All the market-moving Wall Street chatter from Monday

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All the market-moving Wall Street chatter from Monday

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for Best Buy ahead, according to Citi. The bank double upgraded shares of the electronics retailer to a buy rating from sell. It also raised its price target to $100 from $67. This updated price target implies a potential 18% upside from Friday’s close. “We believe the catalyst path looks positive from here with upside potential to both earnings and valuation based on tech replacement cycles underway, new AI innovation providing incremental demand, and margin ********** remaining solid,” wrote analyst Steven Zaccone. As a catalyst, Zaccone pointed to a positive inflection point for same-store sales, driven by laptop purchases. This recovery should only grow as AI adoption accelerates, with the analyst seeing a more favorable setup in the latter half of the year due to back-to-school and holiday sales. Other categories outside of laptops will also benefit from lower rates this year as consumers begin to shift spending back towards durable goods. Zaccone added that Best Buy’s margins continue to look solid. “We believe BBY can continue to flex company levers to protect EBIT margin if the competitive environment gets more promotional than expected,” he wrote. Shares of Best Buy are up 8% on the year. — Lisa Kailai Han 5:46 a.m.: RBC upgrades Kimberly-Clark Investors looking for growth with a sense of protection should look to shares of Kimberly-Clark , according to RBC Capital Markets. Analyst Nik Modi upgraded the consumer goods company to outperform from sector perform. His price target of $165, up from $126, implies upside of nearly 24% from Friday’s close. “Since KMB’s analyst day in March, we have been conducting a 360 degree assessment of the company,” Modi said. “The output of our work has made us more bullish on KMB. There is not a specific catalyst driving our view. Just some traditional re-evaluation of an investment thesis underpinned by a lot of work.” The analyst noted he is confident Kimberly-Clark can reach its long-term targets, including operating margins of 18% to 20% along with annual local currency revenue growth of more than 3% compounded annually by 2030. Shares of Kimberly-Clark, which have a dividend yield of more than 3%, are up nearly 10% in 2024. KMB YTD mountain KMB year to date — Fred Imbert

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Investment strategy,Stock markets,Kimberly-Clark Corp,Best Buy Co Inc,business news
#marketmoving #Wall #Street #chatter #Monday

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