Here are the biggest calls on Wall Street on Friday:
UBS downgrades Tesla to sell from neutral
UBS said it has a “lack of visibility” right now for Tesla shares.
“While TSLA is investing heavily in AI and the tech is making progress, investment is costly, pace of improvement may slow and the payoff is long dated. If market enthusiasm for AI diminishes, this may impact TSLA’s multiple.”
Wolfe initiates Spotify as outperform
Wolfe said the streaming company is a market leader.
“We initiate coverage of Spotify (SPOT) with an Outperform rating and a $390 12-mo. forward Price Target (28% upside).”
Bernstein reiterates Apple as outperform
Bernstein said Apple should “benefit from healthy iPhone revenue growth over the next 1 - 2 years.”
“We continue to believe that FY 25 should be a strong iPhone cycle, as upgrade rates improve, given an aged installed base and compelling forthcoming AI functionality.”
Citi upgrades Array to buy from neutral
Citi said in its upgrade of the solar tech company that long-term trends are intact and the selloff is overdone.
“ARRY shares are down >40% this year, likely on fears of project push-outs unexpected CFO change, potential NT margin pressure due to freight costs, and ASP [average selling price] declines.”
Bank of America reiterates Micron as buy
Bank of America said it’s sticking with its buy rating after a series of constructive management meetings. The stock sits on the firm’s US1 top ideas list.
“We maintain Buy and note MU’s recent inclusion in BofA’s US1 list.”
Morgan Stanley reiterates Starbucks as overweight
Morgan Stanley lowered its price target to $98 per share from $104, but says it’s sticking with its overweight rating on Starbucks.
“After last quarter’s big cut, there is much going on to try to turn around the business, but we think most would endorse the company’s comments that, at best, this will take time, clouding the near-term investment case.”
Barclays initiates Revolution Medicines as overweight
Barclays said it’s bullish on shares of the biotech company.
“We are initiating on Revolution Medicines (RVMD) with an OW rating ahead of two value-inflecting data readouts in 2H24.”
JPMorgan reiterates Netflix as overweight
JPMorgan raised its price target on the stock to $750 per share from $650.
“We remain positive on Netflix shares heading into 2Q earnings on Thursday, 7/18, while also recognizing high expectations.”
JPMorgan reiterates Amazon as overweight
JPMorgan said it’s bullish heading into Amazon’s Prime Day event next week. The firm has Amazon as a best idea.
“Subscription/Prime member acquisition, or other parts of the Prime ecosystem, though we believe Prime Day’s financial benefits extend well beyond the 2-day event period.”
Benchmark reiterates Nvidia as buy
Benchmark raised its price target on Nvidia to $170 per share from $135.
“Positive Take-Aways from Fireside Chat, Demand Continues to Outstrip Supply; Reiterate Buy, PT to $170 vs $135.”
Citi reiterates Western Digital as buy
Citi added an upside catalyst watch on shares of the digital storage company and says it sees “gross margin improvements.”
“We additionally add an upside 90-day short-term view on WDC on increased confidence in robust NAND pricing and under shipment to demand, supporting WDC flash gross margin improvements, while our sum-of-the-parts analysis suggests further potential to unlock value as the Flash business is spun off later this calendar year.”
Benchmark upgrades Booking Holdings to buy from hold
Benchmark said long-term trends are stabilizing for the travel online website.
“We are raising our rating on Booking Holdings (BKNG) to Buy from Hold and establishing a new $4,700 per share price target.”
BTIG initiates Carvana as buy
BTIG said the online used car company has a “compelling future.”
“We are initiating coverage on Carvana Co. with a BUY rating and $155 PT.”
Baird downgrades Visteon to neutral from outperform
Baird said in its downgrade of the auto tech parts supplier that it’s concerned about decreasing auto production.
“We are also downgrading VC to Neutral (wall of worry amid increased LVP [light vehicle production] risks now appears too steep to climb).”
Jefferies initiates J. Jill as buy
Jefferies said the clothing retailer is underappreciated.
“We think the market under-appreciates JILL’s sustainability and operational discipline to drive continued profitable growth.”
Jefferies upgrades Inter Parfums to buy from hold
Jefferies said shares of the fragrance company are “oversold.”
“We upgrade IPAR to Buy based on our view that the shares are oversold.”
Piper Sandler reiterates Microsoft, Monday.com & Oracle as overweight
Piper said it has its “highest conviction” in these three stocks.
“However, there are still pockets of strength. Accelerating IaaS [infrastructure as a service] spend on AI tailwinds should benefit MSFT and ORCL. Healthy demand for workflow builder tools and new pricing has sustained strong momentum at MNDY.
Deutsche Bank reiterates Block as buy
Deutsche raised its price target on the stock to $98 per share from $90 and says it’s the “best house in [a] tough neighborhood.”
“Despite weak stock performance by payment peers, we believe SQ continues to shine fundamentally with one of the few beat and raise stories in the sector.”
Morgan Stanley reiterates DraftKings as overweight
Morgan Stanley said it’s sticking with the gaming company as a top idea.
“We stay OW DKNG (Top Pick) where we tweak our ests but stay above cons/guide & still expect a capital return catalyst.”
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