Here are Thursday’s biggest calls on Wall Street:
Morgan Stanley reiterates Tesla as overweight
Morgan Stanley said it’s bullish heading into the company’s investor day on March 1.
“It is very possible that Tesla’s March 1st investor day may have greater significance on the market’s perception (and ultimately, valuation) for Tesla’s EV competitors than for Tesla itself.”
Bank of America reiterates Nvidia as buy
Bank of America said Nvidia remains “best-in-class” after its earnings report on Wednesday.
“Reiterate Buy, top compute pick, raise FY24/25 EPS by 10%/2% to $4.42/$5.83, with importantly total sales forecast to accelerate to a 23%+ annual run-rate from CY24E (calendar year), best-in-class.”
Goldman Sachs upgrades Nvidia to buy from neutral
Goldman upgraded Nvidia after its “impressive” earnings report on Wednesday.
“Upgrade to Buy on Growth Re-Acceleration Driven by Data Center Wallet Share Growth and Gaming Normalization; 22% Potential Upside.”
Morgan Stanley upgrades Intel to equal weight from underweight
Morgan Stanley said it sees a more balanced risk/reward for Intel shares.
“Speculation about dividend reduction has been painful for the stock, but it’s the right thing to do. With material underperformance YTD and in late 2022, and this negative catalyst out of the way, we see balanced risk reward, and upgrade to EW.”
Bank of America downgrades Lucid Group to neutral from buy
Bank of America said it’s concerned about slowing demand for the luxury vehicle company.
“We are downgrading LCID to Neutral from Buy and lower our PO to $10 from $18. Given 4Q:22 results, the light 2023 outlook, and lower than expected 2023 production forecast (10k-14k) we are materially lowering our 2023 estimates.”
Bank of America reiterates Target as neutral
Bank of America said it sees “modest upside” at current levels.
“We reiterate our Neutral as we believe TGT’s strong omni-channel positioning and discount store decade exposure will likely be overshadowed by discretionary pressures.”
SVB Securities upgrades Teladoc to outperform from market perform
SVB said investors should buy the dip in shares of the telehealth company.
“Upgrade to OP as bear thesis fully reflected in shares, forward arc looks achievable. We are upgrading TDOC from MP to OP, and fully acknowledge that the call will be met with a high level of pushback given the quarter’s miss in both FY23 and 1Q23 guidance.”
Oppenheimer downgrades Unity Software to perform from outperform
Oppenheimer downgraded the video game software company due to macro uncertainty.
“While management’s more conservative outlook further de-risks 2023 expectations, we believe Unity’s valuation multiple has sufficiently accounted for updated revenue growth and margin profiles. We move to the sidelines while we watch for more evidence of mobile ad market recovery and U’s expansion among nongaming enterprise customers.”
Goldman Sachs reiterates Salesforce as buy
Goldman said shares of Salesforce are at an “inflection point.”
“We reiterate our Buy and raise our PT to $310 as we believe CRM is at an inflection point that can vault it into the upper echelons of highly valued tech companies.”
Citi reiterates Snowflake as buy
Citi said the cloud computing data company is an under-the-radar beneficiary of A.I.
“Despite concerns around weaker cloud consumption models + optimizations, we remain buyers of SNOW.”
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