Here are Tuesday’s biggest calls on Wall Street: Oppenheimer reiterates that Nvidia is outperforming. Oppenheimer said it is sticking with its outperform rating on Nvidia shares. “We continue to favor structural growth for long-term outperformance. The best choices are NVDA, MPWR, MRVL and AVGO.” JPMorgan adds HealthEquity to its focus list JPMorgan said the healthcare management company’s shares are “attractive.” “We view HealthEquity as a compelling consideration given its strong fundamental trajectory over the next three years and are adding the name to the Analyst Focus List as a growth pick with a positive view.” Argus upgrades McCormick to buy out of the hold. Argus said the food manufacturer will benefit from new products. “We believe McCormick can turn around weak volume in some regions and expect the company to benefit from new products, improved packaging and its ability to reduce price gaps between the company and private label brands.” Needham echoes Disney as Needham said it is sticking to 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 get its cost structure right. We believe Trian and Blackwells have added urgency to the turnaround, but not substance. Because we think the vote will be close are.” Melius downgrades Boeing not to buy Melius said in his share downgrade that the company needs restructuring. “Overall, we believe Boeing is moving toward, and needs, a multi-year restructuring. It is also unlikely that the negative news flow will subside and remain an overhang on stocks.” Citi names Coca-Cola as top pick Citi said sales growth looks strong for the beverage giant. “We are moving Coca-Cola (KO) to the top pick as we see strong OSG [organic sales growth] prospects for both the short and long term, with stronger pricing power versus peers and high exposure to emerging markets, and we see the upcoming IRS tax case call as a potential clearing event, with investors refocusing on will focus on fundamentals.” Wedbush downgrades Lennar and DR Horton underperforms from neutral Wedbush has downgraded several homebuilders following what it sees as weak seasonal demand for homebuilders: “We are downgrading shares of LEN , DHI, CCS, MTH and LGIH from NEUTRAL to UNDERPERFORM and lower our PTs.” RBC Initiates GE Vernova RBC said it is bullish on the shares of General Electric’s spinoff.” GEV participates across the entire electrification value chain, giving the company a unique perspective and allowing it to be an early mover in responding to the growing complexity and demand of electric grids.” echoed Eli Lilly while Citi said the biopharmaceutical company ‘ is on the GLP-1 rocket.’ “We have increased our PT from $675 to $895 to reflect increased expected risk-adjusted peak sales for LLY’s oral small molecule GLP-1 agonist or forglipron as a mono/fixed dose combination.” Bank of America reiterates Meta as Bank of America raised its price target for Meta from $510 to $550 per share. “Internet multiples have room to operate in 2024 with a rate cut.” Citi downgrades Clorox to Neutral from Buy. Citi said the bullish thesis for the stock has largely come true for now. “We are downgrading Clorox (CLX) from Buy to Neutral as we believe our calls for a quick recovery from the August 2023 cybersecurity incident have largely played out, with the pace of shelf space recovery and market share is expected to slow in the third quarter and become more capped. with springboard space being reset 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 a Buy rating from Neutral as we believe the company approaching a topline inflection point as channel stocks in Asia Pac Travel Retail normalize and EL moves closer to a balanced sell-in/sell-through.” Barclays upgrades Array Technologies to overweight of equal weight. Barclays said it sees market share gains for solar energy company. “Although ARRY suffered some execution accidents last year that resulted in market share losses, we believe we are seeing some green shoots that indicate the company will be much more competitive in the future, which could manifest in taking back some of its market share.”Barclays upgrades Moody’s to overweight of equal weight.Barclays said it is becoming more constructive on shares from global markets and rating agencies. “As such, we upgrade MCO to OW, but still prefer SPGI given a $mn comparable sales increase and lower valuation…” Barclays upgrades Eaton to equal weight versus underweight Barclays said there are better values are in electricity stocks elsewhere, but that Eaton is upgrading anyway. “The stock looks set to have one of the highest organic sales growth rates in the MI [multi industry] sector in the coming years; This, coupled with the widespread perception that this growth is ‘secular’ in nature, means that there will be no sharp valuation and multiple compression for some time.” JMP initiates Grindr as the market outperforms JMP said it is optimistic about the dating app company’s stock.” 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 into paying users.” Piper Sandler Initiates Q32 Bio, as Overweight Piper said in its biopharma company initiation that is bullish on Q32 stock. “Initiate at OW; Rising inflammation [inflammatory] Story with meaningful near-term catalysts.” Barclays downgrades Nio to equal-weight underweight. Barclays said in downgrading the stock that it is concerned about weakening sales. “Weaker sales in March indicate the NIO’s difficulties in selling its 2024 models (launched in March), significantly compromising fiscal 2024 consensus estimates.” CFRA Upgrades DoorDash to Buy Out of Hold CFRA said in its upgrade of DoorDash that it is “financially strength” of 40x our 2025 earnings per share, higher than peers, reflecting financial strength (net cash of $4 billion) and higher growth.” Goldman Sachs initiates Olema Pharmaceuticals as buy Goldman said the biopharmaceutical company has “best in class” potential. “We are in the process of covering Olema Pharmaceuticals (OLMA) with a Buy rating and a $24 target price.” UBS downgrades Blackstone from buy to neutral. UBS downgraded the stock due to what it sees as a longer recovery. “We downgrade from BX to Neutral and lower our PT to $135, driven primarily by lower estimates.” UBS upgrades Blue Owl to buy from neutral UBS said in its upgrade of the capital markets business that it sees a “positive turnaround in fundraising channels.” distribution channels, with total capital raised of $6.2 billion in 4Q23 versus $15.8 billion for the full year, including $3.6 billion versus $8.9 billion in asset management and $2.6 billion versus $6.9 billion in institutional.” Bank of America downgrades Petco to Underperform from Buy Bank of America says it is concerned about stock erosion. “We are downgrading Petco (WOOF) to Underperform from Buy and lowering our PO to $1.50 (from $5.00). We think Petco has lost a lot of its competitiveness. Its market share has eroded significantly (from 7% in 2015 to 4% today,” Bank of America downgrades FIGS to underperform against neutral Bank of America said in its downgrade of the surgical apparel company’s rating that it has a “limited ” is seeing sales growth. “We believe COVID has caused a surge in demand for scrubs, creating outsized growth and margins for VIJGEN.”
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