PayPal’s stock experienced a decline of over 1% in premarket trading after MoffettNathanson downgraded the company’s shares from outperform to market perform. Additionally, the firm reduced its price target just days before the scheduled start of PayPal’s new CEO, Alex Chriss. While MoffettNathanson expressed enthusiasm about the new leadership, they also highlighted the potential challenges Chriss may face due to a difficult 18 to 24 months. The firm believes there is room for further downside to its estimates.
DoorDash shares rise after Mizuho Securities upgrade
DoorDash saw a nearly 2% increase in shares following an upgrade from Mizuho Securities. The Wall Street firm upgraded DoorDash from neutral to buy based on the company’s solid market share and strong consumer spending on food. Mizuho Securities believes that these factors will enable DoorDash to surpass forecasts in the second half of the year.
Micron Technology gains after Deutsche Bank upgrade
Micron Technology experienced a 1.6% increase in its stock value in premarket trading after Deutsche Bank upgraded the company from hold to buy. Deutsche Bank also raised its target price for Micron Technology. The firm cited Micron’s pricing power with semiconductor direct random access memory as a key factor, stating that it is reaching an inflection point that could lead to the company exceeding first-quarter expectations.
Arm Holdings faces initial struggles as shares drop
Semiconductor company Arm Holdings witnessed a 3.7% decline in premarket trading as it continues to find its footing in the market following its recent public listing. Bernstein initiated coverage on Arm Holdings with an underperform rating, cautioning that it is still too early to determine whether Arm Holdings will emerge as a successful player in the artificial intelligence (AI) industry.
– CNBC’s Tanaya Macheel, Jesse Pound, and Michelle Fox Theobald contributed reporting.
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