(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 major U.S. bank and a social media company were among the companies being talked about by analysts on Friday. KBW upgraded Bank of America to outperform. Meanwhile, Piper Sandler reiterated Pinterest as a top pick, calling for 20% upside. Check out the latest calls and chatter below. All times ET. 6:04 a.m.: Loop Capital raises Costco price target Loop Capital is more bullish on Costco after a store tour in Los Angeles. “We see a team focused on value and volume, with increasing store level adjustments to maximize relevance club by club,” analyst Laura Champine said. Champine reiterated a buy rating on the wholesaler and raised its price target to $940 per share from $890. Loop’s forecast implies more than 11% upside from Thursday’s $845.96 close. “Though deflation can challenge comp, field management reports a commensurate or greater lift in volumes as an offset,” Champagne added. Costco stock has climbed roughly 28% in 2024. — Brian Evans 5:40 a.m.: KBW upgrades Bank of America on strong net interest income forecast Keefe, Bruyette & Woods analyst David Konrad thinks Bank of America could be reaching a inflection point on net interest income which could drive the stock higher going forward. The analyst upgraded shares of BofA to outperform from market perform and raised his price target to $46 per share from $37. KBW’s forecast implies more than 17% upside from Thursday’s close. “With expectations now of only one cut in 2024 coupled with improved back book benefits, we expect 4Q24 NII to increase 5% from our 2Q24 estimate,” Konrad said. “Although BAC is considered asset sensitive in a parallel shift, we believe the curve will slowly turn positive over the next two years. Moreover, BAC’s cumulative deposit beta of 53% is in line with peers; however, due to floating rate liabilities, its total liability beta is elevated to peers (76% vs. 59%) mitigating the impact of declines in the short end of the curve,” the analyst added. Bank of America shares are up 16% for 2024. BAC YTD mountain — Brian Evans 5:40 a.m.: Piper Sandler reiterates Pinterest as a top pick Investors should stay bullish on Pinterest even after the stock’s already solid year-to-date gains, according to Piper Sandler. Analyst Thomas Champion reiterated the social media company as a top pick. He has an overweight rating and a price target of $52, implying upside of 20% over the next 12 months. To be sure, Champion acknowledged that some advertising metrics — including ones from an Amazon partnership — have recently been soft. However, “we would remind investors (1) we expect testing / ramping to fluctuate, (2) the auction naturally offsets, and (3) the majority of 1Q24 strength was driven by 1P improvements. We also recently spoke with the company & came away constructive.” Pinterest shares are up more than 16% year to date. PINS YTD mountain PINS year to date — Fred Imbert
