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Here are Friday biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight Morgan Stanley said it’s standing by Apple shares after its earnings report on Thursday. “Dec Q EPS are largely unchanged as record margins offset rev miss. Remain guarded NT until we get greater clarity on iPhone demand and the DOJ vs. GOOGL case. But last night’s results also strengthen the LT bull case, and we expect ARPU to inflect higher once the macro storm passes.” Loop reiterates Amazon as buy Loop raised its price target on Amazon to $205 per share from $200. “We view 3Q results and commentary as strong support for our thesis on retail margin headroom as unit economics continue to normalize. Berenberg downgrades Estee Lauder to hold from buy Berenberg downgraded the stock after its disappointing earnings report earlier this week. “As we reflect on our investment thesis on Estée Lauder from 13 June, trends have not unfolded as we had expected.” Piper Sandler upgrades Omnicell to overweight from neutral Piper said it sees an attractive entry point for shares of the multinational healthcare tech company. ” OMCL reported a 3Q23 beat and lowered CY23 revenue, adjusted EBITDA and bookings guidance citing tepid demand and end market challenges.” KeyBanc upgrades Uber to overweight from sector weight Key said it’s getting bullish on the stock heading into earnings next week. “Ahead of earnings next week (11/7), we are upgrading shares of Uber from Sector Weight to Overweight with a PT of $60.” Deutsche Bank upgrades Molson Coors to hold from sell Deutsche said in its upgrade of the beverage company that the risks are priced in. “While investor concerns around TAP’s ability to comp FY23’s robust growth and the potential for margin degradation in a more intense competitive environment in FY24 remain valid and reasonable, we see these risks as now adequately discounted in current valuation.” HSBC upgrades Moderna to hold from reduce HSBC upgraded the biotech company after its earnings report and said that the “downside has played out.” ” Moderna’s 2024 guidance of a minimum of USD4bn revenue (COVID-19 driven) was below our bearish expectation.” KeyBanc downgrades Bill.com to sector weight from overweight Key said it sees too many headwinds for the payment processing company. “We are downgrading Bill.com to Sector Weight from Overweight as we believe macro headwinds/sentiment will continue to challenge the NT [near term] performance of shares. Morgan Stanley reiterates WW as overweight Morgan Stanley named the company formerly known as Weight Watchers as a top pick after its earnings report. ” WW delivered better-than-expected core and Sequence subscriber growth with strong marketing efficiency. The concern on lower ARPU seems overblown as we believe the miss was largely shifted into FY24 and see this as a buying opportunity.” Wolfe upgrades Rapid7 to outperform from peer perform Wolfe upgraded the cybersecurity company after its earnings report. “We recap 3Q results from Rapid7 (RPD) where ARR, [annual recurring revenue] revenue and profitability topped expectations and management reiterated the full year outlook on the top line while raising profitability expectations.” Mizuho reiterates Nvidia as buy Mizuho named the stock as a top pick in November. “With the push for greater AI adoption, we believe NVDA could potentially see a ~$65B revenue opportunity by C27E, up > 4x from the $15B we saw in F23.” JPMorgan downgrades Fox to neutral from overweight JPMorgan said the media giant’s long-term strategy is “unclear.” “While FOX reported solid F1Q24 results, we downgrade shares to Neutral (from Overweight) and lower our 2024 price target to $36 (from $40) on more conservative long-term assumptions.” Stifel downgrades Papa John’s to hold from buy Stifel downgraded the stock after its earnings report on Thursday. “Despite delivering better-than-expected N.A. comp and margin performance driven by transaction growth, PZZA posted disappointing 3Q EPS due to greater-than-expected dilution from the recently acquired franchise stores in the U.K.” Raymond James upgrades Regeneron to outperform from market perform Raymond James said it sees “positive momentum” heading into 2024 for the biotech company. “We upgrade our recommendation of REGN to Outperform and establish a $950 price target.” Barclays reiterates Coinbase as underweight Barclays said it’s sticking with its underweight rating on the crypto company despite a better than expected earnings report. ” Coinbase printed a Q3 top- and bottom-line beat. Retail transacting yield increased again, driven by mix, though October appears to have seen this shift back a touch with the all-in yield a bit lower M/M on stronger revenues.” Morgan Stanley reiterates Carvana as underweight Morgan Stanley said it’s sticking with its underweight rating on the stock after its earnings report on Thursday. ” CVNA delivered a 13% beat in Retail GPUs [gross profit per unit] vs. consensus expectations, while missing Wholesale GPU consensus by 17%.” Canaccord downgrades Peloton to hold from buy Canaccord downgraded Peloton after its earnings report citing uncertain fundamentals. “As such we are lowering our rating to HOLD, and while we recognize this is quite late, we prefer to revisit the stock when fundamentals are more firmly pointing towards growth.” Evercore ISI downgrades Fortinet to in line from outperform Evercore downgraded the cybersecurity company after its earnings report. “We are shifting our rating on FTNT to In Line (vs. Outperform previously) following their Q3 revenue/billings miss and guide down (attributable to slowdown in firewall market and sales/marketing challenges).” Redburn Atlantic Equities names First Citizens Bancshares as a top pick Redburn said the regional bank has differentiated “deep value.” “First Citizens delivered an excellent Q3 result with pre-provision profit 21% ahead of consensus. Longer term, its deep value acquisition strategy sets the firm apart from its banking peers. JPMorgan reiterates Starbucks as overweight JPMorgan said the coffee giant is “still one to buy” after its earnings report on Thursday. ” SBUX posted strong 4Q23 results, gave an apparently achievable F24 guide on moderated comps and more realistic F25+ goals.” Guggenheim upgrades Generac to buy from neutral Guggenheim upgraded the stock after a recent conservation with company management. “Although results were generally in line with our expectations and the 2023 outlook was unchanged, GNRC appears to be nearing the end of the home standby inventory work down that has been a headwind for the business since the middle of last year.” Citi upgrades Cedar Fair and Six Flags to buy from neutral Citi said it sees “significant additional value from a potential merger of equals” for the amusement park companies. “We are upgrading shares of Cedar Fair from Neutral to Buy with a $46 price target and Six Flags from Neutral to Buy with a $26 price target, as we see solid value from these companies on a standalone basis as we exit the 2023 season and significant additional value from a potential merger of equals, the intentions of which were announced on Thursday.”
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