Here are Friday’s biggest calls on Wall Street: KeyBanc overwhelms Apple as KeyBanc says Apple shares remain attractive. “We recommend owning AAPL. Our KFLD (KeyBank First Look data) shows that indexed spending was +2.0% m/m in August, versus the three-year average of +1.0%. Positively, QTD The data appears to be tracking +15% where September should be strong given the additional week y/y of iPhone sales.” Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it sees major increases in Tesla’s revenue from the Inflation Reduction Act. “We estimate. Tesla makes >3.1mm EVs in the US by 2030. Assuming that a $10k IRA ‘boost’ per unit could be worth $30bn to the company, roughly 50% of our $65bn FY30 auto EBIT % potential.” Jefferies Downgrades International Paper from Hold to Underperforming “We are downgrading IP and PKG to underperform and cutting projections for WRK, to reflect the massive inventory glut at ContainerBoard, with our checks also increasingly and widespread by smaller players. Indicates orders to take downtime on base.” MKM started CrowdStrike because MKM said the cybersecurity company is “in a league of its own”. “We believe CrowdStrike has the most comprehensive cloud-native platform in the industry.” Citi reiterated to Netflix as Citi raised its price target on Netflix from $275 to $305 per share, saying the streaming giant is the best way to drive streaming video-on-demand. “We expect SVOD sentiment to improve and maintain our buy ratings on both Netflix and Disney. But Netflix is our preferred way of expressing our bullish outlook on SVOD.” JPMorgan neutralizes FedEx overweight on Thursday after its disappointing earnings report JPMorgan downgraded FedEx. “More worryingly, the results were likely a material tail-wind from fuel overload similar to the F4Q22 which masks the inherent weakness in the F1Q23 results and the F2Q23 guide; it is a serious consideration to consider that express money.” May lose (ex- fuel) during the quarter.” Read more about this call here. Morgan Stanley upgrades Alcoa from similar weight to overweight Morgan Stanley said it sees “deep value” in the mining company. “Despite strong balance sheets and cheap valuations on spot prices – even, in some cases, low commodity forecasts – we are only upgrading select mining stocks where we are amidst continued macro/China recovery uncertainties. see deeper values and/or self-help stories.” Needham started Snowflake because Needham said at the start of the cloud computing company that Snowflake has a “huge scale”. “The company benefits from its cloud-native data platform, which includes (1) thanks in large part to the latest innovations in the cloud, (2) there is a large, growing opportunity in CY26 TAM that management anticipates at $248 billion. Is.” Read more about this call here. UBS reiterates to Amazon as UBS said Amazon shares remain attractive. “We feel good about AMZN shares, particularly on retail growth/margins; low on AWS. Between the census data and a possible second Prime Day, we feel good about the retail business, especially in North America.” In.” Stifel started Canu because Stifel said it sees a positive risk/reward for electric vehicle automotive startups. “We are encouraged by GOEV’s focus on the most profitable automotive market segments, such as compact SUVs, pick-up trucks and last-mile delivery.” Bank of America downgrades Adobe to neutral from buying Bank of America says it begins to have long-term concerns about the stock. “We’re moving over the edge at Adobe, and our timing is driven by receiving our second set of survey data focused on Adobe’s Creative Cloud, not the upcoming quarter. We have a more balanced look at Adobe based on our survey and channel results.” The reaction has been observed.” Read more about this call here. Bank of America downgrades FedEx to neutral from buying Bank of America downgrades FedEx as it sees volume decline “The company attributed its shortfall to higher fixed costs as volume declines (both int and US), macroeconomic trends worsened later in the quarter, and declining demand led to a decline in expenses.” Deutsche Bank reiterated Tesla as Deutsche raised its price target on Tesla from $375 to $400 per share, saying the automaker is well positioned for 2023. “We are raising our 2023 gross margin projections for Tesla and increasing our price target to $400 (from $375), as we ramp up Berlin and Texas, following our recent Berlin factory tour. and analyze the large potential cost benefits from the Inflation Reduction Act’s US battery production credits.” UBS started Baidu because UBS said at the start of China Tech Company that it sees a positive risk/reward. “We believe Baidu’s risk/reward appears attractive, as investors underestimate its new initiatives in the cloud and cars.”
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