My top 10 things to watch Monday, July 24
- Chevron (CVX) on Sunday announced excellent preliminary second-quarter results, while extending the contract of CEO Mike Wirth. The United States’ second-largest oil firm in May announced an agreement to expand its shale operations by acquiring PDC Energy (PDCE) in a deal valued at $7.6 billion, including debt. Chevron is set to release its full second-quarter report on Friday.
- Truist on Monday lowered its price target on Club oil name Pioneer Natural Resources (PXD) to $196 a share, from $220, while maintaining a hold rating on the stock. The firm said it expects free cash flow for most exploration-and-production firms like Pioneer to be down over 50% given lower commodity prices.
- Piper Sandler on Monday downgraded Club name Estee Lauder (EL) to neutral, from a buy-equivalent rating. The firm also lowered its price target on the cosmetics firm to $195 a share, down from $265. This is the result of the downfall of the Chinese consumer, which seems endless.
- Deutsche Bank on Monday raised its price target on Club holding Apple (AAPL) to $210 a share, up from $180, citing upside to the tech giant’s iPhone, Mac, and services revenues. Apple is set to report fiscal third-quarter results on Aug. 3.
- UBS on Monday downgraded electric-vehicle maker Tesla (TSLA) to hold, from buy, noting “very limited” upside to the company’s share price going forward. Still, the firm raised its price target on Tesla to $270 a share, up from $220.
- Mizuho on Monday raised its price target on Club holding Nvidia (NVDA) to $530 a share, up from $400, while maintaining a buy rating on the stock. The analysts cited accelerating demand for generative artificial intelligence.
- KeyBanc on Monday, in a call I love, raised its price target on Airbnb (ABNB) to $160 a share, from $135, on the back of reaccelerating travel spending. The firm reiterated an overweight, or buy, rating on Airbnb stock.
- Mizuho on Monday raised its price target on Intel (INTC) to $33 a share, from $30, arguing semiconductor group multiples have improved. The firm maintained a neutral rating on the stock.
- Raymond James on Monday upgraded home-construction company DR Horton (DHI) to outperform, or buy, from market perform on the back of its “outstanding” fiscal third-quarter results. The firm, which has a price target of $160 on DHI shares, noted an “impressive rebound” in homebuilding margins.
- Wells Fargo on Monday downgraded its rating on Interpublic Group (IPG) to equal weight, or neutral, from overweight, ahead of a late-cycle downturn. The firm lowered its price target on IPG to $33 a share, from $43.
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