(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.) Analysts cheered a concert stock and a tech giant on Thursday. Morgan Stanley raised its rating on Live Nation, noting the stock is poised to do well in the long haul. Bank of America also hiked its price target on Microsoft , citing meetings with company executives earlier this week. Check out the latest calls and chatter below. 6:07 a.m. ET: Goldman Sachs names General Electric a top pick, sees more than 25% gains Goldman Sachs reiterated its buy rating on General Electric , calling it a top pick, citing a strong portfolio of diversified assets. Shares of the multinational conglomerate have already surged 85% this year, as ongoing geopolitical conflicts have boosted the stock. Going by his $155 price target, Goldman Sachs analyst Joe Ritchie still sees potential upside of nearly 28%. “We remain Buy rated as GE is a unique collection of assets with under-earning potential and a proven strong management team to execute the turnaround,” he wrote. GE YTD mountain GE in 2023 Specifically, Ritchie praised General Electric’s aerospace business as a “best-in-class asset,” commending the successes of its management team. The division, he wrote, is “uniquely positioned to benefit from tight supply dynamics in the industry.” Ritchie also believes that increased investor interest around General Electric’s spinoff of its Vernova renewable energy division could spur stock growth. The business has been a “turnaround story,” with management specifically focusing on accelerating profits for the onshore and grid segments. Ritchie foresees less offshore losses impairing profitability going forward, further boosting General Electric stock. — Lisa Kailai Han 5:58 a.m. ET: Morgan Stanley upgrades Six Flags, cites Cedar Fair merger An upcoming merger should boost shares of Six Flags , according to Morgan Stanley. The bank upgraded the amusement park stock to overweight from equal-weight, simultaneously lifting its price target to $32 from $29. This implies a potential upside of more than 25% from the stock’s Wednesday close. Shares of Six Flags have climbed close to 10% this year, despite a “tepid ’23 weighed down by adverse weather and challenging post-pandemic reopening comps” for U.S. parks, wrote analyst Thomas Yeh. “We see a return to mid-single digit revenue growth in 2024 for the regional theme parks group, benefiting from the easing of difficult comps and a strong start to season pass sales,” the analyst said. He also believes that attendance growth should rebound next year. More specific to Six Flags, Yeh is bullish the company’s proposed merger with fellow parks operator Cedar Fair, believing that the new company looks well-poised to capture earnings and revenue growth. The deal is expected to close in the first half of next year. “Our pro forma growth outlook is underpinned by our view that cost synergies are highly achievable, with further upside if the combined entity can deliver incremental revenue opportunities and execute on stand-alone efficiency initiatives,” he wrote. — Lisa Kailai Han 5:35 a.m. ET: Morgan Stanley upgrades Live Nation as concert company taps into global music opportunities Odds are in Live Nation Entertainment’s favor for the long term, according to Morgan Stanley. The bank upgraded shares of the entertainment company to overweight from equal weight and lifted its price target to $110 from $100. This implies a 25% upside from Wednesday closing price. Analyst Cameron Mansson-Perrone cited a higher earnings outlook as one catalyst. “LYV has generally seen a significant upward revision in earnings while shares have continued to lag, creating the opportunity in our view to get more bullish here,” he wrote. He’s also optimistic about the company’s prospects in the long run, due to an excellent business model. He believes that it’s possible for Live Nation to generate double-digit earnings growth in the next few years as the company both taps into global markets and expands its venue portfolio. “We have increased conviction in durable long-term growth given Live Nation’s unique ability to capture the expanding global live music opportunity,” Mansson-Perrone said. Live Nation shares have been on a tear this year, surging more than 26%, as consumers attend more concerts in 2023. Taylor Swift’s Eras Tour became the first to rake in $1 billion in ticket sales. LYV YTD mountain LYV in 2023 — Lisa Kailai Han 5:35 a.m. ET: Bank of America raises Microsoft price target Microsoft has soared more than 56% this year on excitement around artificial intelligence. Bank of America sees the stock going even higher over the next year. Analyst Brad Sills raised his price target on shares to $430 from $415. The new forecast implies upside of nearly 15% from Wednesday’s close. Sills said he’s more confident in the tech giant after meeting with company executives earlier this week. “We come away from the meetings with higher conviction on the durability of growth in the core Office and Azure growth franchises,” he said in a note. “We believe that there is potential for commercial office to accelerate from the current mid-teens growth level in the coming quarters from the gradual contribution from the new M365 copilot.” MSFT YTD mountain MSFT year to date — Fred Imbert
Thursday’s analyst calls: Concert stock gets an upgrade, more gains ahead for Microsoft
