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Here are Friday’s biggest calls on Wall Street: Evercore ISI upgrades Expedia to outperform from in line Evercore said in its upgrade of the stock that it sees “revenue growth acceleration.” “We view EXPE to be at a fundamental inflection point, with probable revenue growth acceleration and EBITDA Margin expansion in 2024, and this is not captured in current Street estimates.” Evercore ISI downgrades Airbnb to in line from outperform Evercore said the stock is not as compelling as it was. “We are downgrading shares of ABNB from Outperform to In Line, as we see a less compelling risk/reward outlook on the stock at this price level.” Roth MKM downgrades ChargePoint to neutral from buy Roth said it’s concerned about weak demand for charging equipment. “We are downgrading shares of ChargePoint to Neutral from Buy. CHPT will post weak F3Q24 results on generally weak macro demand for EV charging hardware from below-trend EV sales velocity.” Wolfe upgrades Roblox to peer perform from underperform Wolfe upgraded the stock after its investor day. ” RBLX provided more color on its long-term financial framework and more details on its advertising opportunity at its Investor Day yesterday. With increased confidence in durable bookings growth and margin expansion, we are upgrading to Peer Perform.” UBS upgrades Pacific Biosciences to buy from neutral UBS said the biotech company has growth potential. “We see an attractive Buying opportunity as our reverse DCF suggests the current valuation implies a 31% discount to our NTM [next twelve months] revenues and believe positive commentary and execution over the near term will be the catalyst for the stock to re-rate towards a 9x multiple as investors appreciate the new growth profile.” Citi reiterates Microsoft as buy Citi said it’s standing by its buy rating on the stock. “To be clear, MSFT remains our preferred megacap name as we see a durable multi-year product cycle driving sustained DD top-line/bottom line growth; we just see many of the catalysts that we were excited about into year-end in the rear view.” Barclays downgrades GitLab to equal weight from overweight Barclays said it’s awaiting a better entry point for the software company. “We are cautious NT given a tougher setup at a premium valuation, and another step down in billings growth could drive more questions around 4Q renewals/ competition (and before price increase benefits fully hit revs.).” JPMorgan upgrades Hubbell to overweight from neutral JPMorgan said in its upgrade of the electronics company that Hubbell is a “visible GARP story.” “With the stock trading back below its historical average parity multiple, at a 5-10% discount on our 25 estimates, we are moving to an Overweight rating on what we see as a relatively visible GARP story. HSBC initiates Intuitive Surgical as buy HSBC said the surgical robot company has a “wide moat.” ” Intuitive Surgical , the industry pioneer, launched the first da Vinci surgical robot system in 2000; as of 2020, the company had a global market share of 80%.” Morgan Stanley reiterates Carvana as underweight Morgan Stanley said Carvana is making progress, but it’s not yet enough to recommend the stock. “High (and growing) levels of leverage and some real-time signs of deteriorating auto credit keep us UW. Raymond James initiates Cava as market perform Raymond James started coverage of the Mediterranean restaurant chain with a market perform mainly on valuation. “We are initiating coverage of CAVA with a Market Perform rating as our bullish view of the brand’s key points of differentiation and attractive long-term growth opportunity is offset by the stock’s premium valuation to peers and our DCF fair value estimate of $31/share Citi upgrades Zoom to neutral from sell Citi said it sees a more balanced risk/reward outlook. “Upgrading ZM to a Neutral/High Risk rating from Sell/H. We see more balanced risk/reward with the stock sitting below our target price and near trough multiples, with most of our downgrade concerns playing out.” Redburn Atlantic Equities downgrades Air Products to sell from buy Redburn said in its downgrade of the stock that it’s concerned about slowing growth. “Meanwhile, base business growth is slowing and FY24 guidance looks ambitious. We lower our 12-month price target to $240 and downgrade APD to Sell.” Piper Sandler reiterates Nvidia as overweight Piper said it’s bullish heading into earnings next week. “Currently, one of the best places of investments for NVDA outside of business needs in our view is the $25B worth of buybacks announced in August. We believe that NVDA will continue with this program, providing further tailwinds to the model.” Morgan Stanley upgrades Analog Devices to overweight from equal weight Morgan Stanley said the bottom is in sight for the semiconductor company. “As we enter the later stages of a downcycle, we cut numbers on ADI – but upgrade the stock as the severity of the current downturn should point to a bottom in 2Q24 – down 20-25% from peak.” Baird initiates Coherus BioSciences as outperform Baird said in its initiation of the biotech company that Coherus is well positioned. “Broad commercial pipeline positioned for accelerating growth.” Truist initiates Dick’s as buy Truist said in its initiation of the stock that it sees an attractive buying opportunity. ” Dick’s Sporting Goods’ shares are down (~22%) since 2Q23 EPS (vs. a ~flat S & P 500), which we believe presents a compelling buying opportunity for the largest sporting goods retailer in the US.” Truist initiates Lululemon as buy Truist said the retailer is a “strong brand with high visibility.” “We believe Lululemon has some of the strongest brand loyalty in the activewear industry as its direct to consumer (DTC) model enables it to invest more in product & foster deeper customer relationships.” JPMorgan downgrades Zim Integrated to neutral from overweight JPMorgan said the cargo shipping company is going to underperform. “We have downgraded ZIM to Neutral. We expect the group to underperform peers from a profitability perspective over the next 2-3 years, due to the high costs related to ship charters.” Piper Sandler initiates Kimberly-Clark as overweight Piper said in its initiation of the consumer products company that Kimberly-Clark is entering a “new stage.” “While our OW rating is a non-consensus view, expectations are already weak with the stock trading ~4x off its 2022/2023 average, and we see the company as entering a new stage post-Covid focusing on new and margin-accretive offerings and finding efficiencies in all parts of the business.”
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