RIVN, DKNG, NIO, CVNA & more
2 min read
2024-02-23 08:14:00
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Here are Friday’s biggest calls on Wall Street: UBS double-downgrades Rivian The firm said to sell the electric vehicle maker’s stock, joining a growing group of concerned analysts following the company’s earnings report. “We had been optimistic on RIVN’ s product and brand ultimately winning out. But a rapidly changing EV backdrop causes us to reassess our demand view and makes RIVN’s current strategy quite onerous on the ramp to profitability and cash flow.” See the full story here. Barclays upgrades DraftKings The investment bank raised its rating on the sports betting stock to overweight from equal weight and raised the price target, noting a larger market than previously anticipated. “We’re less concerned than we were 3-6 months ago over increased competition, and see the ~10% pullback off the highs post its (strong) 4Q report as an attractive near-term entry point.” Read the full CNBC Pro report here. Citi upgrades Fox The bank upped its rating to buy from neutral, noting a recent deal for a sports streaming service with other media giants. “Our analysis shows that the JV will be a positive for Fox … as such, we have modestly raised our revenue and EBITDA estimates in FY25 and FY26. Beyond the benefit to estimates, we suspect the JV could be a positive for the multiple, as it places Fox on a firmer footing as it reduces exposure to the secular pressures affecting the Pay TV ecosystem.” UBS upgrades Ross Stores The firm said Ross Stores was now a neutral-rated stock rather than a sell and expects a “solid” quarterly report. “We now see less risk to ROST’s long-term earnings outlook for 3 reasons: 1) Macro headwinds have faded; 2) We have more conviction in our view ROST and other Off-Price retailers will continue to take market share over Department Stores; and 3) ROST has more margin expansion potential than previously thought.” Raymond James upgrades Carvana The investment bank moved Carvana to market perform from underperform following the fourth-quarter…
2024-02-23 08:14:00
All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator
Read more from original source here…