Citigroup on Thursday initiated coverage of electric car maker Tesla (TSLA) at neutral/high risk. Wall Street analysts also gave e-commerce leader Amazon.com (AMZN) a price-target hike, upgraded PC and printer maker HP (HPQ) and athletic apparel vendor Nike (NKE), and downgraded drugmaker Pfizer (PFE).
Tesla Stuck In Neutral
X Citigroup analyst Itay Michaeli set a price target on Tesla of 357, saying he is "fundamentally bullish" on Tesla, but that both bull and bear cases for the stock have merit, MarketWatch reported.
"We're positive on Tesla's position as a Car of the Future leader and view the upside case to still be significant, however, we prefer to wait for a better entry point," he said.
Michaeli would like to see Tesla have a stronger balance sheet and wants to see signs of a smooth production ramp for its Model 3 car with minimal cannibalization of Model S sales.
Tesla stock rose 1.4% to 329.92 on the stock market today.
Amazon Price Target Raised
Morgan Stanley analyst Brian Nowak reiterated his overweight rating on Amazon.com and raised his price target to 1,200 from 975.
Amazon stock rose 0.2% to 1028.70, hitting a new all-time high intraday.
HP, Nike Stocks Upgraded
RBC Capital Markets upgraded HP to outperform from sector perform and raised its price target to 22 from 21.
HP stock was up 1.3% to 18.94.
Morgan Stanley upgraded Nike stock to overweight from equal weight and raised its price target to 68 from 54.
Nike was up 2.6% to 59.26, topping a 59.10 buy point.
Pfizer Downgraded
Credit Suisse lowered its rating on Pfizer stock to neutral.
Pfizer shares were down 0.2% to 33.54. The stock has been consolidating for the last 51 weeks with a buy point of 37.49.
