Analyst calls on Monday: Nike price target lowered, Best Buy receives upgrade

On Monday, analysts were discussing stocks including the apparel giant Nike and major electronics and appliances retailer Best Buy. Morgan Stanley lowered its price target on Nike, while UBS upgraded Best Buy to a buy rating from neutral. UBS analyst Michael Lasser raised his price target for Best Buy to $106 per share, citing potential forthcoming appliance upgrades and new product offerings that could lift the stock. This forecast implies about a 22% upside from the previous close, with Lasser noting that Best Buy’s market share tends to flourish at the beginning of a product cycle. The retailer’s stock has already climbed 11% in 2024, and Lasser believes that its restructuring efforts could lead to significant earnings growth as sales improve.

Meanwhile, Morgan Stanley took a slightly cautious stance on Nike ahead of its upcoming earnings report. The bank maintained its overweight rating on the stock but trimmed its price target to $114 from $116. Analyst Alex Straton mentioned that Nike shares have struggled in 2024, losing 14% and becoming one of the worst-performing names in the Dow Jones Industrial Average. He noted that the stock could remain range-bound until the late-Fall Investor Day, as the company’s strategic direction and long-term growth and profitability potential are still unclear. Nike is expected to post earnings on June 27 after the bell.

Overall, analysts continue to monitor and assess various stocks and industries for potential investment opportunities and risks. The market remains dynamic and volatile, with companies facing challenges and opportunities that can impact their performance and stock prices. Investors should stay informed and seek expert advice to make informed decisions about their portfolios. As the investment landscape evolves, staying abreast of the latest news and trends is crucial for successful investing in today’s market.

In conclusion, analysts have differing views on stocks such as Nike and Best Buy, with some maintaining optimism while others exercise caution. The shifts in price targets and ratings reflect the ongoing evaluation of market conditions and individual company performance. Investors should carefully consider these assessments and conduct their own research before making investment decisions. As the market continues to change and adapt, staying informed and keeping a close eye on analyst calls and Wall Street chatter can help investors navigate the complex world of finance and potentially capitalize on emerging opportunities. Stay tuned for more updates and insights from CNBC Pro’s live coverage of analyst calls and market trends.