Thursday’s analyst calls: Boeing price target cut, Nvidia to rally more than 25%
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(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.) Nvidia and a beleaguered airplane maker were highlighted by analysts Thursday as part of their big calls for the day. Raymond James raised its price target on Nvidia to $1,100, noting revenue momentum will stay strong. On a more sour note, Bank of America lowered its price target on Boeing to $190, citing risks around the company’s ongoing safety issues. Check out the latest calls and chatter below. All times ET. 5:50: a.m.: Raymond James raises its price target on Nvidia, expects revenue momentum to remain strong After hosting a virtual investor meeting with Nvidia management, Raymond James is more bullish on generative AI demand and Nvidia’s leadership in the sector. The firm kept its strong buy rating and upped its price target by $250 to $1,100, suggesting 26.4% potential upside for the stock. Shares have slumped 4.7% this quarter, slipping into correction territory, soaring more than 75% year to date. “We believe concerns regarding a potential pause in customer spending ahead of Blackwell ramps are unwarranted as inferencing demand continues to outpace GPU supply,” analyst Srini Pajjuri wrote in a Wednesday note, saying he expects H200 to be a key near-term growth driver for Nvidia followed by growth in its B100 and B200 platforms in the second half of this year. “We expect revenue momentum to sustain well into 2025 given compelling TCO benefits of Blackwell, exponential growth in AI model complexity, and intense competition among hyperscalers,” the analyst said. — Pia Singh 5:50 a.m.: Bank of America cuts Boeing price target Boeing’s latest troubles made Bank of America even more skeptical on the stock’s prospects. Analyst Ronald Epstein lowered his price target on the airplane maker to $190 per share on revenue of $210. The analyst also reiterated his neutral rating on the stock. The target reduction comes after a New York Times report that regulators were investigating whistleblower claims regarding flaws on the company’s 787 Dreamliner jet. Boeing CEO Dave Calhoun recently said he would resign at the end of 2024 , as safety issues plague the company’s 737 Max plane. “Our PO of $190 (vs. $210 prior) is based on 2026e FCF of $10/share and relative value to the S & P500 of 0.9x (vs.1.0x prior),” Epstein said. “We think a lower multiple is justified given uncertainty and risks related to the management change and ongoing investigations.” The analyst noted the company “will be able to continue to benefit from the robust global air travel demand environment and, in the long run, benefit from improved quality assurance.” In the short-to-medium term, however, “there are risks due to disruptions related to management changes, multiple government investigations and the potential acquisition of Spirit AeroSystems.” Boeing shares were flat in the premarket. The stock is down 33% year to date. BA YTD mountain — Fred Imbert
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