Here are the biggest calls on Wall Street on Monday:
Morgan Stanley reiterates Apple at overweight
Morgan Stanley said it sees upside to its iPhone build forecast for Apple.
“New build forecasts point to 3-5% upside vs. our March and June quarter iPhone shipment forecasts.”
Morgan Stanley downgrades Logitech to underweight from equal weight
Morgan Stanley said it’s negative on the stock heading into earnings later this month.
“Following our deep dive into LOGI’s biz segments, we now forecast just 3% annual revenue growth through FY27, 200bp below Consensus and 500-700bp below what is priced into shares today.”
Citi upgrades Frontier to buy from neutral
Citi said it sees EBITDA growth ahead for the telecom and internet provider.
“We upgrade FYBR shares to Buy with an upwardly revised target of $30 (from $28).”
Evercore ISI adds a tactical outperform on IBM
Evercore said it’s bullish heading into earnings next week.
“Adding IBM to Tactical OP List Ahead of Q1 Print.”
Argus upgrades Constellation Brands to buy from hold
Argus said the maker of wines and beers warrants a “higher multiple.”
“STZ shares are trading at 18.6-times our revised FY25 earnings estimate; however, we think a higher multiple is warranted given the company’s prospects for strong sales and earnings and management’s plans to increase beer output.”
Mizuho initiates GE Vernova as buy
Mizuho said it’s bullish on shares of the GE spinoff energy company.
“We initiate GE Vernova (GEV) with a Buy rating and $154 price target.”
Citi opens a positive catalyst watch on Nvidia
Citi said investors should buy any weakness in the stock.
“We are opening a positive catalyst watch on NVDA post the [GPU Technology Conference] event stock pullback on profit taking.”
Barclays initiates Cava at equal weight
Barclays said the Mediterranean fast-food restaurant chain is fully valued right now.
“CAVA’s revenue growth is industry-leading, culminating in long-term annual guidance for high-teens growth, supported by 15%+ unit & low-to-mid-single-digit comp growth, both proving conservative to date.”
Citi reiterates Meta as a top pick
Citi raised its price target on the Instagram parent to $590 per share from $525.
“Bigger picture, with the broader online advertising environment strengthening and Meta’s multi-year product strategy continuing to come into focus, Meta remains our Top-Pick and we are raising our projections and PT to $590.”
Barclays initiates Astera Labs at overweight
Barclays said the cloud connectivity platform is well positioned.
“Astera Labs is at the forefront of connectivity within the Data Center and looks well positioned to take advantage of the continued growth and momentum of AI spend across the industry.”
Morgan Stanley initiates Reddit at equal weight
Morgan Stanley said the stock is fully valued right now.
“We like RDDT’s position as a unique, authentic platform and see opportunities to drive ad revenue through innovation and performance improvements, with high margin data licensing a call option.”
JPMorgan initiates Hilton Grand Vacations at overweight
JPMorgan said it’s bullish on shares of the timeshare operator.
“We are initiating coverage of Hilton Grand Vacations (HGV) at an Overweight rating and a December 2024 price target of $59.”
UBS downgrades Rollins to neutral from buy
UBS said in its downgrade of Rollins that it sees a more balanced risk/reward for the pest control company.
“We are downgrading to Neutral as potential shifts in growth/margin narratives are creating a more balanced setup in the coming months.”
Seaport initiates Las Vegas Sands and MGM at buy
Seaport initiated several casino companies on Monday and said it’s bullish.
“We are launching [coverage on] on 4 US listed stocks and 5 HK listed stocks: Las Vegas Sands (LVS, Buy, PT $63); MGM Resorts (MGM, Buy, PT $56); Melco Resorts (MLCO, Buy, PT $10).”
UBS initiates SharkNinja at buy
UBS said SharkNinja is a “global small appliances leader in the making.”
“We initiate coverage of SharkNinja (SN) with a Buy. SN is the fifth-largest small appliances company globally, by 2023 revenue.”
JPMorgan upgrades Lockheed Martin to overweight from neutral
JPMorgan said investors should buy the dip in shares of the defense contractor.
“Like Defense peers, LMT has been a significant under-performer, with the stock flat YTD (vs +8% for the market) and down 5% the past year (vs +26% for the market).”
Bank of America upgrades Cisco to buy from neutral
Bank of America said it sees several growth drivers ahead for Cisco.
“We upgrade Cisco from Neutral to Buy and identify three catalysts for growth acceleration.”
Bank of America upgrades Integer Holdings to buy from neutral
Bank of America said it’s bullish on shares of the medical device contract manufacturer.
“Integer is one of the market leading medical device contract manufacturers in the world.”
Needham initiates Bitdeer Technologies at buy
Needham said the bitcoin miner company can weather the bitcoin cycle storm.
“We are initiating coverage on Bitdeer (BTDR) with a Buy rating and a $14 PT.”
Citi adds a positive catalyst watch on Intel
Citi said investors should buy the dip.
“Intel stock is down ~29% YTD and we believe the stock is experiencing negative sentiment due to the foundry businesses losses.”
Deutsche Bank reiterates Netflix as hold
Deutsche raised its price target on the stock to $550 per share from $525 ahead of earnings later this week.
“We believe the $450 increase in Netflix’s stock price over the past 18 months makes for a tricky set up into Thursday’s earnings report with the stock trading at 30x 2025E EPS and a 3% 2025E UFCF yield.”
Canaccord initiates Coty as buy
Canaccord said it likes the beauty company’s management.
“We are initiating coverage of Coty with a BUY rating and $14 price target.”
Jefferies initiates Janus at buy
Jefferies said the self-storage company is an “under-the-radar” name.
“With JBI still under the radar, we see the stock as undervalued for a quality small-cap growth name, and are initiating coverage with a Buy rating & $20 PT.”
Stifel upgrades Masimo to buy from hold
Stifel said it sees several positive catalysts ahead for the maker of patient-monitoring equipment.
“We are upgrading MASI to Buy from Hold; Our TP moves to $170 from $148.”
Guggenheim downgrades ServiceNow to neutral from buy
Guggenheim downgraded the stock on valuation.
“We are downgrading ServiceNow to Neutral from Buy and removing our price target (of $838).”
Wells Fargo upgrades Churchill Downs to overweight from equal weight
Wells said it sees a compelling entry point for the horse racing company.
“We are upgrading CHDN to OW, and our $141 PT implies 17% upside.”
Wedbush upgrades PVH to outperform from neutral
Wedbush said investors should buy the dip in shares of the Tommy Hilfiger and Calvin Klein clothing-maker.
“We are upgrading shares of PVH to Outperform from Neutral, as we view the ~25% selloff post-EPS as a buying opportunity.”
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