(This is CNBC Pro’s live coverage of Tuesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A software giant and a home improvement retailer were among the stocks being talked about by analysts on Tuesday. Piper Sandler upgraded shares of Salesforce to overweight, with its new price target implying upside of more than 20%. Lowe’s, meanwhile, got an upgrade to outperform at Oppenheimer. Check out the latest calls and chatter below. All times ET. 6:02 a.m.: Jefferies downgrades Starbucks to underperform Jefferies is bracing for more troubles ahead for shares of Starbucks . Analyst Andy Barish downgraded shares to underperform from hold, citing near term uncertainty. He also slashed his price target to $76 from $80. The new target implies 20% downside from Monday’s close. “While the new CEO suggests necessary strategic change is now on the table, we believe execution will be challenged as issues like ops, culture, value perception and tech take time to fix,” he wrote. Barish anticipates low near-term visibility in both the U.S. and China and believes the coffee chain will offer a lower-than-expected guide for 2025. He also sees a pathway for a downward revision in long-term growth targets. “Next few announcements likely to add uncertainty to the turnaround and stock story, and we believe estimate reductions near and medium-term are on the way, which will create pressure for the stock,” he said. Shares are down marginally year to date. However, they’ve soared more than 2% in the third quarter. SBUX mountain 2024-06-28 SBUX in Q3 — Samantha Subin 5:45 a.m.: Piper Sandler upgrades Salesforce Piper Sandler is turning more bullish on shares of Salesforce . “We are upgrading CRM to overweight based on a favorable risk-reward given the potential for [free cash flow] per share to double to $20+ by F2029 (CY28) from $9.65 in F2024 (CY23), even if top-line growth remains at subdued levels of 8-9%,” wrote analyst Brent Bracelin. “Relative to large-cap software peers, CRM also has the lowest valuation multiple on an EV/S, EV/FCF, and P/E basis.” The firm lifted its price target to $325 from $268 a share, reflecting 23% upside from Monday’s close. Shares gained 2% before the bell. CRM YTD mountain CRM in 2024 Bracelin also views artificial intelligence as another tailwind for the company that should accelerate internal innovation. He also said recent discussions with the company’s leadership team and customers have lifted hopes for a recovery in 2026. “Salesforce has historically provided new platform updates three times per year,” Bracelin said. “The pace of AI has changed this cadence, most notably within Data Cloud, where new platform updates are released monthly.” — Samantha Subin 5:45 a.m.: Oppenheimer upgrades Lowe’s to outperform Lower rates from the Federal Reserve should serve as a boon for Lowe’s shares, according to Oppenheimer. Analyst Brian Nagel upgraded the home improvement stock to outperform from perform. His price target of $305, up from $230, implies upside of 16% from Monday’s close. “Our now somewhat more constructive stance towards home improvement retail and shares of leading chains, Home Depot and Lowe’s, is predicated upon the following key factors,” Nagel said. These include improved retail demand and compelling longer-term fundamentals. He also noted that lower rates tend to drive spending, but it’s not immediate. “We undertook a proprietary analysis, studying prior Fed easing cycles, and impacts upon spending, particularly in home-related categories. Key takeaway: moderating rates tend to underpin stronger demand for home-related items, but often with a substantial lag.” Lowe’s shares were up 1% in the premarket following the upgrade. Year to date, shares are up more than 17%. LOW YTD mountain LOW year to date — Fred Imbert
