🦘 Jumpstart Your Week With These Analyst Calls

Plus, unexpected results on May US job openings

Pencils down, it’s time for lunch. Here’s what you missed this morning:

  • 🟩 | Market Snapshot: Following Fed Chair Powell’s latest statement, the S&P 500 and Nasdaq Composite rose slightly, and the Dow hovered near flat.

  • 💼 | In focus: US job openings rose to 8.14 million in May, surpassing economist estimates of a decline to 7.91 million and alluding to continued resilience in the American labor market.

  • 🗨️ | Noteworthy: More of the same… This morning, Fed Chair Jerome Powell expressed satisfaction with progress on inflation, but stated that he wants to see more data before he can be confident about cutting interest rates.

  • 🦘 | The Midday Trade: Jumpstart Your Week With These Analyst Calls. Scroll down for more.

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STREET STATS

MORNING MOVERS

GE: Shares of GE Aerospace rose after announcing that it extended CEO Larry Culp’s contract until the end of 2027 (MS)

TSLA: Tesla’s stock popped after the EV giant reported quarterly vehicle deliveries that beat Wall Street expectations (YF)

CHWY: Chewy saw its stock continue to decline after yesterday’s 7% sell-off, triggered by news of Keith Gill’s 6.6% stake in the company (CNN)

NVO: Novo Nordisk’s stock fell after President Joe Biden demanded price cuts on its weight loss and diabetes drugs (YF)

PARA: Shares of Paramount rose amid news that billionaire Barry Diller is in potential takeover talks with the company (Forbes)

TOP CALLS

Boston Scientific: Evercore ISI Group Maintains Outperform on Boston Scientific, Raises Price Target to $81 (Trade It)

Prudential Financial: JP Morgan Maintains Neutral on Prudential Financial, Raises Price Target to $128 (Trade It)

Peloton: JMP Securities Reiterates Market Perform on Peloton Interactive (Trade It)

Becton Dickinson: Evercore ISI Group Maintains Outperform on Becton Dickinson, Lowers Price Target to $285 (Trade It)

HCA Healthcare: Cantor Fitzgerald Reiterates Overweight on HCA Healthcare, Maintains $335 Price Target (Trade It)

Voya Financial: JP Morgan Maintains Overweight on Voya Financial, Raises Price Target to $88 (Trade It)

THE MIDDAY TRADE

Nvidia

Morgan Stanley (MS) thinks Nvidia (NVDA) still has plenty of room to run as its next-generation chips make their debut. Analyst Joseph Moore has given the stock a $144 price target and holds an overweight rating on the stock. 

Moore is bullish on the continued demand for its current chips and he believes that demand is not going anywhere soon. Its new chip, Blackwell, is generating a lot of hype and should boost the company’s earnings to new heights.

Verizon

Goldman Sachs (GS) is bullish on Verizon (VZ). According to the investment bank, the telecom company stands to benefit from an improving industry backdrop. The bank has given it a buy rating with a $50 12-month price target. Shares are up 9% YTD. 

According to analyst James Schneider, the company is poised for growth in revenue, EBITDA, and free cash flow over the next 18 months. This will come on the backs of improving execution, deleveraging and a significant growth runway for its fixed wireless product cycle.

Walmart

Deutsche Bank (DB) lifted its price target on Walmart (WMT) to $77 and kept its buy rating. Shares are up 29% YTD and analyst Krisztina Katai believes it has a 14% upside from Friday’s close. 

The bank believes that a number of catalysts will contribute to the stock growth, including an increase in high-income customers and e-commerce profitability. Additionally, supply chain automation, store remodels and expansion of its international business should all serve as tailwinds.

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SURVEY THE STREET

Recently, we saw Citi’s Scott Chronert lift his year-end S&P 500 forecast from 5,100 to 5,600, putting him in line with estimates from Goldman, UBS, and BMO Capital.

However, others are sounding the alarm. Yesterday, Apollo’s chief economist called the S&P 500 vulnerable, citing the risk of overconcentration as mega-cap stocks become responsible for more and more of the index’s fresh records.

Where will the S&P 500 price range be at the end of the year?

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Plus, Yesterday’s Poll + Results:

🟩🟩🟩🟩🟩🟩 Yes ✅ 

🟨🟨🟨⬜️⬜️⬜️ No ❌ 

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