A Boeing 737 MAX sits outside the hangar during a media tour of the Boeing 737 MAX at the Boeing plant in Renton, Washington.
REUTERS/Matt Mills McKnight
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Here are the biggest calls on Wall Street on Thursday:
Baird raised its price target on Facebook to $300 from $240
Baird raised its price target on the stock to a Street high and said the company is “well positioned” to capitalize on the emerging digital ad market.
“Our latest checks with agencies and advertisers suggest the gradual recovery in digital ad spending continues, benefiting from high user engagement and improving pricing. While still a far cry from the amazing and historic growth levels in e-commerce, the digital ad market likely emerges stronger from the current environment, and large platforms such as Facebook are well positioned to capitalize on these trends longer term.”
Berenberg downgraded Boeing to sell from hold
Berenberg downgraded the stock and said demand outlook has “deteriorated” since the company’s first-quarter results.
“The market’s recent exuberance for re-opening economies and an early resumption in air traffic has driven a strong rebound in aerospace shares with Boeing up 30% in a month. The reality is that the demand outlook has not improved; in fact, we think it has deteriorated since Q1 results, as airlines face prolonged business uncertainty and financial stress and COVID-19 remains prevalent across the globe.”