Here are Friday's biggest analyst calls: Nvidia, Apple, Dell, Netflix, Micron, Broadcom, Eli Lilly, New York Community Bancorp & more
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Here are Friday’s biggest calls on Wall Street: D.A. Davidson initiates Campbell Soup as buy D.A. said it’s “constructive” on the soup and food products company. “We are initiating coverage of CPB with a BUY rating. Easier volume compares as the company laps the effects of pantry de stocking, as well as moderating core inflation, are supportive of a 2H24 (Jul) inflection.” Morgan Stanley names JD.com a catalyst driven idea The firm said it’s keeping its equal rating on the stock but is bullish heading into earnings next week. ” JD is due to report its 4Q23 results on March 6. We think 1Q24 guidance and comments on full-year 2024 will be the next share price catalyst.” TD Cowen upgrades Parker Hannifin to outperform from market perform TD said the manufacturing company continues to impress. “PH continues to grind out EPS growth despite the fact that 70+% of the business is currently in order/revenue decline – it’s quite impressive.” Morgan Stanley reiterates Dell as a top pick Morgan Stanley said it’s sticking with Dell as a top pick following the company’s earnings report on Thursday. “While a better-than-feared April Q guide and expectations for a recovery in traditional infrastructure were welcome sights, DELL’s AI server commentary stole the show, as backlog nearly doubled Q/Q, orders grew ~40% Q/Q, and pipeline ended the January quarter up Q/Q at ‘multiples of backlog.'” Goldman Sachs adds Zegna to the conviction buy list Goldman added the Italian luxury company to its conviction buy list and said it sees a re-rating. “Louise Singlehurst sees Zegna as a multiple re-rating story, supported by an underappreciated skew towards the high-end Luxury customer as well as upside to earnings growth from the Tom Ford integration.” Jefferies upgrades Root to buy from hold Jefferies said in its upgrade of the insurance company that it sees “growth and cash generation.” ” ROOT executed a better-than-industry target loss ratio this quarter, setting a path to profitable growth, market share gains and scalability for a viable business model.” Goldman Sachs removes Apple from the conviction buy list and adds Amgen to the conviction buy list Goldman removed the tech giant from its conviction buy list, but said it was sticking with its long-term buy rating on the stock. The firm also added Amgen to its conviction buy list. “We add Amgen (AMGN), Monday.com (MNDY), and Vulcan Materials (VMC) to the Conviction List, while removing Apple (AAPL), Merck (MRK), and Vertex Pharmaceuticals (VRTX).” Bank of America reiterates Broadcom as buy Bank of America raised its price target on the stock to $1,500 per share from $1,250 heading into earnings next week. “So, it’s possible we see stock volatility if FY24 estimates are broadly unchanged. However, we expect any stock pullback to be likely short lived as investors look forward to AVGO’s Mar-20 AI Investor Day, and as investors continue to appreciate AVGO’s unique combination of capital appreciation, dividend yield/growth and its position as a “low beta” AI beneficiary.” Stephens upgrades Vita Coco to overweight from equal weight Stephens upgraded the beverage company following its earnings report earlier this week. “Looking beyond the potential headwinds from transportation costs, COCO remains the market share leader in a rapidly growing Better-For-You category.” Piper downgrades New York Community Bancorp to neutral from overweight Piper said there are too many negative catalysts for the regional bank. “The whack-a-mole a t New York Community continues. We had thought that the bad news was behind for the company. [Yesterday’s] announcements give us concern that there could be more issues coming down the pike for the company and hence we are reducing our rating from Overweight to Neutral. Redburn Atlantic Equities reiterates Netflix as buy Redburn said Netflix’s ad opportunity is “highly material.” “We lift our price target from $610 to $740 as we roll forward to a 27x multiple of 2026 EPS, with our target supported by 28% average EPS growth over the next four years. Mizuho reiterates Micron as buy Mizuho raised its price target on the stock to $105 per share from $100 and said its “attractively valued.” “MU is currently trading at ~2.1x forward P/B compared to cycle highs at ~2.5x, we believe still attractively valued as we believe 2024-25E memory continues to look more positive with limited capex and wafer starts and AI/HBM [high bandwidth memory] tailwinds.” Citi downgrades Fisker to neutral from buy Citi downgraded the EV company and said it sees Fisker’s liquidity getting worse. “A disappointing Q4 outcome revealing additional financial reporting issues (10K delay), a significantly weaker 2024 outlook and a worsening liquidity runway.” Oppenheimer initiates Evolent Health as outperform Oppenheimer said the health tech company is well positioned. “We are initiating coverage of Evolent Health with an Outperform rating and $45 price target.” Daiwa reiterates Nvidia as buy Daiwa said it’s standing by its buy rating on the stock. “Nvidia is in the right place at the right time. Just like the launch of the PC, the internet and the mobile phone, AI is big, but could be even bigger than these world changing phenomena.” Morgan Stanley downgrades Flywire to equal weight from overweight Morgan Stanley said in its downgrade of the foreign exchange company that the risk/reward is now more balanced for Flywire . “While the company is executing very well and we continue to like the business, risk-reward at current levels appears balanced such that we prefer to step to the sidelines.” Goldman Sachs downgrades Estee Lauder to neutral from buy Goldman downgraded the stock and said it’s under “sizeable pressure.” ” Estee Lauder (EL): Assume at Neutral until uncertainty around travel retail recovery clears and cost savings initiatives begin to bear fruit.” Goldman Sachs upgrades Church & Dwight to buy from neutral Goldman said in its upgrade of the stock that it sees “growth momentum.” ” Church & Dwight ( CHD): Assume at Buy as distribution ramp drives elevated growth momentum.” Wells Fargo downgrades Hewlett Packard Enterprises to equal weight from overweight Wells said in its downgrade of the stock that it sees “networking weakness.” “While we are positive on HPE’s strategic positioning in HPC [high performance computing] / AI, F2Q24 results point to stronger backlog growth + conversion velocity at competitors. Networking weakness, albeit somewhat expected, to remain an overhang.” JPMorgan upgrades Annexon to overweight from neutral JPMorgan said in its upgrade of the biosciences company that it has “pipeline optionality.” “We are upgrading Annexon (ANNX shares) to Overweight from Neutral and establishing a December 2024 price target of $11.” Bank of America reiterates Eli Lilly as buy Bank of America raised its price target on the stock to $1000 per share from $800. “Lilly remains a favorite name in our Biopharma coverage, even with strong YTD performance, based on peer-leading revenue growth, margin expansion, and a compelling pipeline. JPMorgan upgrades GoodRx to overweight from neutral JPMorgan upgraded the telemedicine company following earnings. “Following 4Q23 earnings we are upgrading GoodRx from Neutral to Overweight and increasing our December 2024 price target from $7 to $10.” D.A. Davidson upgrades Oshkosh to buy from neutral DA said in its upgrade of that stock that it’s getting more bullish after a series of investor meetings. “We are upgrading OSK to BUY, from Neutral, following investor meetings we held yesterday in Minneapolis, MN.”
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