All the talk on Wall Street from Monday
(Here’s CNBC Pro’s live coverage of analyst calls and Wall Street chatter on Monday. Refresh every 20-30 minutes to see the latest posts.) A gym stock and a major oil company were among the stocks discussed by analysts on Monday. Baird named Planet Fitness a top pick, highlighting the company’s attractive valuation. Meanwhile, Morgan Stanley upgraded its rating on Petrobras, predicting big gains ahead. Check out the latest calls and chatter below. All times ET. Baird sees Planet Fitness as a ‘newly bullish pick’ Baird has reason to be bullish on Planet Fitness. On Monday, analyst Jonathan Komp added a “newly bullish pick” designation for the year-end on the gym chain’s stock, while maintaining his outperform rating. Komp’s $92 price target implies a 13.5% upside from where the stock closed last week. “We highlight PLNT as a compelling proposition in a slowing growth environment,” Komp wrote to clients. “New leadership has addressed the unit’s economic challenges, and we see multiple potential drivers – notably better marketing – lining up for 2025,” he added. “PLNT’s strong consumer value proposition and high-margin franchise model should prove resilient in a challenging macroeconomic environment, and lower interest rates coupled with reduced construction costs could fuel investor optimism about unit growth accelerating again post-2024E.” Komp noted that the stock is still lagging the S&P 500 despite rising from lows seen earlier this year and that the fundamental setup is improving for 2025. He said the stock looks “compelling” at a forward enterprise value to EBITDA multiple of 17.2, which Komp said represents a roughly 6% discount to other franchise peers. The stock is up slightly more than 11% in 2024. PLNT YTD PLNT 2024 — Alex Harring Morgan Stanley upgrades Petrobras Petrobras is set for a strong period ahead after a difficult 2024, according to Morgan Stanley. Analyst Bruno Montanari upgraded the Brazilian oil giant to overweight from equal weight. His price target is $20, up from $18, implying a 38.9% upside from Friday’s close. Petrobras has recently undergone major management changes, including the appointment of a new CEO in June, which has weighed on the stock. The stock is down nearly 10% year to date. PBR YTD PBR Mountain 2024 But with “the management changes behind us, we believe the noise level will gradually decrease, which could remove some of the volatility,” Montanari wrote. “The messaging from the new CEO and CFO on recent conference calls and meetings has us confident in the continuity of the strategy, with increased investment and responsible dividend distribution coexisting, provided there is spare cash available.” The U.S.-listed stock rose 2% in premarket trading after the upgrade. — Fred Imbert
