came in below analysts’ estimates amid rising competition and weak demand. However, analysts appeared relieved by Elon Musk’s comments on plans to produce a low-cost model on existing lines — a “Model 2.5” — alleviating prior concerns of a complete Model 2 cancellation. Shares subsequently rallied on the back of the report. Nonetheless, “Tesla remains a source of confusion. … While there was some relief on the print, there is still significant uncertainty ahead as it relates to both fundamentals and strategy,” analyst Dan Levy wrote in a Monday note. Levy thinks Tesla’s fundamentals remain challenged and believes more price cuts will be needed to clear inventory. Moreover, he added that “the ‘Model 2.5’ announcement comes with many questions — i.e. will Tesla actually produce the vehicle, or was the announcement just a red herring? Is this truly a new vehicle, or is it just a refreshed/de-contented version of Model Y?” Barclays has an equal weight rating on Tesla shares, which are down 30.8% year to date. TSLA YTD mountain TSLA year to date — Hakyung Kim 6:02 a.m.: Jefferies upgrades Boston Beer to buy Jefferies believes Boston Beer , which owns Samuel Adams and Truly hard seltzer, could see multiple expansion. Analyst Kaumil Gajrawala forecasts flavored malt beverages and ready-to-drink cocktails sales could grow from 4% to 5% — categories in which Boston Beers is already well-exposed. In particular, Boston Beer’s Twisted Tea is dominating the rising hard teas sector, according to Gajrawala. “Seltzer declines are slowing ( historical drag on multiple ) and Twisted is leading FMB gains ( now bigger than Truly ) – – SAM trends are inflecting,” Gajrawala wrote in a Tuesday note. Gajrawala upgraded Boston Beer to buy from hold. He also increased his price target to $360 from $335, indicating 26.8% upside from Monday’s close. Year to date, shares are down nearly 18% as the rise of weight loss drugs pressure Boston Beer and other alcoholic drink producers. — Hakyung Kim 5:44 a.m.: Deutsche retains hold on Nvidia ahead of results Nvidia’s healthy beat-and-raise momentum will likely continue when it announces its first-quarter earnings on May 22, Deutsche Bank believes. However, the firm thinks shares are already fully valued by investors. Analyst Ross Seymore reiterated his hold rating on the stock. He has a $850 price target on shares, indicating shares pulling back nearly 6% from Monday’s close. “Overall, we remain impressed by NVDAs best-in-class technology roadmap and believe AI fervor by its customers is likely to be sustained (see still strong capex commentary from META, MSFT), yielding yet another strong quarter/ guide,” Seymour wrote in a Monday note. “However, investors apparently have become more discerning of AI-driven upside in earnings season QTD, and we believe continued fundamental strength is already well understood.” The analyst forecasts Nvidia reporting $24.5 billion in revenue for the quarter, or a 11% rise from the previous quarter. Nvidia is up 82.5% in 2024. However, the stock is up less than 5% over the last month. Wells Fargo’s Aaron Rakers is more bullish on Nvidia. The analyst raised his price target on the stock to $1,150 from $974, implying upside of more than 27%. — Hakyung Kim 5:45 a.m.: JPMorgan upgrades Planet Fitness Planet Fitness shares are primed for a comeback, according to JPMorgan. Analyst Rahul Krotthapalli upgraded the gym stock to overweight from neutral. He also raised his price target to $78 from $68, implying upside of 19% from Monday’s close. “This view is primarily driven by growing visibility to improvement in franchise new unit economics (~300-400bps below pre-Covid or +500-600bps y/y), leading to higher confidence in long term development outlook (~190 new stores y/y) – that follows the anticipated step up in white card pricing to $15 (from $10) for new joins beginning this summer,” Krotthapalli wrote. The upgrade comes after Planet Fitness reported mixed first-quarter results. Earnings per share beat estimates, but revenue was just below the consensus, per FactSet. The stock has struggled year to date, losing 10.2%. PLNT YTD mountain PLNT year to date — Fred Imbert
Tuesday’s analyst calls: Nvidia earnings preview, gym stock gets an upgrade
May 14, 2024
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