All the market-moving chatter from Wall Street Monday morning

(This is CNBC Pro’s live coverage of Monday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A major car stock and a pharmaceutical giant were part of the early morning analyst chatter Monday. Citi downgraded Ferrari to sell, citing concerns around the stock’s valuation after soaring to start 2024. On a more positive note, Guggenheim upgraded GSK to buy thanks to strength across multiple product pipelines. Check out the latest calls and chatter below. All times ET. 5:46 a.m.: Guggenheim Securities upgrades GSK to buy, citing improved growth in 2024 and beyond Investors should pick up shares of drugmaker GSK , according to Guggenheim. Analyst Seamus Fernandez upgraded shares to buy from neutral and assigned a £20.31 price target, representing 21% upside to GSK’s latest close. Such a gain would take the U.S.-listed stock to around $50. “We see continued strength in GSK’s vaccine portfolio, with a strong foundation in Shingrix and growth potential in Arexvy as we predict expansion into ages 50-59 and third season data supporting repeat dosing,” Fernandez wrote in a Monday note, saying there’s “attractive upside potential in the stock” particularly if the overhang resolves from the series of lawsuits against its GSK’s heartburn drug, Zantac. The analyst added that he expects the company to post revenue upside and maintain stable margins throughout the next few years due to strong product performance. Sales of GSK’s shingles vaccination Shingrix, respiratory syncytial virus vaccine Arexvy and multiple myeloma Blenrep treatment should maintain and potentially grow sales, he added. U.S.-listed shares of GSK are up roughly 13.4% this year and have gained more than 21% over the past 12 months. — Pia Singh 5:46 a.m.: Citi downgrades Ferrari to sell The good times are over for Ferrari , according to Citi. The bank lowered its rating on the luxury sports car maker to sell from neutral. It also raised its price target on Milan-listed shares to €329 from €308, but that new forecast still implies 16% downside. Both the Milan and U.S.-listed shares have been on fire this year, soaring more than 25%. RACE YTD mountain RACE in 2024 “We understand that in equity markets that are now more concentrated in ‘quality’ stocks than ever, Ferrari could easily run further, and we may well be wrong in our timing,” analyst Harald Hendrikse wrote. “However, after a 30% rally since December, … we see the current valuation as rich and downgrade to Sell.” U.S.-listed shares of Ferrari were down more than 2% in the premarket. — Fred Imbert