(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.) An e-commerce giant from China and a chemicals company were among the names being talked about by analysts on Friday. Macquarie upgraded JD.com to outperform and called for roughly 17% upside ahead. Jefferies also raised its rating on DuPont to buy, noting shares can surge 30%. Check out the latest calls and chatter below. All times ET. 6:36 a.m.: Bank of America upgrades Coinbase as crypto market braces for a reacceleration Coinbase jumped about 3% after Bank of America upgraded the crypto firm to neutral from underperform, citing the “early innings” of a market reacceleration phase. “The current macro environment has been a positive for cryptocurrency market cap appreciation and trading volumes,” wrote analyst Mark McLaughlin in a Friday note. “COIN’s expense discipline and ability to benefit from operating leverage following large expense cuts in 2022 will help it maintain profitability going forward.” To be sure, the “new bull market” period for crypto remains volatile. However, McLaughlin expects the company and prices to benefit from a broader audience of investors following the spot ETF approval and the evolution of brokerage services. He also noted that investors appear more focused on investing in “mature coins.” The firm nearly doubled its price target on Coinbase to $217 from $110 a share, reflecting 9% upside from Thursday’s close. Shares have gained 14.5% year to date. “We believe COIN is much better situated to take advantage of operating leverage going forward to drive bottom line growth with the core capabilities on their platform now having been established,” McLaughlin wrote. — Samantha Subin 6:20 a.m.: Citi trims price target on Roblox, cites slower bookings growth Citi cut its price target on Roblox to $40 from $52 a share as the gaming platform grapples with a deceleration in bookings growth. “We are updating our model to account for 1Q24 results and our latest outlook,” wrote analyst Jason Bazinet. “RBLX reported bookings and average bookings per [daily active user] slightly below the Street, while DAUs were modestly above consensus.” Roblox shares have slumped 28% this year as users pull back spending in an uncertain macro environment. The adjusted $40 target suggests rangebound movement for shares. Last week, the stock dropped 22% in one day as the company slashed its annual forecast. Bazinet retained his buy rating on shares but reduced the firm’s bookings growth rate expectations through 2026. For 2025, Citi now expects bookings growth of 14% versus 21%, or 4% below consensus. The firm expects bookings growth of 10% in 2026, which is 11% below consensus. “We believe the shift better reflects how investors will value the equity now that growth is decelerating,” he wrote. — Samantha Subin 6:18 a.m.: Bank of America double upgrades Robinhood This year’s rally in Robinhood is the real deal, according to Bank of America. Analyst Craig Siegenthaler upgraded the online brokerage that garnered notoriety during the meme stock craze of 2021 to buy from underperform. “We view the current entry point as the opposite of 2021 when we initiated at Underperform after its IPO given (1) rising retail engagement & accelerating organic growth; (2) positive operating leverage after large expense reductions; (3) attractive valuation,” Siegenthaler wrote. Robinhood shares have soared 40.5% this year. However, Siegenthaler hiked his price target to $24 from $14, implying upside of 34% from Thursday’s close. “Following the emergence of a new bull market last year, we have monitored a rebound in multiple metrics at Robinhood Markets (44% organic growth, margin loan utilization, +60% y/y trading activity/payment for order flow) and we expect this to continue through 2026,” the analyst wrote. — Fred Imbert 5:56 a.m.: Morgan Stanley downgrades Baidu, cites weak advertising outlook Morgan Stanley is moving to the sidelines on shares of Baidu as the Chinese Internet company braces for weak advertising growth. “Baidu’s core rev +4% YoY in 2Q, and weak ads outlook is set to linger,” wrote analyst Gary Yu, who downgraded shares to equal weight from overweight. “Stock has rallied 17% but we see limited near-term catalysts.” Yu expects this worrisome ad outlook to continue in upcoming quarters due to a weak macroenvironment and spending hinging on a bounce back in small-and-medium enterprises. The shift to generative AI from traditional search has also pressured user retention and gotten off to a slow start. “Cloud growth to accelerate but AI monetization still at early stage,” he wrote. Along with the downgrade, Morgan Stanley trimmed its price target to $125 from $140 a share, reflecting 11% upside from Thursday’s close. Yu also revised non-GAAP operating profit estimates for 2024 and 2025. – Samantha Subin 5:48 a.m.: Macquarie upgrades JD.com, says shares have ‘bottomed out’ The outlook is improving for shares of JD.com , according to Macquarie. Analyst Ellie Jiang upgraded the Chinese e-commerce stock to outperform from neutral, saying that shares have “bottomed out” from a “year-long transition” period. “After a year-long organizational restructuring, we believe JD has now entered a new stage with core categories such as electronics/appliances and general merchandising to see recovering signals,” she wrote. “JD Retail revenue rebounded to 6.8% yoy during 1Q24 from 3.4% yoy in the prior quarter, reinforcing JD’s strong presence in the China retail market.” Shares of JD.com have fallen about 8% over the last year. Jiang upped the firm’s price target on U.S.-listed shares to $40 from $26, representing about 17% upside from Thursday’s close. JD YTD mountain JD.com year to date Looking ahead, Jiang expects JD.com to benefit from a recovery in core categories, an expansion in its merchant pool, and increased customer purchasing. “As JD differentiates itself among ecommerce peers with a supply chain-centric strategy, we turn more optimistic towards JD’s growth outlook while maintaining steady earnings despite fierce competition,” she said. — Samantha Subin 5:48 a.m.: Jefferies upgrades DuPont de Nemours Shares of DuPont are primed for major gains ahead, according to Jefferies. Analyst Laurence Alexander upgraded the chemicals giant to buy from hold. He also raised his price target to $101 from $78, implying upside of 30%. DD YTD mountain DD year to date “The cyclical recovery trade for DuPont is all about volumes, not spreads. DuPont provides both operating leverage to the next cycle in electronics, construction and manufacturing, as well as support for multiple expansion based on portfolio evolution through cultural change and asset selection,” Alexander said. DuPont has lagged the broader market this year, rising less than 1%, while the S & P 500 has popped 11% to record highs. However, “discipline around FCF deployment (a 7.1% avg. yield before dividends) should lead to a constructive narrative over the next 2-3 years,” according to Alexander. — Fred Imbert
