(This is CNBC Pro’s live coverage of Thursday’s analyst conference call and Wall Street chatter. Refresh every 20-30 minutes to see the latest posts.) Among the stocks analysts were talking about on Thursday were a semiconductor maker and a Brazilian oil giant. Micron Technology issued earnings guidance in line with expectations, sending shares lower in premarket trading. Several analysts reacted to the company’s outlook and latest quarterly numbers. Meanwhile, Bank of America upgraded Petrobras shares to a buy recommendation. Check out the latest conference call and chatter below. All times ET. 8:21 a.m.: Truist Raises Nvidia Price Target Truist raised its price target for Nvidia to $140 per share from $128.80, saying the semiconductor maker is a great way to invest behind the AI theme. The new target implies an 11% upside from Wednesday’s closing price. The stock has soared 155% this year. “Based on our analysis, becoming the largest company by market cap does not appear to pose a systemic threat to future investment returns,” analyst William Stein wrote. “Furthermore, feedback from industry participants (component buyers and sellers) indicates growing demand for Blackwell.” –Samantha Sabin 8:04 AM: Citi Raises Arista Networks Price Target on AI Expansion Citi sees more upside ahead for Arista Networks, raising its price target to $385-$330 on Thursday. The new target suggests a 15% upside from Wednesday’s closing price. The bank expects Arista Networks to benefit from Ethernet’s growing share of the artificial intelligence networking market. “We believe the valuation is justified by ANET’s high exposure to hyperscaler capital spending and our expectation that a recovery in commodity data center infrastructure spending and growing opportunities for AI networking will re-rate the stock’s multiple,” analyst Atif Malik wrote in a client note. Arista Networks shares are up 42% year to date. — Michelle Fox 7:36 a.m.: JPMorgan reiterates Overweight rating on Carvana Carvana’s recovery is on track and competitors will have a hard time catching up, JPMorgan said. Analyst Rajat Gupta reiterated his overweight rating on the used-car retailer’s shares and said a recent tour of its California facility gave him more confidence in the company. “CVNA’s competitive position in the used-car market continues to expand and management is aligned on the importance of continuous improvement and, more importantly, long-term vision and culture, which should bode well for the company’s performance during upcoming periods of market volatility,” the report said. Carvana appeared on the brink of bankruptcy last year but has since recovered. JPMorgan sees the company’s business plan as sustainable. “The business is designed for scalability and adaptability/flexibility, which is translating into significant efficiency gains, shorter cycle times and higher throughput,” the note said. JPMorgan has a $150 price target on Carvana, more than 18% above the stock’s closing price on Wednesday. — Jesse Pound 7 a.m.: JPMorgan Downgrades US Bancorp for Lack of Near-Term Catalysts According to JPMorgan, US Bancorp could face pressure from expected tougher capital requirements for banks after central bank stress tests showed lower total capital levels compared to 2023 levels. “US Bancorp’s stress test results showed a credit card loss rate of 17.5%, the second highest in our universe and similar to reported results that showed higher loss rates than several of our larger credit card companies,” analyst Vivek Juneja wrote. JPMorgan downgraded the bank’s shares to neutral from overweight. The company’s $43.50 price target suggests about 10% upside from Wednesday’s closing price. “US Bancorp has lagged peers on modest growth in payment-related fees, and these revenues will be further impacted by softening spending trends,” the analyst added. “While the stock is lagging, we see no other drivers in the medium term, so we are on the sidelines.” US Bancorp shares have fallen 8% in 2024. — Brian Evans6:35 a.m.: TD Cowen raises Grindr price targetTD Cowen is optimistic about Grindr after an analyst day in which the company raised its 2024 top-line guidance forecast. “Key to growth in the medium term will be core product improvements, advertising growth and international focus, with upside expected from alternative use case products,” analyst John Blackledge said. “We have raised our FY25-27 revenue and EBITDA forecasts to reflect the better-than-expected outlook.”The analyst reiterated a buy rating on the online dating stock and raised his price target to $14 from $12 per share. TD Cowen’s forecast suggests upside of more than 18% from Wednesday’s closing price of $11.82. Grinder shares are up nearly 35% in 2024. — Brian Evans 6:19 a.m.: KBW upgrades Bank of New York Mellon shares on profitability and expected share buybacks Bank of New York Mellon is more profitable and has control over expenses compared to peer banks, which could help drive future stock gains, according to Keefe, Bruett & Woods. The firm upgraded the bank’s shares to outperform from market average and raised its price target to $70 a share from $60. KBW’s new forecast suggests upside of more than 19%. “BNY is a quality franchise with an attractive return profile, with earnings growth expected despite further investments in efficiency improvements over the long term,” analyst David Conrad said. “The resulting above-peer operating leverage will be a key positive catalyst differentiating BK’s stock price performance from its peers as the return gap widens. Strong share repurchases are expected to provide a floor for the stock price and limit downside risk,” he added. Bank of New York Mellon shares are up about 13% in 2024. BK YTD Mountain BNY Mellon in 2024 — Brian Evans 5:45 AM: What analysts are saying following Micron Technology’s third-quarter earnings Wall Street analysts are mostly supportive of Micron Technology, even after the company’s weak fourth-quarter revenue guidance. The in-line forecasts seemed to overshadow a better-than-expected third quarter in which Micron beat expectations on sales and profits. Micron shares fell 5% in the premarket. “We believe MU stock is being sold due to conservative guidance and rising capital expenditures, and would buy MU when DRAM is weak. [dynamic random access memory] “The recovery thesis remains, and we expect sequential sales, EPS and gross margin growth through 2025,” said Citi analyst Christopher Dannelly. He maintained his $175 target on Micron’s shares, implying an upside of about 23% from Wednesday’s closing price of $142.36. Goldman Sachs analyst Toshiya Hari also maintained his buy rating on Micron following the results. He raised his price target to $158 from $138, projecting an upside of 11%. The analyst noted that the dip in the stock’s price could present a buying opportunity for investors. “We view the recent share price pullback as an opportunity to add to our position. We continue to assume a) growth in AI computing, initially in core data centers and eventually at the edge, b) Micron gaining market share in the lucrative high-bandwidth memory market, and c) supply-side discipline by Micron and its competitors will lead to positive EPS. “The company is benefiting from several secular trends through late 2024 and into 2025,” Hari said. Bank of America analyst Vivek Arya also noted that “the company is benefiting from several secular trends in the data center, cloud computing and 5G markets.” He added, “We believe it is beginning to cross the trough of the memory cycle as memory prices improve, and there is room for share gains in high-bandwidth memory (possibly late 2025).” Arya maintains a buy recommendation on Micron’s stock with a $170 price target, which represents a 19% upside over the coming years. — Brian Evans 5:45 a.m.: Bank of America upgrades Petrobras According to Bank of America, it’s time to buy more shares of Petrobras. Analyst Caio Ribeiro upgraded the Brazilian oil giant to buy from neutral. He also raised his price target on the U.S.-listed stock to $17.90 from $16.80. “As the dust settles following the company’s CEO transition, we’ve seen important developments at PBR that help ease concerns about corporate governance, fuel prices, dividends, and more,” Ribeiro wrote. Among those developments was the resolution of a dispute with the Federal Tax Court, “which has preserved the company’s fuel pricing policy on very favorable terms.” Ribeiro also expects cash returns to remain attractive this year while capital expenditures are not “significantly increased.” U.S.-listed Petrobras shares have lagged this year, down 11%.It’s also trading 20% below its 52-week high hit in February.
All the market-moving chatter on Wall Street Thursday
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