Shares of Spirit Airlines fell another 22% on Wednesday following a federal judge’s move to block its planned $3.8 billion acquisition by JetBlue.
The deal would have created the fifth-largest airline in the US. Instead, Spirit stock lost roughly half its value Tuesday and is still dropping a day later.
Tesla Inc (NASDAQ:TSLA) is expected to post declining earnings when it reports its fourth-quarter results on January 24, and CEO Elon Musk just gave investors one more thing to worry about.
The electric carmaker is projected to post earnings of $0.74 per share, down about 38% year-over-year, on revenue of $25.51 billion, up nearly 7% over the same span.
First Quantum Minerals (TSX:FM) Ltd shares represent good long-term value, as the company will likely realize value from its Cobre Panama mine either via a mine restart, a sale, or arbitration, Jefferies analysts believe.
In an update to clients, the analysts reiterated their ‘Hold’ rating on the stock while estimating the fair value of First Quantum at C$15 per share based on the company's unapproved growth projects.
SP Angel has reinforced its confidence in Atome Energy plc, highlighting the company's notable strides in the green energy sector, particularly the significant progress in its Paraguayan operations.
“The management team at ATOME have moved quickly in the first 24 months since the Company’s IPO to add tangible value to the project pipeline,” said analysts.
On a miserable day for the stock market, the FTSE 100’s leading riser was one of the less heralded names in the index, specialist fluid engineer IMI PLC (LSE:IMI), after it was the beneficiary of an upgrade from Goldman Sachs (NYSE:GS).
The stock rose up 3.6% to 1,607p after the bank hiked its 12-month target price to 2,020p from 1,780p.
Netflix Inc (NASDAQ:NFLX) earned the title of “king in streaming” from analysts at Bank of America, who reiterated their Buy rating for the company and upped their price target to $585 from $525.
“It is becoming increasingly clear that Netflix has won the ‘streaming wars,’” analysts wrote. “Over the last 18 months, changing market dynamics, investor focus on profitability, and the various talent strikes have led several media companies to re-evaluate their streaming aspirations.”
Clothing retailers enjoyed an exceptional 2023 thanks to price rises but 2024 is going to be more challenging, reckons Bank of America, leading to it downgrading several well known sector names.
In a note entitled 'from boom to gloom', the bank now has only three of the 12 companies it covers on positive ratings, with downgrades for Next PLC (LSE:NXT), Zalando and Dr Martens PLC (LSE:DOCS), which all had their 'buy' ratings moved to 'neutral'.
Ford Motor Company (NYSE:F) has been downgraded by UBS analysts from ‘Buy’ to ‘Neutral’ on their view that the stock has more limited upside to 2024 and 2025 estimates than they previously believed.
For 2024, the analysts see earnings before interest and taxes (EBIT) adjusted guidance of $9 billion to $11 million, bracketing the current consensus of $10 billion.
Deliveroo PLC (LSE:ROO) was a rare flash of green on a day of red in global stock markets, pedalling 3% higher after Barclays upgraded its rating and set out six reasons to own the stock.
Moving to an ‘overweight' stance on the shares, the reasons set out by the bank's analysts were as follows:
Lloyds Banking Group PLC (LSE:LLOY) can still be one of the highest yield shares in its sector, even amidst the increased risk in its motor finance businesses, that’s according to analysts at Citibank.
Citi’s London-based analysts today issued a note, after updating their model for Lloyds, and said that Lloyds' motor finance business faces ‘redress risk’ which would potentially eat into cash that would otherwise be spent buying back Lloyds shares.
Analysts at UBS have slashed their expectations for oil company BP PLC (LSE:BP.)’s share price.
In a research note on Tuesday, the investment bank’s equity analysts cut their 12-month price target for the oil company to 600 pence per share, down from 640p.
Shell PLC (LSE:SHEL, NYSE:SHEL) has been downgraded by equity analysts at investment bank UBS, who predict it will take longer for the oil company to transition to low-carbon energy than its peers.
UBS has downgraded its rating for the oil company from ‘buy’ to ‘neutral’, explaining that its low-carbon strategy will take years to have an impact.
Just Eat Takeaway.com NV (LSE:JET, NASDAQ:GRUB) may need to sell one of its subsidiaries if it wants to improve its financial performance and lift its share price, analysts at Shore Capital believe.
“A portfolio catalyst could, in our view, provide an opportunity to reappraise the shares on cleaner group GTV [gross transaction value] growth,” analysts at the broker said.
Admiral Group PLC shares faced a blow on Wednesday morning as UBS analysts downgraded the insurer on expectations rivals’ margins would catch up faster than hoped.
“We like the operational backdrop of increasing UK motor prices, coupled with receding inflation,” the bank wrote in a note.