My top 10 things to watch Monday, Nov. 6
1. U.S. stocks tick up in premarket trading Monday, with S&P 500 futures up 0.16%, after equities rallied more than 5% last week. It’s the aftermath of the bulls’ victory — and here’s how the market can build on its best week of the year. Meanwhile, bond yields were mainly flat, with that of the 10-year Treasury hovering around 4.6%. West Texas Intermediate crude oil is up by more than 1%, to trade around $81.30 a barrel.
2. Barclays raises it price target on Club name Starbucks (SBUX) to $123 a share, up from $116, while maintaining an overweight rating on the stock. After meeting with Starbucks’ management, the firm cites momentum heading into the coffee maker’s fiscal year 2024.
3. Barclays raises its price target on Expedia Group (EXPE) to $136 a share, up from $128, while reiterating an overweight rating on shares. The firm says travel demand is holding up, despite mixed trends in early October.
4. Deutsche Bank raises its price target on Walmart (WMT) to $188 a share, up from $184, while keeping a buy rating on the stock. The bank likes retailers that have huge traffic growth and are defensively positioned, given the consumer is in trade-down mode.
5. A slate of Wall Street firms initiate coverage on Birkenstock (BIRK), with a majority assigning the footwear company a buy or buy-equivalent rating. Birkenstock went public last month, and I suspect after last week we are going to see a lot more initial public offerings.
6. UBS upgrades Clorox (CLX) to neutral from sell, while raising its price target to $132 a share, up from $124. I like this call because the worst is definitely over and the company didn’t lose shelf space. It’s the best meaningful recovery deal.
7. Barclays lowers its price target on PayPal (PYPL) to $81 a share, down from $88, while maintaining an overweight rating. But I like this stock down here with new management.
8. Deutsche Bank raises its price target on the much loved Ulta Beauty (ULTA) to $573 a share, up from $571, while maintaining a buy rating. The firm favors Ulta for traffic volume and value, while warning of a volatile consumer backdrop.
9. Deutsche Bank raises its price target on Dollar General (DG) to $133 a share, up from $126, and reiterates a buy rating, noting continued consumer trade-down. People love CEO Todd Vasos and have been upgrading and praising DG stock like mad.
10. Jefferies says its recent survey of U.S. consumers shows Club holding Amazon (AMZN) will be “a key holiday beneficiary” and “appears to be a clear winner in holiday ecommerce sales.” The firm reiterates a buy rating on Amazon stock, with a $175-per-share price target.
Sign up for my Top 10 Morning Thoughts on the Market email newsletter for free.
(See here for a full list of the stocks at Jim Cramer’s Charitable Trust.)
As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.
THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, TOGETHER WITH OUR DISCLAIMER. NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
