CFRA Adds Eli Lilly To The High-quality Capital Appreciation Portfolio

/ / Health Care /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We add Eli Lily and Company (LLY) to CFRA’s High-Quality Capital Appreciation Portfolio. LLY is one of the largest U.S. drug makers in terms of revenue and is a leading developer of drugs in a wide range of therapeutic areas such as endocrinology, which includes a diabetes drug portfolio that generates more than half of its total revenue. We are increasingly optimistic on LLY’s many ongoing efforts, including late-stage therapies such as donanemab (for Alzheimer’s disease), pirtobrutinib (for certain forms of leukemia and lymphoma), and tirzepatide (for sleep apnea and cardiology). Such innovation could complement LLY’s 10 key current drugs, which represent the majority of LLY’s total sales. LLY replaces CVS Health Corporation, which was downgraded to a Hold recommendation.

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Tesla to See Growth, Margin Improvement Despite Near-Term Headwinds, Wedbush Says

/ / Consumer Discretionary /

Tesla (TSLA) is likely to see growth and margin improvement in the coming quarters despite the near-term headwinds it is facing, including the slowdown in global demand for electric vehicles, Wedbush said in a note Wednesday. Analysts said the negative sentiment around the company and Chief Executive Elon Musk is way overdone. “The stock is way overshooting on the negative front as the demand story for Tesla is more in stabilization mode heading to the rest of 2024, price cuts are moderating, battery costs/production is showing strong cost efficiencies, and a Model 2 is on the roadmap for the next year,” Wedbush said. The demand will remain sluggish during Q1 while the Berlin arson shutdown and the Delaware court’s ruling on Musk’s compensation package add to the near-term issues, according to the note. Wedbush said that the risk-reward for Tesla is very attractive with AI and full self-driving progress, potentially

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CFRA Maintains Buy Rating On Shares Of International Business Machines Corp.

/ / Technology /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our target by $20 to $216, utilizing a P/E of 21x our ’24 EPS view, near peers, but well above IBM’s three-year average (~14x) on growing interest in the company’s AI and hybrid cloud solutions and our view that investor sentiment is improving around the company following years of underperformance. We maintain our ’24 EPS view at $10.30 and raise our ’25 estimate by $0.12 to $11.02. IBM shares have experienced some multiple expansion in recent months. While we think shares will continue to justifiably trade below many higher-growth consulting peers given IBM’s high level of net debt ($43.1B exiting ’23, 86% of which is fixed with an average rate of 3%), we also believe the company still has some room to grow its multiple

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Alphabet’s Waymo One Set to Start Service in California, Texas

/ / Technology /

Alphabet’s (GOOG, GOOGL) Waymo One said Wednesday it will start inviting members of its waitlist to access its fully autonomous ride-hailing service in Los Angeles on Thursday. The service will start in the Santa Monica to Downtown Los Angeles area, with the initial rides set to be free, the company said in a blog post, adding that it will transition to paid service in the coming weeks. The company said it ran rider-only testing in Austin, Texas, last week, and plans to offer the service in the city later this year. Shares of Alphabet rose about 1.7% in recent trading.

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Starbucks Executives Talk of ‘Challenging’ Environment

/ / Consumer Discretionary /

Starbucks’s CEO and board chairwoman are expected to address shareholders by noting the brand’s resolve in operating in difficult times. “We face a complicated operating environment, and some challenging headwinds that will take some time to resolve,” CEO Laxman Narasimhan said in prepared remarks expected to be delivered to shareholders. Consumers in the U.S. and Europe are grappling with difficult pressures, making value particularly important for brands. Narasimhan said that the company has the right team and plan in place to move forward.

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Tesla Faces Near-Term Headwinds but Negative Sentiment ‘Way Overdone’, Wedbush Says

/ / Consumer Discretionary /

Tesla (TSLA) is facing near-term headwinds, but the negative sentiment is “way overdone,” Wedbush said in a note Wednesday. Wedbush said there is a fierce price competition in China’s auto market. However, these aggressive price reductions are expected to taper off into spring/summer 2024. This is a positive news for Tesla and the overall electric vehicle industry. Although Tesla is still tracking to exceed 2 million units in 2024, the 2.1 million to 2.2 million units range is still achievable, despite softer Q1 performance, the investment firm said. Wedbush maintained Tesla’s outperform with a price target of $315.

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