All the market-moving Wall Street chatter from Thursday

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All the market-moving Wall Street chatter from Thursday

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parent. His call comes after Meta unveiled the Quest 3S VR headset and shared a prototype of the Orion AR smart glasses on Wednesday. He argued that the glasses have “much broader market potential” than the goggles. This was part of the technology giant’s “Connect” event, which Post said focused on hardware innovation in the Metaverse and increasing AI possibilities. “While Metaverse spend still seems hard to justify, with glasses long-term investors may have some renewed optimism on Meta’s opportunity to be at the forefront of the next generation of personal computing devices,” he wrote to clients in a Thursday note. “More importantly, the company appears to be successfully innovating around new AI capabilities, driving usage growth which can offset terminal value concerns.” Post also said Meta was the top AI-related pick in the consumer internet space. Shares rose more than 1% in Thursday premarket trading. Shares have surged more than 60% this year. META YTD mountain META year to date — Alex Harring 5:51 a.m.: Bernstein upgrades Starbucks The appointment of Brian Niccol as CEO will continue boosting Starbucks shares, according to Bernstein. Analyst Danilo Gargiulo upgraded the coffee chain to outperform from market perform. He also hiked his price target to $115 from $92, implying upside of 20% from Wednesday’s close. “We believe that Brian Niccol is the perfect CEO to guide the resurgence of today’s Starbucks, leveraging the experience he accumulated at Taco Bell and Chipotle, that were in a similar turnaround mode when he became CEO,” Gargiulo wrote. “The appointment as CEO and Chairman of the Board should free up management to draft a plan aimed at operational stability vs chasing growth at all costs.” Niccol began his tenure as CEO on Sept. 9. Since then, shares are up nearly 5%. SBUX 1M mountain SBUX 1-month chart “The stabilization of store operations, faster throughput, enhancement in brand and value perception (e.g. improved store ambiance, transparent pricing), and purposeful innovation should result in positive traffic growth, even if customization of drinks were to decelerate and pressure same store sales,” Gargiulo added. Starbucks shares are flat year to date, but they have popped more than 20% over the past three months. — Fred Imbert

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