Trending tickers: Apple | Rivian | Moderna | GSK
Apple (AAPL)
Shares in Apple were lower in extended trading after Barclays downgraded the iPhone maker and lowered its price target for shares of the company on fears of slowing iPhone 15 sales in China.
“We are still picking up weakness on iPhone volumes and mix, as well as a lack of bounce-back in Macs, iPads and wearables,” Barclays analyst Tim Long wrote in a note Tuesday.
“The biggest takeaway from the latest checks is incrementally worse [iPhone 15] data points out of China, together with developed markets remaining soft,” he added.
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Shares fell 3.6% on Tuesday, their biggest one-day percentage drop since September, and the decline erased more than $107bn (£84.79bn) in market value.
Rivian (RIVN)
Rivian shares slipped in extended trading after the electric-vehicle startup reported fourth-quarter and full-year delivery and production numbers.
Rivian reported Tuesday it had delivered 13,972 vehicles in the fourth quarter of 2023, falling a hair short of the 14,000 forecasted by analysts.
Shares plunged 10% in regular trading but brokerage firm Baird still calls the stock the “best idea” for 2024, with a price target of $30.
While an earlier-than-expected bond issuance in October had sent Rivian's stock plunging on fears over its financial health, the company is widely seen as better placed among the EV startups.
Moderna (MRNA)
Moderna shares were trending higher in extended trading after Oppenheimer upgraded the stock to 'Outperform' and raised its price target to $142 per share, implying a more than 40% gain from Friday's closing price.
Oppenheimer analyst Hartaj Singh said the company’s COVID sales could hit a low point in 2024 due to factors such as vaccine fatigue. But the firm expects COVID vaccine sales to rise in 2025 and beyond as education about COVID and spending on awareness about the disease increase.
Singh told Yahoo Finance he was even more upbeat about Moderna’s pipeline potential, highlighting a handful of possible product launches over the next 12 to 18 months that could boost sales in 2025.
Shares of the company slumped nearly 45% in 2023, marking their worst annual performance to date, weighed down by weak sales of its COVID-19 vaccine.
GSK (GSK.L)
In London, GSK surged almost by 2% as Jefferies took a more positive view of the pharmaceuticals company.
Jefferies analysts said in a research note that GSK is expected to guide for at least low single-digit EPS growth for 2024 and settle the Zantac litigation case within the coming months.
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Jefferies raises its target price on the stock to 1,900 pence from 1,550 pence.
In terms of valuation, GSK is currently trading at a forward P/E ratio of 9.63, a discount from the industry’s average of 22.86.
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