Diamond Member Pelican Press 0 Posted April 9 Diamond Member Share Posted April 9 All the market-moving Wall Street chatter from Tuesday (This is CNBC Pro’s live coverage of Tuesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A major U.S. bank and a legacy tech name were the focus of some of Tuesday’s biggest analyst calls. Compass Point downgraded Wells Fargo to neutral after a strong start to 2024. On a more positive note, Morgan Stanley resumed coverage of Cisco Systems with an overweight rating, calling for solid gains ahead. Check out the latest calls and chatter below. All times ET. 5:52 a.m.: Morgan Stanley says Cisco will jump 20% Morgan Stanley sees ‘too much value to remain on the sidelines’ on Cisco Systems , as shares trade at a steep discount compared to the S & P 500. The firm resumed coverage of the legacy tech company with an overweight rating and a $58 per share price target. Morgan Stanley’s forecast implies more than 20% upside from Monday’s close. “Given end-market growth, we see Cisco with double digit overall shareholder return potential, making valuation discount too harsh,” analyst said. Marshall’s bull case, which takes shares to $72, is supported by stronger growth thanks to Cisco’s acquisition of software company Splunk in March. “On paper, there is a lot that Splunk could do to shore up the observability and security portfolios of Cisco, and initial checks are relatively positive,” the analyst added. Cisco has pulled back roughly 5% in 2024. — Brian Evans 5:52 a.m.: Compass Point downgrades Wells Fargo It’s time to book profits on shares of Wells Fargo, according to research firm Compass Point. Analyst David Rochester downgraded the U.S. banking giant to neutral from buy. He reiterated his $64 price target on the stock, implying upside of 10.7%. Wells Fargo shares have been on ***** in 2024, surging 17.4%. Over the past year, the stock has popped more than 52%. WFC YTD mountain WFC year to date “While we continue to see a number of key potential positives to the story over the next year … we see the valuation as reflecting these catalysts much more appropriately currently following the material relative strength in the shares YTD, and the risk/reward as more balanced over the next year as we finally move into a ******* of declining interest rates in 2H24/1H25,” Rochester said. Additionally, he sees “greater risk to the achievement of our price target as the Fed rate cutting cycle begin.” Shares were flat in the premarket following the downgrade. — Fred Imbert This is the hidden content, please Sign In or Sign Up Investment strategy,Stock markets,Cisco Systems Inc,business news #marketmoving #Wall #Street #chatter #Tuesday This is the hidden content, please Sign In or Sign Up Link to comment https://hopzone.eu/forums/topic/12926-all-the-market-moving-wall-street-chatter-from-tuesday/ Share on other sites More sharing options...
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