Here are Tuesday’s biggest analyst calls: Apple, Nvidia, Coinbase, Tesla, Meta, Exxon, Microsoft & more
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Here are Tuesday’s biggest calls on Wall Street: Cantor Fitzgerald initiates Nvidia as buy Cantor said in its initiation of Nvidia that the stock is a top pick at the firm. “Generative AI – Just 12 Months in, We Are Just Getting Started.” Citi reiterates Meta as buy Citi raised its price target on Meta to $440 per share from $425 and said it’s still a top pick. “With the broader online advertising environment strengthening in 4Q, our Reels tracking suggesting 4Q ad load expanding (albeit at a slower pace), and our view that newer ad products are attracting greater demand, we reiterate our Buy rating and raise our TP to $440 on Top-Pick META .” Bank of America adds Apple to the US1 list Bank of America added the stock to its top picks list. “We are adding Apple Inc ( AAPL) to the US 1 List.” TD Cowen downgrades Chevron to market perform from outperform TD said its concerned about share underperformance for Chevron. “Underperformance could continue for at least another year given potential for Permian to miss 4Q23 guide, the market discounting cash uplift from its largest project as a result of execution risk, and limited cash from HES deal until 2027.” TD Cowen upgrades Exxon to outperform from market perform TD says shares of Exxon are “compelling.” “We see more compelling upside as the stock has declined with an unchanged valuation.” Wells Fargo downgrades Bill.com to equal weight from overweight Wells said its downgrade of the payment company that “macro & micro uncertainties [are] stacking up.” “Despite shares trading well below historical levels, we believe BILL faces a growing list of risks which make it difficult to be overly constructive at this time.” Jefferies upgrades Teva to buy from hold Jefferies said in its upgrade of Teva that it sees several positive catalysts ahead for the pharmaceutical company. “Upgrade to Buy as we are bullish heading into ’24 guide given consensus rev ests look conservative despite several tailwinds at play.” Citi adds TKO to the focus list Citi added the entertainment company to its focus list and says it sees an attractive risk/reward. “And many investors are unwilling to buy TKO ahead of WWE’s Raw renewal (as it’s viewed as a negative potential catalyst). At prevailing levels, we see a 3:1 risk-reward.” Truist upgrades Sunnova and Enphase to buy from hold Truist upgraded several solar stocks on Tuesday and said they may have finally found a bottom. “While we’ve surely not seen the end of volatility in the group, we see meaningful upside opportunity moving into the fed rate cut cycle particularly for the resi solar group, while we see incremental downside risk to more nascent industries like hydrogen/fuel cells. With our 2024 outlook we update our thoughts/ests for the group, u/g NOVA & ENPH to Buy, & d/g BE to Sell.” JPMorgan downgrades Coinbase to underweight from neutral JPMorgan said in its downgrade of the stock that the Bitcoin ETF will “disappoint market participants.” “While we continue to see Coinbase as the dominant U.S. exchange in the crypto ecosystem and a leader in cryptocurrency trading and investing globally, we think the catalyst in Bitcoin ETFs that has pushed the ecosystem out of its winter will disappoint market participants.” Wells Fargo initiates NRG Energy as overweight Wells said it’s bullish on shares of the energy company. “While not without risk, we are on board with NRG’s transition toward an energy services-centric strategy as it could result in a more durable EBITDA outlook with better growth prospects.” Goldman Sachs upgrades Zuora to buy from neutral Goldman said it sees an attractive risk/reward for the cloud based subscription company. “Expect ZUO’s multiple to improve as management executes against conservative revenue guidance and continues to exercise incremental cost discipline.” JMP initiates Safehold as buy JMP said it’s bullish on shares of the real estate investment trust company. “We are positive on the long-term, low-risk nature of SAFE’s cash flows, with a 92-year average lease term remaining.” Wells Fargo downgrades SiriusXM to underweight from equal weight Wells said in its downgrade of the stock that the merger with Liberty media “clouds the valuation.” “Recall that last summer SIRI squeezed some +40% in a day, perhaps because the tradeable float is so thin (Liberty Media owns > 80% of SIRI shares – the merger will improve liquidity immensely). Since the merger announcements, the valuation and stock price have gone to 11x+ EV/EBITDA and ~$5.50/sh, respectively.” Oppenheimer initiates Flywire as outperform Oppenheimer initiated the payments company with an outperform rating and said Flywire is a growth stock. “Initiating coverage with Outperform, given the stock’s recent sell-off and hard-to-replicate high average ticket model, while 2024/2025FYE consensus revenue and adj. EBITDA margins look low.” JPMorgan downgrades Bloomin’ Brands to neutral from overweight JPM said in its downgrade of the owner of Outback Steakhouse that it sees too much uncertainty. ” BLMNs angle seems to be around menu simplification + a ‘back to basics’ type of operational reset to allow the brands to recapture some past glory.” UBS downgrades Philip Morris to sell from buy After a change in analyst coverage, UBS downgraded Philip Morris due to concerns about missing tobacco volumes. “Our detailed analysis, suggests the company could fall short of its 180-200bn heated tobacco volume target in 2026, as the category begins to slow. We believe this would reduce PMI’s current valuation premium to peers.” Morgan Stanley reiterates Microsoft as overweight Morgan Stanley raised its price target on the stock to $450 per share from $415. “Our survey work and channel conversations suggest Microsoft’s strong positioning for GenAI getting even stronger into CY24.” Evercore ISI upgrades Duke Energy to outperform from in line Evercore said it sees an attractive risk/reward for the utility company. “We see DUK as the best total return potential amongst regulated large cap names (SO;DUK;AEP and D). The company has a much cleaner story post non-regulated renewable asset sale and North Carolina rate case outcome.” Guggenheim reiterates Tesla as sell Guggenheim says it’s sticking with its sell rating on Tesla heading into earnings on Wednesday. “A considerable amount of our calls over the last 2-3 months focused on how TSLA will guide with respect to 2024 units, and what is reasonable from a pricing/margin perspective.” Evercore ISI downgrades Aflac to underperform from in line Evercore downgraded the insurance stock mainly on valuation. “We are downgrading our rating on AFL from In Line to Underperform following a solid 2023 performance year for the stock.” Roth MKM names Boston Beer a top pick Roth said the beverage company is a top pick in 2024. “Top-Pick Boston Beer has three primary avenues leading to a 4Q beat and 2024 guidance above consensus (~$11 in EPS): 1) volume inflection led by Twisted Tea and portfolio mix; 2) input costs nearing deflation (on constant volume basis); and 3) production shifts to in house.” Stephens downgrades Tractor Supply to equal weight from overweight Stephens downgraded the stock mainly on valuation. “With this note we are downgrading TSCO from OW to EW as valuation has meaningfully expanded in recent months, making the near-term risk/reward more balanced.”
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