(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.) Bank stocks and a major chipmaker were in focus Thursday. KBW named Goldman Sachs, Truist and KeyCorp as its top bank plays for the new year. Meanwhile, analysts around Wall Street reacted to AMD unveiling the Instinct MI300X, a chip aimed at competing with Nvidia’s artificial intelligence semiconductors. Elsewhere, Stifel initiated Rivian with a buy rating, noting it sees big gains ahead for the EV maker. Check out the latest calls and chatter below. 7 a.m. ET: Stifel initiates Rivian with a buy rating, seeing 25% upside Rivian has a rosy growth outlook ahead, according to Stifel. The investment firm initiated coverage of the electric vehicle manufacturer with a buy rating, setting a target price of $23. This implies a 25% potential upside from the stock’s Wednesday close of $18.38. “Electric vehicle sales have faced stiff headwinds recently, driven by both macroeconomic factors (high interest rates, inflation, and recessionary worries) as well as EV specific headwinds including range anxiety, vehicle costs, model availability, and charging infrastructure. We believe these EV hurdles will shrink over the next few years, paving the way for sales growth,” wrote analyst Stephen Gengaro. As a specific catalyst, Gengaro pointed to Amazon’s agreement with the company for 100,000 cargo vehicles. Rivian also addresses the largest vehicle segment in the U.S. Additionally, he also expects to see growing margins next year. “Several drivers of 2024+ margin expansion including new technology (Enduro motor and LFP battery), better pricing, EDV deliveries, new zonal architecture, rising production, and impact of new supplier agreements,” he wrote. Rivian shares have struggled in 2023, falling slightly. However, the stock has bounced nearly 10% in December. — Lisa Kailai Han 6:41 a.m. ET: Bank of America lists Amazon as a top…
2023-12-07 05:51:00
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