Here are the biggest calls on Wall Street on Thursday:
UBS reiterates Apple as neutral
UBS said its survey checks show iPhone sales pressure for Apple in the U.S. and China.
“Soft iPhone sell-through in three key mkt supports a cautious stance just one month into the Mar qtr.”
RBC reiterates Tesla as outperform
RBC said after a visit to the company’s battery storage facility that it could be worth more than the car business standalone.
“Tesla’s Megapack utility-grade battery storage business could be worth substantially more than its standalone car business.”
Goldman Sachs reiterates Microsoft as buy
Goldman said it’s standing by its buy rating after a meeting with Microsoft investor relations.
“Bolstering Gen-AI revenue opportunity while maintaining profitable growth framework.”
Morgan Stanley downgrades Snowflake to equal weight from overweight
Morgan Stanley downgraded Snowflake following earnings.
“A sharper than anticipated deceleration implied in the FY25 guide and CEO departure likely spikes investor concerns around competition and positioning for Generative AI.”
Macquarie upgrades Snowflake to outperform from neutral
The firm said this is the “entry point” it’s been waiting for following Snowflake’s earnings report.
“SNOW’s ~20% sell-off in the wake of CEO Frank Slootman’s resignation is the entry point we awaited. Upgrade to Outperform.”
Goldman Sachs reiterates Salesforce as buy
Goldman said it’s standing by its buy rating following the company’s robust earnings report on Wednesday.
“We reiterate our Buy rating and our 12-month PT of $345 following Salesforce reporting better than expected 4Q results (link first take) and below-expectations guidance.”
Bank of America upgrades Okta to buy from underperform
Bank of America double upgraded the identity access management company and said headwinds are abating.
“We have a Buy rating on Okta as we believe that the current valuation reflects overly conservative guidance and does not account for the inflection in Enterprise customer growth, a key driver for Okta’s continued growth as a platform cybersecurity company.”
Wells Fargo reiterates Disney as overweight
Wells said it likes Disney’s deal with Reliance and Star India.
“DIS’s Star India will be de-consolidated to a JV at 37% ownership. The deal is expected to close in DIS’s F1H25.”
Deutsche Bank upgrades Coupang to buy from hold
Deutsche said the Korea based e-commerce company had a “powerful performance” following earnings.
“Coupang earned USD1,032m in net income in 4Q, due mainly to a tax expense clawback.”
TD Cowen downgrades Macy’s to market perform from outperform
TD said it sees limited upside for Macy’s shares right now.
“However, material changes will take time, and several risks could limit near-term upside: flattish comp guidance despite a resilient consumer, credit card losses, and the need for younger customer relevance.”
Cantor Fitzgerald initiates Teladoc as overweight
Cantor initiated the telemedicine company with an overweight and says it’s an underappreciated growth story.
“We are initiating on Teladoc with an Overweight rating and a 12- month $22 price target.
Jefferies upgrades Barrick Gold to buy from hold
Jefferies said investors should buy the dip in the gold mining company.
“With the exception of its outperformance against NEM, GOLD has lagged most peers and the broader index and is now trading at a discount to peers.”
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