(This is CNBC Pro’s live coverage of Monday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) So far this morning there is a big auto stock upgrade and a big beverage downgrade, among other calls. Check out the latest calls below: 6:18 a.m. ET: Carvana upgraded by JPMorgan Carvan (CVNA) was upgraded to neutral from underweight by JPMorgan’s Rajat Gupta, citing progress made on cutting costs and improving productivity. “The known unknowns around the CVNA story are better appreciated by investors today in our view and it is possible CVNA can execute its way through this uncertain macro and used car industry phase in a way that limits downside to near- and medium-term estimates,” stated the Monday note. Still, JPMorgan believes most investors will “remain on the sidelines” until the used car market recovers and Carvana can improve its cash flow generated per unit. As business boomed during the pandemic, Carvana became a Wall Street darling with the stock soaring. Then the shares lost 97% of their value last year. The stock is up 9% in the last month, coinciding with a rebound in the overall market. The analyst raised his price target from $25 to $40, which represents 14% upside. —John Melloy 6:00 a.m. ET: Deutsche Bank downgrades Anheuser-Busch as stock is already ‘fairly valued’ Deutsche Bank says the valuation of Bud Light maker Anheuser-Busch InBev has little room to expand further. The firm downgraded the beer behemoth to hold from buy in a Monday note, and lowered its price target on European listed shares to €58 from €61, or about 0.4% downside from Friday’s €58.25 close. Shares have added roughly 4% from the start of the year. “We continue to see ABI’s broadly EM focused sales exposure as attractive combined with the company’s market leading market share positions,” analyst Mitch Collett said. “However, with the shares trading on a CY24 P/E of 17.3x (an 18% discount to European Staples but a 3% premium to European Beverages) and offering a FCF yield of 5.6% we see the shares as broadly fairly valued for now.” Bud’s U.S. shares were slightly lower in premarket trading. —Brian Evans 5:40 a.m. ET: GM upgraded by Mizuho Securities Mizuho Securities thinks General Motors stock has reached a bottom and is poised for growth as the company turns a corner after settling a pay dispute with the United Auto Workers union. The firm upgraded the legacy automaker to buy from neutral in a Sunday note, and raised its target price to $42 per share from $38. Mizuho’s forecast implies nearly 30% upside from Friday’s $32.36 close. GM YTD mountain GM YTD GM stock has slipped roughly 4% from the start of the year. “We have noted earlier that GM offers the broadest portfolio in North America, with a full range of SUVs, Pickups, Commercial Vehicles, Vans and EVs with a key focus on the higher growth SUV and Pickup Truck market in N.A.,” analyst Vijay Rakesh said. Rakesh also pointed to key catalysts for GM’s potential stock turnaround, including a “refreshed” electric vehicle strategy, a pause in the company’s Cruise segment investments as well as plans for a $10 billion in stock buybacks. Rakesh also noted the UAW cost dispute has largely abated and the planned wage increases will be offset by about $2 billion in cost reductions elsewhere. —Brian Evans
