(This is CNBC Pro’s live coverage of Friday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A media giant and a consumer goods maker were among the top names talked about by analysts on Friday. Warner Bros. Discovery was upgraded to overweight by KeyBanc. The bank’s price target implies more than 35% upside. HSBC also raised its rating on 3M to buy. Check out the latest calls and chatter below. All times ET. 6:35 a.m.: TD Cowen upgrades Dutch Bros, highlights attractive risk-to-reward profile TD Cowen said Dutch Bros is trading at attractive levels. The firm upgraded shares of the drive-through coffee company to buy from hold and raised its target price to $46 per share from $33. TD Cowen’s forecast implies more than 40% upside from Thursday’s $32.80 close. “In our view Dutch Bros is demonstrating traction with the turnaround that leads us to believe 2024 sets up as a beat & raise year,” analyst Andrew M. Charles said. “Indeed, efforts with beverage innovation, more targeted offers for the Dutch Rewards loyalty program (2/3 of transactions) & paid advertising are resonating.” “In our view, these drivers represent low-hanging fruit that insulate the brand from Starbucks’ troubles,” the analyst added. Dutch Bros stock has ticked up roughly 4% in 2024, lagging the broader market. — Brian Evans 6:18 a.m.: Stifel downgrades Planet Fitness Stifel is moving to the sidelines on Planet Fitness despite a first-quarter earnings beat. The firm downgraded the gym franchise stock to hold from buy and lowered its price target to $70 per share from $80. Stifel’s new forecast implies about 7% upside from Thursday’s close. “Although we believe the company is making progress in improving new unit returns, we would like to see an increase in the pace of change needed to support greater franchisee development,” analyst Chris O’Cull said. “Moreover, we continue to be frustrated by the quarterly sales and earnings volatility of what should be a stable, franchised, membership-model business.” “The company’s commentary about rising cancellation rates in late March is concerning, especially given the recent performance of the marketing efforts to increase joins,” the analyst added. “Lastly, we struggle with certain strategic decisions, such as the approach to international expansion.” Planet Fitness stock has pulled back roughly 11% in 2024. — Brian Evans 5:53 a.m.: HSBC upgraded 3M, forecasts ‘return to growth’ HSBC thinks an improving macroeconomic backdrop can drive growth for 3M moving forward. The firm upgraded the conglomerate to buy and raises its price target to $115 per share from $91.13. HSBC’s forecast implies more than 18% upside from Thursday’s close. “We expect a return to growth from improving macro, cost savings, and balance sheet reset after Solventum spin-off,” analyst Wesley Brooks wrote on Friday. Following better-than-expected first-quarter results last week, the analyst thinks 3M’s forward guidance is conservative and asserted that the company is still a “quality company” despite spinning off health care component Solventum . “1Q 2024 earnings showed initial signs of an inflection in growth and margin gains from restructuring,” Brooks said. 3M stock has added more than 6% in 2024. MMM YTD mountain MMM year to date — Brian Evans 5:53 a.m.: KeyBanc upgrades Warner Bros. Discovery The tough times for Warner Bros. Discovery could soon reach their end, according to KeyBanc. Analyst Brandon Nispel upgraded the media giant to overweight from sector weight. He also established a price target of $11, implying upside of nearly 37%. “We think that: 1) numbers have likely found a bottom; 2) either way it goes, an NBA resolution is likely to be a positive; and 3) DTC profitability, subscriber growth, and ARPUs should all continue to improve,” Nispel wrote. “We think the stock is washed out and likely ready for a short-term rally on these factors.” Warner Bros. Discovery shares have struggled in 2024, losing 29.4% in that time. On Thursday, the company reported a larger-than-expected loss for the first quarter despite strong numbers for its streaming business . The stock ticked higher by 1% in the premarket. — Fred Imbert
