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(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 post.) Thursday started with a rare sell-equivalent rating placed on Tesla. HSBC initiated coverage of the electric vehicle maker with a reduce rating and a price target that implies more than 30% downside from Wednesday’s close. Meanwhile, Evercore ISI placed tactical outperform ideas on Five Below and Target. Analysts also reacted to Disney’s fiscal fourth-quarter results. Goldman Sachs sees more than 40% upside for the media giant. Check out the latest calls and chatter below. 5:55 a.m. ET: Here’s what some analysts are saying after Disney’s fourth quarter results Analysts on Wall Street are striking an optimistic tone following Disney’s fourth-quarter results. Questions surrounding both direct-to-consumer as well as ESPN’s full integration into streaming loomed large ahead of the report. Analysts are largely sticking by Disney stock and say they’ve seen adequate progress to continue growing the business, however. “Our key takeaway from the report and call is the same as last quarter, which is that DIS is making progress against management’s lengthy to-do list. The most notable area of traction, in our view, is against DIS’s cost savings initiatives,” Goldman Sachs analyst Brett Feldman wrote. The bank reiterated a buy rating on Disney with a $120 per share price target, or about 42% upside from Wednesday’s $84.50 close. Bank of America’s Jessica Reif Ehrlich also reiterated a buy rating on Disney, albeit with a $110 per share price target, which implies more than 30% upside. “While several strategic questions remain, we remain confident in Bob Iger’s ability to navigate the company through this transition period,” she said. — Brian Evans 5:49 a.m. ET: Evercore ISI says buy Five Below and Target ahead of earnings Evercore ISI added Five Below and Target to its tactical outperform list ahead the companies’ earnings reports: On regarding Five Below, analyst Michael Montani said the company has “been able to buck the industry moderation trend, with positive traffic, comps and a constructive outlook likely for its discretionary core business into the all important holiday season (35% of CY22 Sales, 65% of profit).” Meanwhile, analyst Greg Melich said Target’s “near term comp pressures are well understood, while Target’s ability to manage earnings can drive EPS upside.” “With TGT trading near pre-pandemic levels and down 28% YTD, we believe that the stock reflects much of the bad news of a softer consumer backdrop, mix headwinds, and operational missteps over the course of the past year and a half,” he said. Target reports earnings next week. Five Below is slated to post results in December. — Fred Imbert 5:49 a.m. ET: HSBC initiates Tesla coverage at reduce HSBC says Tesla may have gotten ahead of itself. The bank initiated coverage of the electric vehicle giant with a reduce rating accompanied by a $146 per share price target. HSBC’s forecast implies more than 34% downside from Wednesday’s close. “As outsiders, we struggle to challenge the feasibility of the group’s ideas. So, our caution stems from the uncertainty around the timing and commercialisation of its varied ideas,” HSBC head of European automotive Michael Tyndall said. “We see considerable potential in Tesla’s prospects and ideas, but we think the timeline is likely to be longer than the market and valuation is reflecting.” “Tesla delivers but rarely adhering to the promised timelines,” he said. “Whether it is a function of overly ambitious timelines … or delays with Gigafactory licenses and applications, production delays appear to be becoming the norm.” Tesla shares have surged more than 80% this year. TSLA YTD mountain TSLA in 2023 — Brian Evans
All the market-moving chatter from Wall Street Thursday morning
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