My top 10 things to watch Monday, July 24
1. Chevron (CLC) announced on Sunday an excellent preliminary second quarter results, while extending CEO Mike Wirth’s contract. The second-largest oil company in the United States announced in May an agreement to expand its shale operations by acquiring PDC Energy (PDCE) in a deal valued at $7.6 billion, including debt. Chevron is expected to release its full second quarter report on Friday.
2. Truist lowered its price target on the name Club Oil on Monday Pioneer of natural resources (PXD) at $196 per share, down from $220, while maintaining a holding rating on the stock. The company said it expects free cash flow from most exploration and production companies like Pioneer to be down more than 50% given lower commodity prices.
3. Piper Sandler downgraded the club’s name on Monday Estee Lauder (EL) to neutral, from an equivalent rating to buy. The company also lowered its price target on the cosmetics company to $195 per share from $265 previously. It is the result of the fall of the Chinese consumer, which seems endless.
4. Deutsche Bank raised its price target on Club holdings on Monday Apple (AAPL) at $210 per share, up from $180 previously, citing higher revenue from the tech giant’s iPhone, Mac and services. Apple is expected to release its fiscal third quarter results on August 3.
5. UBS downgraded the electric vehicle maker on Monday You’re here (TSLA) to hold, upon purchase, noting “very limited” potential for the company’s share price going forward. Still, the company raised its price target on Tesla to $270 per share from $220 previously.
6. Mizuho raised its price target on Club holding on Monday Nvidia (NVDA) at $530 per share, from $400 previously, while maintaining a buy rating on the stock. Analysts cited accelerating demand for generative artificial intelligence.
7. KeyBanc on Monday, on a call I love, raised its price target on Airbnb (ABNB) at $160 per share, from $135, due to the reacceleration in travel spending. The company reiterated an overweight or buy rating on Airbnb shares.
8. Mizuho raised its price target on Monday on Intel (INTC) at $33 a share from $30, arguing that the semiconductor group’s multiples have improved. The company maintained a neutral rating on the stock.
9. Raymond James modernized a home building company on Monday DR Horton (DHI) to outperform, or buy, market performance based on 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.
ten. Wells Fargo lowered its rating on Monday Interpublic Group (IPG) at equal weight, or neutral, in case of overweight, before a slowdown at the end of the cycle. The company lowered its price target on IPG to $33 per share from $43.
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