Here are Tuesday's biggest analyst calls: Amazon, Tesla, Goldman Sachs, Meta, Salesforce, Boeing, Spotify & more
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Here are Tuesday biggest calls on Wall Street: Oppenheimer initiates Pinstripes as outperform Oppenheimer initiated the bowling company and said it has “robust unit economics.” ” PNST represents an intriguing and more speculative investment opportunity within the attractive ‘eatertainment’ category.” Raymond James initiates CrowdStrike as outperform Raymond James initiated the cybersecurity company and said it sees more upside with a “rare blend” of recurring revenue. “We do see a rare blend of high growth recurring revenue at scale with expanding margin profile, and believe CrowdStrike deserves to trade at a premium against security software peers.” Mizuho initiates Accenture as buy Mizuho initiated the IT company with a buy and said Accenture is a “significant exposure to fast growing markets.” “We expect a recovery in IT spending over the next 2 years to drive growth acceleration throughout FY24 and into FY25.” JPMorgan initiates Light & Wonder as outperform JPMorgan initiated the Australian gambling company with an overweight and said it has earnings momentum. “We initiate coverage of Light & Wonder with an Overweight rating and Dec-24 price target of US $98.” Evercore ISI reiterates Meta as outperform Evercore said it’s bullish on Meta heading into earnings later this week. ” META remains one of our Top Longs for ’24.” Evercore ISI reiterates Amazon as outperform Evercore said it’s bullish heading into Amazon earnings later this week. “Odds Stack Up Well Against Modest Expectations.” Morgan Stanley initiates Instacart as equal weight Morgan Stanley initiated Instacart with an equal weight rating mainly on valuation. “Solid CART, But More Growth or Profit Needed.” Morgan Stanley upgrades Bank of America and Goldman Sachs to overweight from equal weight and Citi to overweight from underweight Morgan Stanley upgraded several banks on Tuesday and said it’s getting more bullish. “Ratings Changes. We are upgrading Bank of America (BAC) to OW from EW, upgrading Citigroup (C) to OW from UW, upgrading Goldman Sachs (GS) to OW from EW, and upgrading BNY Mellon (BK) to EW from UW. We are downgrading Northern Trust (NTRS) to UW from EW, due to valuation. Raymond James downgrades Advanced Micro Devices to outperform from strong buy Raymond James downgraded the stock mainly on valuation. “We are raising estimates, raising PT from $190 to $195, but downgrading AMD from Strong Buy to Outperform on valuation.” Bank of America adds Salesforce to the US1 list Bank of America added the stock to its top picks list. “We are adding The AZEK Co Inc (AZEK) and Salesforce Inc (CRM) to the US 1 List.” UBS upgrades Spotify to buy from neutral UBS said in its upgrade of the streaming giant that it sees “margin expansion” and has “increased conviction” in Spotify shares. “We are upgrading shares of SPOT to Buy and increasing our price target to $274 from $170.” Oppenheimer downgrades Five Below to perform from outperform Oppenheimer said in its downgrade of the stock that the “growth engine [is] moderating.” “That said, we are starting to fret that underlying growth dynamics for FIVE are slowing, at least somewhat, given a now larger base of units, waning remodeling opportunities, and stepped-up reinvestment requirements, on top of already elevated operating margins. ” Oppenheimer upgrades Sensata to outperform from perform Oppenheimer upgraded the sensor solutions company and said it sees a plethora of new business in the years ahead. “We are upgrading ST shares to Outperform, introducing $50 PT, targeting ~10.5x ’25E adjusted EPS and 7.5% FCF yield.” UBS reiterates McDonald’s as buy UBS said McDonald’s is a “global market share winner” heading into earnings next week. “For 4Q earnings (2/5), we anticipate still solid but slower US sss [same-store sales] trends and some international sales pressure, while underlying momentum remains largely intact.” Wells Fargo downgrades Western Alliance to equal weight from overweight Wells said in its downgrade of the regional bank that the risk/reward is already priced in. “We have been vocal supporters of WAL through the past year, but risk/reward scenarios at this stock price level seem skewed to the downside.” Morgan Stanley reiterates Amazon as overweight Morgan Stanley said in a note on Tuesday that it’s standing by shares of Amazon but gave several ways the company can enhance shareholder value. “We believe management needs to focus on 3 areas: 1) A stronger grocery strategy 2) AWS recapturing the cloud pole position 3) Increased capital returns/buybacks.” Baird reiterates Tesla as outperform Baird said it’s standing by the electric vehicle giant after reviewing its annual 10-K filing on Monday. ” TSLA has numerous projects underway which could contribute to growth over time. While we continue to believe increased production capacity and new product introductions provide a steady cadence of upcoming catalysts.” JPMorgan reiterates Boeing as overweight JPMorgan said it’s standing by Boeing heading into earnings on Wednesday. “Overall, we expect an earnings call geared to the lawmakers and regulators who will figure prominently in Boeings path forward and less so to the investors whom are somewhat dependent on the actions of these other players.” BTIG upgrades Square to buy from neutral BTIG said in its upgrade of the stock that it sees burgeoning growth opportunities. “We are upgrading Block ( SQ) to Buy following our recent assumption of coverage as we see the company’s growth opportunities paired with management’s focus on bottom-line as presenting an attractive investment opportunity with the stock trading at ~17x FY24E EV/adjusted EBITDA.” Jefferies downgrades Masimo to hold from buy Jefferies said in a note that the worst is behind the global med tech company, but downgraded the stock mainly on valuation. “Overall, we think the worst is behind MASI, following a challenging ’23 that included multiple downward revisions.” Citi initiates Olema Oncology as buy Citi initiated Olema with a buy rating on Tuesday and said the biotech company has upside potential. “Next-Gen Endocrine Therapy with Potential Across Multiple Lines of Breast Cancer, Initiating at Buy/High Risk, TP $20.” Bank of America reiterates Uber as buy Bank of America raised its price target on the stock to $73 per share from $68. “Looking forward, we see Uber as offering one of the best 3-5 year growth profiles in the Internet sector, with potential for mid-to-high teens bookings growth and 30% EBITDA growth as margins increase from 3.5% of bookings toward 7%.” Seaport downgrades Netflix to neutral from buy Seaport downgraded the stock mainly on valuation. “We are downgrading our recommendation on NFLX shares to Neutral from Buy, having rapidly achieved our recently-increased $576 PT.”
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