Elon Musk attends the groundbreaking ceremony of the Tesla Gigafactory in Shanghai, east China, on January 7, 2019.
Ding Ting | Xinhua News Agency | Getty Images
Check out the companies making headlines midday Thursday:
Tesla — Tesla rose 1.6% in midday trading after Canaccord Genuity reiterated its buy rating of the electric car maker’s equity and told investors to expect another 23% rally for the stock. The brokerage’s new, $515 price target makes it the biggest Tesla bull of the major brokerages on Wall Street. Tesla is up 89% over the last six months.
Wingstop — The restaurant chain’s stock slid more than 4% after the company said its COO would step down on Mar. 7. According to a filing with the Securities and Exchange Commission, the resignation is “not the result of any material disagreement with the Company regarding its operations, policies or practices.” Shares have gained 33% over the last year.
Advanced Micro Devices — Shares of Advanced Micro Devices rose 4.2% after Nomura Instinet raised its price target on the stock to $58 per share from $40. The analysts, who have a buy rating on the stock, cited expected product launches in 2020 as a reason for the change. AMD was the best-performing stock in the S&P 500 last year.
Peloton Interactive — Peloton shares gained more than 1% after Baird named the company a “fresh pick.” The firm has an outperform rating on the stock thanks to a “large addressable market” and “enviable competitive positioning.” Shares of Peloton have shed more than 21% in the last month.
United Airlines — United Airlines gained 1.7% on Thursday morning after Evercore ISI upgrade the company to outperform from in-line. Evercore said in a note that United is trading at a significant valuation discount to its peers and has the “cleanest capital structure” of that group. The firm also raised its price target for United’s stock to $125 per share from $105.
Signet Jewelers — Signet Jewelers shares tanked more than 13% after an analyst at Wells Fargo downgraded them to underweight from equal weight. The analyst also slashed his price target on the stock to $12 per share from $16 per share amid concerns about a sales deceleration.
Intercept Pharmaceuticals — Shares of Intercept Pharmaceuticals dropped more than 5% after an analyst at Citi downgraded them to neutral from buy. The analyst said the approval of a drug aimed at treating fibrosis patients due to nonalcoholic steatohepatitis is priced into the stock, limiting further upside.