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HomeUncategorizedBank of America's Watchlist:- JPMorgan, Truist Fin, T-Mobile, US Bancorp, Adobe, Werner...

Bank of America’s Watchlist:- JPMorgan, Truist Fin, T-Mobile, US Bancorp, Adobe, Werner Offer Investment Opportunities”

Bank of America’s Watchlist

On Thursday, Bank of America’s worldwide research team recommended six stocks. The bank argued for JPMorgan Chase (NYSE:JPM), T-Mobile (NASDAQ:TMUS), Truist Financial (NYSE:TFC), and US Bancorp (NYSE:USB). Additionally, BofA made a negative case for Adobe (NASDAQ:ADBE) and Werner (NASDAQ:WERN) shares.

The financial institution commented on the six equities above:

Bullish Outlook

BofA set an optimistic goal of $193 to $215 for JPMorgan Chase (JPM), which trades at $190. The financial stock rose from early 2022 to late 2023. BofA stated, “This pattern projects to 193 (measured move) and 215 (big base pattern count).

Shares of T-Mobile (TMUS) trade at $168.25. “Holding 162-159 would keep a breakout from a late January into late February bullish pennant intact and favor upside to the big base pattern counts at 184 and 200.” BofA is optimistic on TMUS and set price targets at $184 and $200.

Truist Financial (TFC): BofA rated TFC at $37.60 “bullish” and set objectives of $44 and $46. The financial institution is studying TFC’s double bottom technical pattern for stability. “Holding 36-34 would maintain this pattern with upside potential to 44-46.”

The fourth bull call is US Bancorp (USB), at $43.40 per share. BofA sees a double bottom setup off the May and October 2023 lows, suggesting the bank stock may reach $50. “Holding 40-39 would maintain this pattern.”

Bearish outlook

At $543.75, Adobe (ADBE) might fall to $506-$498 and $488 after Bank of America set negative objectives. “The immediate pattern is negative below 563-576 with downside risk to 506-498 (chart levels) and 488 (double top pattern count).”

Werner (WERN) traded at $38.50 and has another bear call. Bank of America suggests a mid-20s move. “While below 38-40, a break below big support at 36-35 would confirm the 4-year top and suggest deeper downside into the upper to mid 20s.”

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MongoDB (NASDAQ:MDB) shares fell 8% after exceeding Q4 profit and sales forecasts owing to its dovish FY2025 outlook. MongoDB expects revenues of $436M to $440M in Q1, below the average expectation of $449.08M. Below the estimate of $0.61, non-GAAP EPS is expected to be $0.34–$0.39. The business estimates FY2024 sales between $1.9B and $1.93B, below the average of $2.03B. Unlike the consensus of $3.22, non-GAAP EPS is expected to be $2.27 to $2.49.

Marvell Technology (NASDAQ:MRVL) shares fell over 7% after solid Q4 earnings due to a dismal Q1 guidance. The business predicts Q1 sales of $1.15B, plus or less 5%, behind analysts’ $1.36B. Marvell predicts adjusted gross margins of 62% to 63% and adjusted earnings of $0.18 to $0.28 per share, significantly below the average forecast of $0.40. Marvell announced $3B in stock buybacks.

Despite a 5.7% Y/Y rise, Costco Wholesale’s NASDAQ:COST shares plummeted roughly 4% as its FQ2 earnings reports fell short of the top-line estimate. Comparable sales increased by 5.6% during the quarter, above the 5.1% estimate.

MongoDB (NASDAQ:MDB) shares fell 8% after exceeding Q4 profit and sales forecasts owing to its dovish FY2025 outlook. MongoDB expects revenues of $436M to $440M in Q1, below the average expectation of $449.08M. Below the estimate of $0.61, non-GAAP EPS is expected to be $0.34–$0.39. The business estimates FY2024 sales between $1.9B and $1.93B, below the average of $2.03B. Unlike the consensus of $3.22, non-GAAP EPS is expected to be $2.27 to $2.49.

Marvell Technology (NASDAQ:MRVL) shares fell over 7% after solid Q4 earnings due to a dismal Q1 guidance. The business predicts Q1 sales of $1.15B, plus or less 5%, behind analysts’ $1.36B. Marvell predicts adjusted gross margins of 62% to 63% and adjusted earnings of $0.18 to $0.28 per share, significantly below the average forecast of $0.40. Marvell announced $3B in stock buybacks.

Despite a 5.7% Y/Y rise, Costco Wholesale’s NASDAQ:COST shares plummeted roughly 4% as its FQ2 earnings reports fell short of the top-line estimate. Comparable sales increased by 5.6% during the quarter, above the 5.1% estimate.

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