(This is CNBC Pro’s live coverage of Thursday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) Thursday’s early calls featured a retail upgrade and an EV charging stock downgrade. Wells Fargo raised its rating on Target a day after the company reported better-than-expected earnings. Meanwhile, Citi downgraded Plug Power to neutral from buy, noting that “subpar execution” has led to liquidity issues for the company. Check out the latest calls and chatter below. 5:58 a.m. ET: Mizuho upgrades Intel to buy, says its 2024 product launches could lead to share gains Mizuho Securities raised its outlook on Intel , citing confidence in its 2024 product roadmap. Analyst Vijay Rakesh upgraded the semiconductor manufacturer to buy from neutral. He gave the stock a $50 price target — $13 higher from the previous one — which implies 23.1% upside for shares since Wednesday’s close. “We believe INTC is lining up significant new server product launches and Foundry customer announcements in the next six months,” Rakesh wrote in a Wednesday note. Foundry Services is Intel’s chip manufacturing segment. According to Rakesh, Intel has a slate of data center and AI product launches that could put it above its peers and make 2024 one of its busiest and ‘most prolific’ years, especially compared to the last two to three years. Intel is seeing sales ramp from its Sapphire Rapids processors, the analyst said, adding that the company’s Emerald Rapids fifth-generation processors launching in mid-December could be another growth catalyst into next year, along with its Sierra Forest release in the first half of 2024. “Despite losing market share to AMD in the general compute server market over the past few years, we see INTC maintaining its market leadership position and see potential for INTC to recapture some lost market share,” Rakesh said. — Pia Singh 5:45 a.m. ET: Citi downgrades Plug Power Citi lowered its rating on Plug Power to neutral from buy and slashed its price target on the electric vehicle charging stock to $5 from $12. The new forecast implies upside of just 15% over the next 12 months. “At the time of initiation, we had seen PLUG as a catalyst rich story with near term upside despite medium-term challenges,” wrote analyst Vikram Bagri. “While the catalysts did not play out (GA commissioning, 45V clarification, H2 hubs, breakeven margins, strong sales growth), subpar execution has led the company into liquidity challenges.” Plug Power shares have been reeling this month, losing more than 26% after the company reported a bigger-than-expected loss for the third quarter and revenue that missed expectations. “The nascent hydrogen economy is about to burgeon over the coming decade, and PLUG stands as the leader with its vertical integration strategy and global partnerships,” Bagri said. “However, we believe margin expansion will take longer than expected to play out.” — Fred Imbert 5:45 a.m. ET: Wells Fargo upgrades Target, says margins have stabilized There’s plenty of room for Target to run despite its near-term challenges, according to Wells Fargo. Analyst Edward Kelly upgraded the big-box retailer to overweight and upped his price target by $28 to $148 — which implies shares could jump roughly 13.4% from Wednesday’s close. “We see TGT’s Q3 update as a material inflection,” Kelly wrote in a Wednesday note. “Macro uncertainty is undeniable, but margin clarity shifts the range of earnings outcomes for this beaten up name much higher … the risk/reward remains favorable.” According to the analyst, Target’s gross margin upside dramatically reduces its earnings risk and “opens the door” to a stronger recovery. Other catalysts behind the new rating include the company management’s positive tone on margins, higher earnings power if sales improve and macroeconomic weakness, which could bolster Target’s already stronger position against its peers. Target posted a beat on fiscal third-quarter earnings and revenue expectations on Wednesday, but said it is still seeing weaker discretionary spending. Shares had jumped more than 17% on the earnings. The stock was 0.7% higher in premarket trading Thursday. — Pia Singh
