(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.) A chipmaker and an oil giant from Brazil were among the stocks being talked about by analysts on Thursday. Micron Technology issued in-line revenue guidance, sending its shares lower in the premarket. Several analysts reacted to the company’s forecast and latest quarterly figures. Meanwhile, Bank of America upgraded shares of Petrobras to buy. Check out the latest calls and chatter below. All times ET. 6:19 a.m.: KBW upgrades Bank of New York Mellon stock on strong profitability, expected stock buybacks Bank of New York Mellon’s robust profitability compared to peer banks and its control over expenses could foster stock gains moving forward, according to Keefe, Bruyette & Woods. The firm upgraded the bank stock to outperform from market perform and raised its price target to $70 per share from $60. KBW’s new forecast implies more than 19% upside. “BNY is a high quality franchise with an attractive return profile. Our expectations call for earnings growth despite further investments in improving long-term efficiency,” analyst David Konrad said. “The resulting better-than-peer operating leverage is a meaningful positive catalyst that should differentiate BK’s stock performance versus peers as the return gap widens. Strong buybacks are expected to provide a floor for the stock, limiting downside risk,” he added. Bank of New York Mellon stock has climbed about 13% in 2024. BK YTD mountain BNY Mellon in 2024 — Brian Evans 5:45 a.m.: What analysts are saying after Micron Technology’s fiscal third quarter results Analysts on Wall Street are largely sticking by Micron Technology even after the company’s lackluster fourth-quarter revenue guidance . The in-line forecast seemingly overshadowed a better-than-expected third-quarter that saw Micron surpass estimates on the top and bottom line. Micron shares were down 5% in the premarket. “We believe MU stock is selling off due to conservative guidance and higher capex and we would buy MU on weakness as the DRAM [dynamic random access memory] upturn thesis remains intact and we expect sequentially higher revenue, EPS, and gross margins through C25,” Citi analyst Christopher Danely said. The analyst reiterated a buy rating on Micron stock with a $175 per share price target, implying nearly 23% upside from Wednesday’s $142.36 close. Goldman Sachs analyst Toshiya Hari also reiterated a buy rating following Micron’s results. He raised his price target to $158 per share price from $138, calling for 11% upside. The analyst noted the stock pullback could present a buying opportunity for investors. “We see the stock’s recent pullback, if anything, as an opportunity to add to positions as we continue to envision a) growth in AI compute initially in the core data center but ultimately at the edge, b) market share gains for Micron in the lucrative High-Bandwidth Memory market, and c) supply-side discipline on the part of Micron and its peers, driving positive EPS revisions through the end of CY2024 and into CY2025,” Hari said. Bank of America analyst Vivek Arya also noted that “the company benefits from several secular trends in the data center, cloud computing and 5G markets.” He added: “We believe we are beginning to pass the trough of the memory cycle as memory pricing improves, and see room for possible share gains in high-bandwidth memory (likely CY25E).” Arya maintained a buy rating on Micron stock with a $170 per share price target, or about 19% upside moving forward. — Brian Evans 5:45 a.m.: Bank of America upgrades Petrobras It’s time to load up on shares of Petrobras , according to Bank of America. Analyst Caio Ribeiro upgraded the Brazilian oil giant to buy from neutral. He also increased his price target on U.S.-listed shares to $17.90 from $16.80. The new forecast implies upside of 25%. “With the dust settling after the replacement of the company’s CEO, there have been important developments at PBR which have helped quell concerns on corporate governance, fuel pricing, dividends, among others,” Ribeiro wrote. Among these developments are resolutions to disputes involving a federal tax court that concluded with “very favorable terms and the company’s fuel pricing policy was maintained.” Ribeiro also expects cash returns to stay attractive this year while capital expenditures don’t “materially increase.” U.S.-listed shares of Petrobras have lagged this year, losing 11%. The stock is also trading 20% below its 52-week high reached in February. PBR YTD mountain PBR year to date — Fred Imbert
