Here are Tuesday’s biggest analyst calls: Nvidia, Meta, Boeing, Eli Lilly, Disney, Coca-Cola, Grindr & more
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Here are Tuesday’s biggest calls on Wall Street: Oppenheimer reiterates Nvidia as outperform Oppenheimer said it’s sticking with its outperform rating on shares of Nvidia. “We continue to favor structural growth for long-term outperformance. Top picks are NVDA, MPWR, MRVL and AVGO.” JPMorgan adds HealthEquity to the focus list JPMorgan said shares of the health care management company are “compelling.” “We view HealthEquity as a compelling overweight given the strong fundamental trajectory over the next 3 years and are adding the name to the Analyst Focus List as a growth pick with a positive view.” Argus upgrades McCormick to buy from hold Argus said the food manufacturer it will benefit from new products. “We think McCormick can reverse weak volume in some regions, and expect it to benefit from new products, enhanced packaging and its ability to narrow price gaps between it and private-label brands.” Needham reiterates Disney as buy Needham said it’s standing by its buy rating on the stock despite the proxy battle with Nelson Peltz. “We believe DIS is already doing the right things to improve its growth prospects and to right-size its cost structure. We believe Trian and Blackwells have added urgency to the turnaround, but not substance. Since we believe the vote will be close.” Melius downgrades Boeing to hold from buy Melius said in its downgrade of the stock that the company is in need of a restructure. “Overall, we believe Boeing is headed for, and in need of, a multi-year restructuring. Negative newsflow is also unlikely to abate and will continue to be an overhang on the stock.” Citi names Coca-Cola as a top pick Citi said sales growth is looking strong for the beverage giant. “We are moving Coca-Cola (KO) to top overall pick as we see a strong OSG [organic sales growth] outlook both near-term and long-term with stronger pricing power vs. peers and high EM exposure, and we see the imminent appeal to the IRS tax case as a potential clearing event with investors focusing back on fundamentals.” Wedbush downgrades Lennar and D.R. Horton to underperform from neutral Wedbush downgraded several homebuilders following what it sees as weak seasonal homebuilder demand. “We are downgrading the shares of LEN, DHI, CCS, MTH, and LGIH to UNDERPERFORM from NEUTRAL and lowering our PTs.” RBC initiates GE Vernova as buy RBC said it’s bullish on shares of the General Electric spinoff. ” GEV participates across the electrification value chain providing the company with unique perspective and enables it to be an early mover in responding to the growing complexity and demand of electrical networks.” Citi reiterates Eli Lilly as buy Citi said the biopharma company is “riding the GLP-1 rocket.” “We have increased our PT from $675 to $895, reflecting increased anticipated risk-adjusted peak sales for LLY’s oral small molecule GLP-1 agonist orforglipron as mono/ fixed dose combination.” Bank of America reiterates Meta as buy Bank of America raised its price target on Meta to $550 per share from $510. “Internet multiples have room to run in 2024 with rate cut.” Citi downgrades Clorox to neutral from buy Citi said that the bullish thesis for the stock has largely played out for now. “We are downgrading Clorox ( CLX) to Neutral from Buy as we believe our call for a quick recovery post the August 2023 cybersecurity incident has largely played out, with the pace of shelf space and market share recovery expected to slow in FQ3 and more tied with the spring shelf space resets in FQ4.” Citi upgrades Estee Lauder to buy from neutral Citi said it sees a “topline inflection point” for the stock. “We are upgrading EL to Buy-rated from Neutral as we believe the company is nearing a topline inflection point as channel inventories in Asia Pac Travel Retail are normalizing and EL is closer to balanced sell-in/sell-through.” Barclays upgrades Array Technologies to overweight from equal weight Barclays said it sees share gains for the solar company. “While ARRY encountered some execution mishaps last year which resulted in market share losses, we think we see some green shoots to indicate that it will be much more competitive on a go-forward basis, which could materialize in it taking back some share.” Barclays upgrades Moody’s to overweight from equal weight Barclays said it’s getting more constructive on shares of the global markets and ratings company. “As such we upgrade MCO to OW but still prefer SPGI given a similar $M revenue uplift, lower valuation…” Barclays upgrade Eaton to equal weight from underweight Barclays said there are better values in electrical stocks elsewhere but that it’s upgrading Eaton regardless. “The stock looks set to enjoy among the highest organic sales growth rates in the MI [multi industry] sector in the next few years; this, coupled with the widespread perception that this growth is ‘secular’ in nature, means that a sharp valuation multiple compression may not occur for some time.” JMP initiates Grindr as market outperform JMP said it’s bullish on shares of the dating app company. ” Grindr Inc. is a leading dating app focused on the GBTQ+ community, and we expect its position to strengthen as it continues to convert its large network of highly engaged users to paying users.” Piper Sandler initiates Q32 Bio as overweight Piper said in its initiation of the biopharma company that it’s bullish on shares of Q32. “Initiating at OW; Emerging Inflam [inflammatory] Story With Meaningful Near-term Catalysts.” Barclays downgrades Nio to underweight from equal weight Barclays said in its downgrade of the stock that it’s concerned about weakening sales. “Weaker March sales suggest NIO’s troubles in selling its 2024 models (launched in March), putting its 2024 FY consensus estimates at significant risk.” CFRA upgrades DoorDash to buy from hold CFRA said in its upgrade of DoorDash that it sees “financial strength.” “We lift our 12-month target to $158 from $110 on a P/E of 40x our 2025 EPS view, above peers, reflecting financial strength (net cash of $4B) and higher growth.” Goldman Sachs initiates Olema Pharmaceuticals as buy Goldman said the biopharma company has “best in class” potential. “We are initiating coverage of Olema Pharmaceuticals (OLMA) with a Buy rating and a $24 target price.” UBS downgrades Blackstone to neutral from buy UBS downgraded the stock due to what it sees as a longer recovery. “We are downgrading BX to Neutral and lowering our PT to $135, driven mainly by lower estimates.” UBS upgrades Blue Owl to buy from neutral UBS said in its upgrade of the capital markets company that it sees a “positive inflection across fundraising channels.” “OWL’s fundraising has turned a corner across asset classes and distribution channels, with total capital raised of $6.2 bn in 4Q23 vs $15.8bn for the full year, including $3.6 bn vs $8.9 bn in wealth management and $2.6 bn vs $6.9 bn in institutional.” Bank of America downgrades Petco to underperform from buy Bank of America said it’s concerned about share erosion. “We downgrade Petco (WOOF) from Buy to Underperform and lower our PO to $1.50 (from $5.00). We think Petco has lost much of its competitive bite. Its market share has eroded meaningfully (from 7% in 2015 to 4% today,” Bank of America downgrades FIGS to underperform from neutral Bank of America said in its downgrade of the surgical wear company that it sees “curtailed” sales growth. “We think COVID caused a pull-forward in demand for scrubs, creating outsized growth and margins for FIGS.”
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