the club on friday is updating five price targets for stocks in the portfolio to reflect recent developments at the companies and broader macroeconomic trends were also adding a new stock to the bullpen while reiterating our support for morgan stanley amid the recent upheaval in the banking sector meta were increasing our price target on meta platforms meta to 220 per share from 195 this new target represents about 18times 2024 earnings estimates over the last two months analysts have steadily increased their earnings estimates on meta and the stock has appreciated alongside those revisions to above our previous target since jan 31 the day before meta announced fourthquarter results  the consensus earningspershare eps estimate for 2023 has moved up about 24 to 10 from 808 per share for 2024 the consensus eps estimate has risen 2 to 1239 from 1014 a share the driving forces behind those analyst revisions are the companys emphasis on improving efficiency through a second round of layoffs  controlling its costs by reducing its 2023 expenses outlook and most recently signs of socalled green shoots at its advertising business for its family of applications thats a result of the continued monetization of its reels shortform video offering on facebook and instagram along with the easing of adtargeting headwinds the two fundamental ingredients that drive higher stock prices are earnings and the valuation multiple investors are willing to pay for those earnings generally higher earnings are our preference of the two sometimes multiple expansion is just a great fool theory in essence you are buying a stock because you think someone else will pay more for it in the future but when earnings are up its because the value of the company is increasing with estimates pushing higher we think the rally in meta still has more room to run prompting us to raise our price target nvidia were increasing our price target on nvidia nvda to 300 per share from 240 this new target puts nvidias valuation at a pricey 67times the consensus eps estimate for next year but the chipmaker is uniquely worthy of such a premium because it is the unrivaled leader in accelerated computing and artificial intelligence ai which is finally at an inflection point after having what ceo jensen huang called its iphone moment nvidia has previously said generative ai which includes applications like openais chatgpt has a total addressable market of 600 billion split between hardware and software indeed with the channel inventory correction in gaming largely behind nvidia and new orders for its h100 graphics processing unit gpu accelerating to support generative ai its likely that earnings estimates this year are too low energy were reducing our price targets on coterra energy ctra devon energy dvn and pioneer natural resources pxd to reflect the lower prices of both oil and natural gas for all three names we are lowering our price targets to the consensus price according to factset that means reducing devon energy to 68 per share from 82 coterra energy to 30 per share from 40 and pioneer to 259 per share from 300 were also downgrading devon to a 3 rating  meaning well look to sell shares into strength part of a broader move to consolidate our energy holdings and free up space in the portfolio our rationale behind keeping pioneer is its higher dividend yield of 118 compared with devons 76 yield with coterra we support its shift to focus on share repurchases over paying out a variable dividend favoring buybacks over dividends make more sense to us with the stock down more than 30 from last years high bullpen the newest addition to our bullpen is foot locker fl the sneakers and athleticwear retailer plays a large role in the 80 billion sneaker market which has been growing at a midsingle digit clip thanks to three big tailwinds according to the company the first is mass casualization whereby hybrid work and new norms of wearing sneakers with dress clothes have boosted sneaker sales the second is traditional and new performance sneaker brands becoming fashion statements and the third tailwind is the rise of sneakers as a vehicle of individual expression in the 2021 piper sandler spring teen survey 25 of teens identified as a sneakerhead or a sneaker enthusiast that is likely to own multiple pairs but the rising tide of sneakers hasnt lifted all ships foot locker has struggled over the past few years because it was mostly thought of as a reseller of nike nke which has shifted gears to double down on its own directtoconsumer business foot locker has also been a victim of the shift to shopping on ecommerce platforms given its large presence in malls foot locker needed a change and in september the company appointed retail industry veteran mary dillon the former ceo of ulta beauty ulta as its new ceo on monday dillon unveiled foot lockers new lace up strategy in conjunction with its fourthquarter results and investor day event while stopping by mad money to talk with jim cramer dillon is hitting the reset button in 2023 in order to put the business on a path towards sustainable growth to do this management plans to diversify its brand mix to offer more sneaker choices to become less beholden to nike optimize its store footprint by exiting 400 underperforming stores launch new store concepts and accelerate investments in technology and its loyalty program but all these actions will come at a price with management expecting 2023 earnings to be down 30 we dont want to make light of how big this haircut to earnings will be but as foot lockers growth initiatives and cost savings programs play out it should quickly return to growth in 2024 and in the years after that managements financial targets look very robust in 2024 through 2026 management expects annual sales growth of 5 to 6 with comparable sales growth of 3 to 4 and earnings before interest and taxes ebit margins reaching 85 to 9 by the end of 2026 for comparison ebit margins are expected to be 57 in 2023 after including share buybacks every year foot locker sees its adjusted eps growing by a lowtomidtwenties percentage rate annually from 2024 to 2026 for a stock that currently trades at about 11times earnings this isnt growth at a reasonable price its growth at a very cheap price of course a pricetoearnings multiple that low implies some skepticism around foot lockers ability to make good on its goals turnarounds are never easy and the company continues to face headwinds from nike and its traditional mall presence so its now up to dillon to deliver but if she can do for foot locker what she achieved at ulta beauty footlockers shares can go much higher and in the interim the companys current 4 dividend yield represents a solid payment to hold us over morgan stanley we continue to see great value in the morgan stanley ms franchise but havent added to our position because we already own so much and cant meaningfully improve our cost basis while the stock is in the 80spershare range we would like to see it go a little lower with a dividend yield closer to 4 as we await a resolution to the troubles at first republic bank frc despite the challenges facing regional and community banks morgan stanley should still emerge as a net winner from the ongoing turmoil along with other big banks morgan stanley committed 25 billion of uninsured deposits to first republic bank in a likely sign that ms saw inflows since the collapse of silicon valley bank two weeks sparked the current uncertainty furthermore morgan stanleys business model is driven by wealthandassetmanagement fees and is less reliant on collecting deposits and issuing loans see here for a full list of the stocks in jim cramers charitable trust as a subscriber to the cnbc investing club with jim cramer you will receive a trade alert before jim makes a trade jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trusts portfolio if jim has talked about a stock on cnbc tv he waits 72 hours after issuing the trade alert before executing the trade the above investing club information is subject to our terms and conditions and privacy policy  together with our disclaimer  no fiduciary obligation or duty exists or is created by virtue of your receipt of any information provided in connection with the investing club no specific outcome or profit is guaranteed