Here are some of the tickers on my radar for Thursday, Oct. 12, taken directly from my reporter’s notebook:
- It’s the one-year anniversary of the S&P 500‘s bear market bottom of 3,577. Since then, as of Wednesday’s close of 4,376, the broad market index soared more than 22%.
- Hotter than expected September consumer price index, consumer inflation. The Social Security Administration issues announced a 3.2% cost-of-living adjustment for 2024.
- Chipotle Mexican Grill (CMG) plans price increases. Pricing power. Cites consumer price index showing sticky retail inflation for the fourth time in two years.
- Bank of America upgrades Target (TGT) to buy from neutral. Cites risk/reward from depressed levels. Traffic could improve. Gross margin upside. Merchandising better. Freight and transportation better. Target to report quarter next month. In retail, the CNBC Investing Club portfolio owns TJX Companies (TJX), the off-price juggernaut behind T.J. Maxx, Marshalls and HomeGoods.
- Goldman Sachs tactical buy trades on Club names Wells Fargo (WFC), which reports quarter Friday, Humana (HUM) and Nvidia (NVDA).
- BofA initiates Snowflake (SNOW) with a buy rating.
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- Barclays cuts price targets on consumer products: UTZ Brands (UTZ) to $16 per share from $17. Kraft Heinz (KHC) to $36 per share from $38. Cyclical drag. J.M. Smucker (SJM) to $129 from $160. Secular headwinds. Coca-Cola (KO) to $59 from $70.
- Barclays cut PTs on housing-related stocks: Toll Brothers (TOL) to $74 per share from $82. Keeps underweight. Lowers Trex (TREX) and Azek (AZEK), too.
- Goldman Sachs (GS) announces sale of fintech platform and warns on third quarter of 19-cent per share drag on earnings. The buyer: investors led by private equity firm Sixth Street. Exiting a mistake.
- Rise in consumer engagement for Spotify (SPOT), says Morgan Stanley. The analysts hike price target to $190 per share from $185. Keeps overweight (buy) rating.
- JPMorgan loves elf Beauty (ELF). Keeps overweight (buy) rating but lowers price target to $139 per share from $150. Sees “still challenging” environment into third-quarter print. The Club owns shares in high-end beauty company Estee Lauder (EL).
- Barclays upgrades First Solar (FSLR) to overweight from equal weight (buy from hold) but lowers price target to $224 per share from $230. Risk reward upgrade. Best visibility of utility scale names.
Here’s a full list of the stocks in Jim’s Charitable Trust, the portfolio used by the CNBC Investing Club.
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