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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 posts.) A streaming giant and a major wholesale retailer were among the stocks being talked about by analysts on Thursday. Jefferies upgraded Spotify Technology, calling for more than 26% upside. Bank of America, meanwhile, raised its price target on Costco after the company announced an increase to its membership fees. Check out the latest calls and chatter below. All times ET. 5:55 a.m.: Bank of America raises price target on Costco after retailer’s membership fee increase Bank of America likes the sound of Costco’s newest annual membership fee hike and believes it supports what the bank views as a stock with “premium valuation.” Analyst Robert Ohmes upped his price target by $88 to $962 on Costco, suggesting shares could gain 8.8%. This year, shares of the wholesale retailer have advanced nearly 34%. The analyst’s new target comes on the back of Costco’s announcement on Wednesday that it is raising its annual membership fees in the U.S. and Canada by $5, to $65 per year, and the cost of its higher-tier membership by $10, to $130 per year. That marks the company’s first increase since 2017. COST YTD mountain COST year to date Ohmes credited the membership fee hike, as well as Costco’s continued strength in same-store sales, as catalysts for Costco’s earnings visibility into fiscal years 2025 and 2026. He estimates the fee increase will drive between $370 million and $380 million of incremental membership fee income over the next two fiscal years, but noted that Costco does not expect an impact to its earnings per share from the fee increase. “We … expect COST to gain share in the current environment as consumers continue to adjust to higher prices, making COST’s impressive value proposition and price positioning even more attractive,” Ohmes said in a Wednesday note. — Pia Singh 5:55 a.m.: Jefferies upgrades Spotify The future looks bright for Spotify Technology , according to Jefferies. The investment bank upgraded the audio streaming giant to buy from hold. Its price target of $385 implies upside of 26.2% from Wednesday’s close. “We are increasingly confident in SPOT’s ability to comfortably deliver sustainable 15%+ rev growth over the next 3 years,” analyst James Heaney wrote. “Underscoring our confidence … is our view that music is about to undergo a multi-year repricing. At just $12/mo for a Spotify subscription (vs. $61/mo spent in aggregate on video streaming), we believe there is room for price increases AT LEAST every other year.” Spotify shares have surged 62% in 2024, adding to last year’s 138% jump. SPOT YTD mountain SPOT year to date — Fred Imbert
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