(This is CNBC Pro’s live coverage of Thursday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A chipmaking giant and Instagram’s parent company were among the stocks being talked about by analysts on Thursday. Stifel raised its price target on Nvidia to $165, implying more than 20% upside. Meanwhile, KeyBanc increased its Meta Platforms target to $540. Check out the latest calls and chatter below. All times ET. 8:49 a.m.: Bank of America boosts TransUnion to buy, sees recovery ahead It’s time for TransUnion to flip the script, according to Bank of America. The bank upgraded shares of the consumer credit reporting agency to a buy rating. Analyst Heather Balsky’s $92 price target implies that shares could rise 29% from their Tuesday close. TransUnion stock is up a mere 4% this year and has slipped 11% since mid-May. The analyst cited this recent pullback as one reason for the upgrade, pointing that stocks look attractive at their current valuation. Meanwhile, persisting strength in TransUnion’s emerging verticals segments could drive further upside for the stock, Balsky added, with insurance likely to lead the way. “We forecast 4% Emerging Verticals growth in 2024, compared to 3% in 2023 and 5% in 2022. This is above low-single-digit guidance and we think there’s room for additional upside,” she wrote. Additionally, the analyst believes that the company’s margin expansions could boost further investor sentiment. Interest rate cuts could also be an upcoming catalyst for the company, potentially boosting TransUnion’s fintech segment and mortgages. — Lisa Kailai Han 7:31 a.m.: Wolfe upgrades Irhythm Technologies to outperform for first time Medical device company Irhythm Technologies is on the cusp of another level that could fuel a big rally for the stock, according to Wolfe Research. Analyst Mike Polark upgraded Irhythm to outperform from peer perform, saying in a note to clients that the company is finally making progress on margins. “An issue for us over the years on IRTC was seeing lots of growth without commensurate margin improvement. We think that is about to change, with 2H24 setting up to show material improvement in trend,” the note said. Polark also said the company was tracking toward launching updated products in 2025 as it works its way through regulatory hurdles. This is the first time Wolfe has recommended the stock, according to the note. Wolfe set a price target of $115 per share for Irhythm, which is 17% above where the stock closed Tuesday. — Jesse Pound 6:55 a.m.: Piper Sandler names Advanced Micro Devices a top pick Piper Sandler listed Advanced Micro Devices as a top pick in the large-cap stock space. The financial institution reiterated its overweight rating and $175 price target for the semiconductor stock in a recent note. Analyst Harsh Kumar’s price forecast implies that shares of Advanced Micro Devices could rally 13% from here. As one catalyst, Kumar listed the competitive positioning for the company’s MI Suite of products. MI300 is already performing very well and expected to ramp to greater than $4 billion this year, with MI325 and MI350 both due out in the near future. The analyst also sees tailwinds ahead for both the server and PC business. “These tailwinds coupled with embedded hitting bottom in the June quarter; we view AMD as having bright prospects moving into the back half of the year,” he wrote. “As such, we are making AMD a top pick in the large cap space as the company currently has 100+ customers in the AI accelerator space, with most of them ramping in 2H.” Harsh added that supply of graphics processing units is due to pick up to meet outsized demand going forward. Meanwhile, shares of Advanced Micro Devices look attractive at their current valuation, compared to the company’s peers. — Lisa Kailai Han 6:29 a.m.: JMP initiates Life360 at a market outperform There’s a bright outlook ahead for Life360 , according to JMP. The investment firm initiated coverage of the location-based service provider app at a market outperform rating. Analyst Andrew Boone also set a price target of $38, corresponding to a nearly 22% increase from Tuesday’s close. Life360 went public on June 6, making its debut at $27 per share. The stock has climbed nearly 16% since then. LIF 1M mountain LIF sees big gains since IPO “Our positive view is based on the company’s significant lead in downloads and usage over competitors, driven by its freemium offering, its stable and growing cohorts of registered users and subscribers, and significant potential upside to our and consensus estimates from maturation of its recently launched advertising business,” Boone wrote. The analyst noted that the company’s freemium strategy has rapidly grown its market share. Boone also highlighted Life350’s strong subscriber net revenue retention of around 100%. Meanwhile, Boone believes the company has a clear path to pulling in more than $100 million in U.S. advertising revenue. “With ~60M users on Life360’s free tier, high engagement as the average user opens the app 5x a day, and extensive location data, the company has the operating assets to create a significant advertising business,” he added. — Lisa Kailai Han 6:06 a.m.: Stifel raises its price target for shares of Nvidia Stifel raised its price target for Nvidia in a recent note. The financial firm stood by its buy rating for the graphics processing unit manufacturer and artificial intelligence beneficiary and upped its price target in the wake of the company’s recent stock split. Analyst Ruben Roy’s updated forecast of $165, up from $114 — adjusted for a recent 10-1 split — means that shares could rise 22% from Tuesday’s close. Shares of Nvidia, a Wall Street darling, have soared nearly 174% this year. Roy added that his new price target was also based on his new earnings estimate for the fiscal year 2027. Additionally, he underscored Nvidia’s leading position in high-yield markets as a catalyst, as long as a “longer-term opportunity funnel that could approach $1 trillion,” he wrote. “We expect the majority of near-to-medium term opportunities will come from high-performance computing, hyperscale and cloud data center, and enterprise and edge computing,” the analyst added. “While we continue to view NVDA’s exposure to Gaming, Automotive and Professional Visualization favorably, the shift from general purpose compute to accelerated compute represents the company’s most significant revenue and profitability growth opportunity over the next several years, in our view.” — Lisa Kailai Han 6:06 a.m.: KeyBanc raises Meta Platforms price target Strong ad momentum will drive more gains for Meta Platforms shares, according to KeyBanc. Analyst Justin Patterson raised his price target on the social media giant to $540 from $475, reiterating his overweight rating on the stock. The updated forecast implies upside of 8.1%. This quarter, “we have seen a meaningful uptick in Meta ad prices. We believe this reflects ongoing progress with AI across engagement, ad relevance, and advertiser returns,” Patterson wrote. “Further, we have seen daily trends look strong through mid-June and suggest an even faster acceleration. … Taken together, we believe this is a sign that ROI remains attractive and advertisers are seeing returns from Meta’s AI products.” Meta has rallied more than 41% year to date, as investors continue betting on artificial intelligence boosting corporate profits. META YTD mountain — Fred Imbert
Thursday’s analyst calls: Nvidia to rally more than 20%, Meta Platforms gets a price target hike
Jun 20, 2024
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