(This is CNBC Pro's live coverage of Wednesday's analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A delivery giant and a social media company were among the stocks being talked about by analysts on Wednesday.
Citi initiated UPS with a buy rating, citing an attractive valuation. Meanwhile, Jefferies began coverage of Reddit with a buy rating and a price target of $90. Check out the latest calls and chatter below.
All times ET. 6:19 a.m.
: Chewy can rally more than 25%, TD Cowen says TD Cowen made a fresh bull case for Chewy shares. Analyst William Kerr initiated coverage of the pet ecommerce retailer with a buy rating and $38 price target. That price target appears to be a Wall Street high, according to LSEG, and suggests shares can climb 28.
7% over the next year. "Chewy is the leading pure play eCommerce offering in the $144BN US Pet Industry," Kerr wrote to clients when opening coverage on Wednesday. "The company has a strong retail biz coupled with a growing pet health offering, including the largest online pet pharmacy.
" He also told clients to expect annual revenue growth of almost 9% between the 2024 and 2029 fiscal years. Over the same period, he said EBITDA margins should expand from 4.6% to 8%, while free cash flow conversion shows strength.
What's more, Kerr said Chewy's 7.9% market share should rise to 8.7% by 2028.
Shares rose more than 1% before the bell following Kerr's call. The stock has rallied nearly 25% this.
