Here are Thursday’s biggest calls on Wall Street:
JPMorgan downgrades Bumble to neutral from overweight
JPMorgan said it’s “not an easy fix” for the dating app company following earnings on Wednesday.
“BMBL reported mixed 2Q results and significantly lowered its 2024 outlook.
Barclays initiates Constellation Energy as buy
Barclays said the energy company is well positioned.
“We initiate coverage of CEG with an Overweight rating and $211 PT. CEG operates the largest carbon-free generation fleet in the U.S. through its nuclear, natural gas, and renewable asset portfolio.”
Barclays reiterates Disney as overweight
The firm said it’s standing by the entertainment giant following earnings on Wednesday.
“Disney’s acknowledged theme park challenges but given underlying drivers of weakness, visibility remains limited; However other segments should increasingly become significant offsets.”
Mizuho downgrades Intel to neutral from outperform
Mizuho said it sees too many negative catalysts for Intel.
“We upgraded INTC in Nov′23 on strong AI ramps, and new products driving PC/DC traction. Fast-forward 9 months, and we were wrong - INTC has continued to lag its peers and is losing share in all key markets AI/DC/PC through 2025E.”
Redburn Atlantic Equities reiterates Microsoft & Amazon as buy
The firm said investors should buy any dip in both stocks.
“The recent sector derating offers buying opportunities for Amazon and Microsoft (Buy), with a positive but less favourable deflation-inflation balance.”
Citi reiterates Nvidia and Micron as buy
Citi said investors should buy the dip in any semis selloff.
“Micron is our top pick, and we believe it’s time to double down as the DRAM upturn should persist given reduced capacity and DRAM pricing in 3Q24 is better than expected. Other Buy-rated names include AMD, AVGO, ADI, MCHP, NVDA, and KLAC.”
Seaport downgrades Disney to neutral from buy
Seaport downgraded Disney following earnings on Wednesday.
“Ain’t no cure for the Summertime Blues - Downgrading to Neutral on Parks & DTC [direct to consumer] Profit outlook.”
RBC reiterates Tesla as outperform
RBC said full-self driving could be a positive near term catalyst for the stock.
“Amidst the Autos and market carnage, Tesla could be an interesting name to own. It benefits from increasing reg credits and energy storage growth. Importantly, the company could at any moment cut its FSD pricing, which we believe would be a critical catalyst for shares.”
Daiwa upgrades Arm to outperform from hold
Daiwa upgraded the semis company following earnings.
“The quarter was mixed, good results, weak 2Q25 guide. However, it is that Arm remains a pioneer and leader in Mobile compute, where now the company is taking this model and expanding it out to many other areas of tech and especially AI.”
Gordon Haskett upgrades Costco to buy from accumulate
The firm upgraded the stock following its same-store sales results.
“After the close (8/7), Costco announced July results with SSS rising 7.2% - above our 6.0% model and the buy-side views that ranged from ~4.0%-6.0%.”
Daiwa upgrades Pfizer to outperform from neutral
Daiwa upgraded the biopharma company following earnings on July 30.
“Pfizer upwardly revised full-FY24 guidance, raising its revenue target by $1bn to guide for between $59.5bn and $62.5bn.”
Bank of America reiterates Shopify as buy
Bank of America said it’s sticking with the stock following earnings on Wednesday.
“Shopify delivered solid topline growth in Q2, led by share gains, same store sales and continued payments penetration of gross merchandise value (GMV).”
JPM reiterates SolarEdge as overweight
JPMorgan said it’s sticking with its overweight rating on the stock following earnings on Wednesday.
“SEDG reported mixed 2Q results with PF EPS below expectations on slightly better than expected revenue.”
