Here are Wednesday’s biggest calls on Wall Street:
JPMorgan reiterates Apple as overweight
JPMorgan said it’s standing by its overweight rating on the stock, even as recent data shows Apple’s iPhone shipments declined in China.
“China iPhone Shipments Decline in February as Market Undergoes Digestion.”
Citi reiterates Nvidia as buy
Citi said it’s sticking with its buy rating on shares of Nvidia.
“We note that AI exposed peer stocks like NVDA, AVGO, and AMD moved up into their respective AI days and the setup appears similar for MRVL after the recent pullback.”
Morgan Stanley reiterates Tesla as overweight
Morgan Stanley said reports of Tesla’s collaboration with battery company CATL can boost the stock.
“Tesla-CATL could be a game changer.”
Citi reiterates Tesla as neutral
Citi lowered its price target on the stock to $196 per share from $224 ahead of the company’s delivery numbers in early April.
“Ahead of Tesla’s Q1 delivery release, we’re lowering estimates to reflect recent datapoints. Our Q1 delivery estimate goes to 429.9k from 473.3k.”
UBS reiterates Disney as buy
UBS raised its price target on the stock to $140 per share from $120 and said the stock is becoming an “earnings compounder.”
“We remain bullish on Disney shares and see multiple sources of potential upside within the model that should drive earnings estimates higher over the next several quarters, yielding a 25% 3-yr CAGR.”
Evercore ISI initiates Western Digital as outperform
Evercore said in its initiation of the stock that it’s “uniquely positioned.”
“An Uncomplicated WDC Coupled With Cyclical Recovery Is Worth More.”
KBW downgrades Wells Fargo to market perform from outperform
KBW downgraded the banking giant mainly on valuation.
“We are downgrading WFC’s shares to Market Perform following a strong run in its stock, outperforming the BKX by 48% since the summer of 2021 due to expense control, buybacks, and an asset-sensitive balance sheet.”
Morgan Stanley upgrades Deutsche Bank to overweight from equal weight
Morgan Stanley upgraded the banking giant due to improved investment banking revenue.
“Despite 10% outperformance vs the sector over the last 12 months, we think there is more room to go for DBK, as improving IB [investment banking] revenue momentum and better confidence on cost delivery are not fully priced in consensus numbers.”
Redburn Atlantic Equities downgrades Visa to neutral from buy
Redburn downgraded Visa due to slowing U.S. and UK markets.
“We downgrade it to Neutral and update our price target to $307, with our profit forecasts in 2026 5% below consensus.”
Wells Fargo reiterates GE as overweight
Wells raised its price target on GE to $200 per share from $177.
“We see the aerospace business as one of the most attractive assets in commercial aero, with in-service fleet demographics set to drive profits for many years. We rate the shares Overweight.”
HSBC initiates Spotify as buy
HSBC initiated the stock with a buy and said it’s “hitting the right notes.”
“Spotify screens well against peers given its strong growth outlook. Initiate at Buy with a TP of USD310 per share.”
Barclays reinstates JetBlue as underweight
Barclays reinstated the stock and downgraded it to underweight after a long period of restriction.
“Network changes should help boost profitability, but we see long-term returns in JetBlue’s shares challenged by significant financial leverage.”
Needham adds DraftKings to its conviction list
Needham said it has “great confidence” in the stock.
“We are adding DKNG to the Conviction List (replaces DASH) and increasing our PT to $58. We now have greater confidence in our estimates and the upside in the Bull case as we switch our modeling methodology.”
DA Davidson downgrades Lowe’s to neutral from buy
DA downgraded Lowe’s mainly on valuation.
“And with the stock once again outperforming year to date and valuation at the highest it’s been since early on during the pandemic, both on an absolute and relative basis, we think shares are due a pause.”
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