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(This is CNBC Pro’s live coverage of Wednesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) Wednesday’s batch of analyst research included bullish calls on a credit card giant and a sports betting name. Barclays initiated American Express with an overweight rating, citing the company’s appeal to millennial and Gen Z consumers. Morgan Stanley also reiterated DraftKings as overweight, noting its bull case was within reach. Check out the latest calls and chatter below. 5:45 a.m. ET: Morgan Stanley reiterates DraftKings as overweight, says bull case possible Morgan Stanley analyst Stephen Grambling reaffirmed his overweight rating on DraftKings a day after the sports betting company held an investor day in which it issued bullish long-term targets. “DKNG’s Investor Day outlined EBITDA targets above consensus, with details affirming our more positive view,” Grambling wrote. “Importantly, the outlook was built off of several assumptions that could prove conservative or provide flexibility to reinvest: structural hold, market share, and promos.” The analyst noted that the guidance given confirms his bull case for the stock, which consists of a $70 price target. That forecast implies upside of 89%. DraftKings shares have been on fire this year, surging 225%. DKNG YTD mountain DKNG in 2023 — Fred Imbert 5:45 a.m. ET: Barclays initiates American Express as buy, lauds long-term growth outlook American Express will find long-term success as the company appeals to millennials and Gen Z, according to Barclays. The bank initiated coverage of the credit card giant with an overweight rating and a $184 per share price target — which implies more than 17% upside from Tuesday’s close. “We view AXP as the best card issuer and we are positive on the longer-term growth prospects around the company’s penetration of the Millennial and Gen Z cohorts,” analyst Terry Ma said. “Bears will argue that revenue growth has been decelerating and NII is becoming a bigger contributor to AXP’s algorithm. But revenue growth has stabilized over the last two quarters and credit performance remains below pre-pandemic levels.” American Express shares have lagged the broader market this year, rising just 6.2% versus the S & P 500’s 17% jump. AXP YTD mountain AXP in 2023 — Brian Evans
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