Here are Thursday’s biggest calls on Wall Street:
Bank of America reiterates Meta as buy
Bank of America said it is sticking with its buy rating on shares of the social media giant following earnings on Wednesday.
“Meta is an investment in increasing social and mobile Internet usage, and also offers exposure to the increasing use of AI/ML technology and potential long-term Metaverse opportunity.”
Deutsche Bank reiterates Tesla as hold
Deutsche Bank raised its price target on the stock to $136 per share from $123.
“The strong positive market reaction to Tesla’s mixed Q1 print, in our view represented some relief that Tesla is not completely giving up on selling cheaper consumer models, nor is it staking the company’s entire future on Robotaxi.”
Evercore ISI reiterates Nvidia as outperform
Evercore ISI said investors should use any weakness in the stock to buy the dip. The firm also said Meta’s earnings report is a bullish sign for the stock.
“our top AI plays: NVDA, AVGO, AMD, MRVL, which are supported by the META commentary.”
UBS reiterates Amazon as buy
UBS raised its price target on shares of Amazon to $215 per share from $198.
“Concurrent with this report we release our new model alongside recalibrated estimates. We believe investor focus for 1Q24 has broadened into looking at total franchise revenue and operating income vs more narrowly on AWS previously, particularly as growth has rebounded from the 2Q23-3Q23 trough.”
Morgan Stanley reiterates Ford as overweight
Morgan Stanley said it is standing by its overweight rating on the stock following earnings on Wednesday.
“Ford’s stronger than expected 1Q elegantly encapsulates the conundrum in Dearborn.”
Bernstein initiates General Motors as outperform
Bernstein says shares of GM have plenty more room to run.
“The company is pivoting from lofty long-term targets back to more tangible shareholder returns. We expect 2024′s performance to push the stock higher, while management has four distinct opportunities to realize more value still.”
UBS reiterates Coca-Cola as buy
UBS said it is bullish heading into earnings next week.
“While investors have offered plenty of drivers for the underperformance, we view many of these concerns as largely overdone and view the risk/reward for KO as attractive.”
HSBC upgrades UPS to buy from hold
HSBC said UPS is “getting back to earnings growth” following the company’s earnings report.
“Volumes and margins to turn around from 2Q24, with potential 2024 guidance upgrade to reflect accretive USPS contract … which could restore confidence in 2026 guidance. Upgrade to Buy (from Hold), raise target price to USD170 (from USD150).”
Bank of America reiterates IBM as buy
Bank of America said it is sticking with its buy rating following earnings on Wednesday.
“We view IBM as a defensive investment given its high exposure to recurring sales, cost cutting levers, solid balance sheet, potential share gains, and relatively stable margins.”
Goldman Sachs reiterates ServiceNow as buy
Goldman Sachs said it is sticking with the software stock following earnings on Wednesday.
“ServiceNow has the potential to be a relatively defensible business in the event of a macro economic slowdown, in our view.”
