Here are Friday’s biggest calls on Wall Street:
Phillip Securities downgrades Nvidia to accumulate from buy
The firm downgraded Nvidia mainly on valuation.
“We downgrade BUY to ACCUMULATE due to recent price movements, with a higher target price of US$160 (prev. US$155).”
Citi reiterates Apple as buy
Citi said its survey checks show Apple’s iPhone could be a holiday winner.
“We see increasing purchase intentions (+7%) and dollar spending intentions (+6% y/y) for smartphones in the upcoming holiday season. For iPhone specifically, the results show a slight increase in consumer preference to choose iPhone.”
Redburn Atlantic Equities reiterates Microsoft as buy
The firm said investors should buy the dip in Microsoft shares.
“However, we are at a turning point, as the sharp rise in D&A [data and analytics] acts as a leading indicator, signalling that monetisation is approaching and supporting an Azure reacceleration in 2H25. Given the recent share price weakness, the market appears to give little credit for this – a view we disagree with.”
Truist reiterates Amazon as buy
Truist said Amazon is well positioned heading into the holiday season.
“We believe NA [North America] revenue is tracking slightly ahead of consensus estimates QTD (thru 11/18) and at the upper-end of industry growth projections for eCom this Holiday Season.”
Wells Fargo initiates Arm as overweight
Wells said it sees upside to consensus for the chip stock.
“Arm’s CPUs enabled advanced computing in >99% of the world’s smartphones in 2022 & more than 250B chips cumulatively, powering everything from the tiniest of sensors to the most powerful supercomputers.”
Bank of America reiterates Affirm as buy
Bank of America said the fintech company is “firing on all cylinders.”
“AFRM enjoys scarcity value (the only pure-play publicly traded BNPL [buy now pay later] provider, although Klarna has publicly announced US IPO plans) and should also benefit from newer growth catalysts over the next 12-24 months, including Apple Pay partnership, UK launch, and Affirm Card.”
Needham initiates Nike as buy
Needham said it’s bullish on the company’s new CEO.
“The biggest catalyst of change is the recent CEO transition, from John Donohoe, to well-respected Nike veteran Elliott Hill. We also believe that management is clear-headed about the mistakes they’ve made, and are working aggressively to correct them.”
Wells Fargo initiates NXP Semiconductors as overweight
Wells said the semis company has “competitive positioning.”
“While semi demand continues to bounce along the bottom, we think NXP’s competitive positioning & hybrid / geo diverse manuf strategy can drive cont’d market share gains & further GM% [gross margin] leverage toward its new 57%-63% 2027 target.”
UBS initiates Roku as neutral
UBS said it sees a balanced risk/reward for the stock.
“With its operating system (OS) maintaining a commanding market share in many advanced markets, we see ROKU as a key enabler of the streaming ecosystem, positioning the company to capture ad spend migrating from traditional TV.”
Piper Sandler downgrades Sunrun to neutral from overweight
Piper said in its downgrade of the solar company that it sees too much uncertainty.
“Finally, downgrading RUN to Neutral given cash gen uncertainty (post safe-harbor) under our base case amid a higher-for-longer rate environment.”
Baird upgrades Elastic to outperform from neutral
Baird said the software company is an AI beneficiary.
“We are upgrading Elastic to Outperform due to a significant unexpected turnaround in execution, evident in Q2′s results, highlighted by strong commitments, healthy consumption, improved win-rates and GenAI-inflection validating our medium-term/long-term thesis.”
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