Here are Monday’s biggest calls on Wall Street:
Goldman Sachs reiterates Nvidia as buy
Goldman raised its price target on the stock to $800 per share from $625.
“We reiterate our Buy rating (also on the Conviction List) on NVDA with our updated 12-month price target of $800 pointing to 21% potential upside from current levels and our bull/bear analysis indicating an attractive risk/reward profile.”
Cantor Fitzgerald upgrades Cigna to overweight from neutral
Cantor said in its upgrade of the health insurer that it sees the “the potential of entering an insurance underwriting cycle.”
“We are upgrading Cigna to Overweight from Neutral and raising our price target to $372 from $334.”
Goldman Sachs upgrades Klaviyo to buy from neutral
Goldman said in its upgrade of the marketing automation company that it sees a buying opportunity.
“We upgrade Klaviyo to Buy from Neutral and maintain our 12-month price target of $36 (30% upside). We see the stock’s 22% underperformance over the last 3 months (vs. NDX) as a buying opportunity with the following catalysts to unlock equity value this year:”
Bank of America reiterates Apple as buy
Bank of America said it’s bullish on Apple’s Vision Pro product.
“We tested the Vision Pro and walked away positively from the overall extremely unique and immersive experience but note that the typical hurdles faced by most first generation products also hold for the Vision Pro.”
Piper Sandler reiterates Tesla as overweight
Piper said it’s bullish on Tesla’s energy business. The firm did lower its price target to $225 per share from $295.
“So, since our price target is >$135, we must necessarily believe that Tesla’s OTHER businesses will emerge to drive upside. Of these, Tesla Energy seems closest to an upward inflection.
B. Riley downgrades Six Flags to neutral from buy
The firm downgraded the theme park company due to regulatory concerns about its proposed deal with Cedar Fair.
“This downgrade is not due to any change in our views around the positive merits of the proposed merger between FUN and SIX, but it does reflect the continued risks around regulatory approval, which we believe would also impact the potential valuation for SIX more than for FUN.”
Citi upgrades Citizens Financial to buy from neutral
Citi said the regional bank is well positioned in the current environment.
“Given how well CFG screens on our fixed rate asset repricing analysis this has been at the top of our list for a while, and we view now as a good opportunity to step in for a stock that has a lot of embedded growth due to significantly underearning on NII [net interest income] that will course correct over next couple of years due to fixed rate maturities.”
JPMorgan downgrades Charter to neutral from overweight
JPMorgan said in its downgrade of the cable company that it sees weakening subscriber trends for Charter.
“Moving to the Sideline on Weaker Core Broadband and Slowing EBITDA.”
Redburn Atlantic Equities downgrades TJX Companies to neutral from buy
Redburn said consensus expectations are too high for TJX.
“However, we see current consensus expectations as too high, given the strong operating outperformance the company has already delivered relative to peers, and a moderation in expectations set by management may limit share upside in the near-term.”
TD Cowen upgrades SkyWest to outperform from neutral
TD upgraded the regional airline after a solid earnings report.
“SkyWest reported solid 4Q23 results. The company is seeing reduced pilot attrition and improving block hour production.”
JPMorgan initiates Smith Douglas Homes as overweight
JPMorgan said it’s bullish on the regional homebuilder.
“We are initiating coverage of Smith Douglas Homes (SDHC) with an Overweight rating and a Dec. 2024 price target of $31.50.
JPMorgan downgrades GlobalFoundries to neutral from overweight
JPMorgan said in its downgrade of the semiconductor company that it sees the company lagging semiconductor recovery trends.
“We are downgrading GFS to Neutral with a $56 price target as specialty/mature node foundry manufacturing activity in a broad set of markets continues to decline, potentially lagging semiconductor industry recovery trends by 1-2 quarters and is not adequately reflected in current consensus CY24 expectations.”
JPMorgan upgrades LyondellBasell to overweight from neutral
JPMorgan said the chemical company is likely to increase its dividend in the months ahead.
“We believe that there is a reasonable probability that Lyondell will increase its dividend by 5% in May.
JPMorgan downgrades Mattel to neutral from overweight
JPMorgan said in its downgrade of Mattel that the Barbie boost was short-lived for the toy company.
“We believe Barbie provided a significant boost to results in mid-to-late 2023 (concentrated in 3Q) but the duration proved unexpectedly short and the lap creates difficult comparisons plus a significant wall of worry for investors.”
Evercore ISI upgrades Tapestry to outperform from in line
Evercore said in its upgrade of the stock that it sees Tapestry’s Coach brand accelerating.
“We think TPR’s P/E has significantly lagged the recent peer group re-rating for 3 key reasons…all of which pose significantly less risk today:
MoffettNathanson downgrades Take-Two to neutral from buy
Moffett said it sees too many negative catalysts for Take-Two shares to feel good about shares of the video game company right now.
“Conflicted is a good way to describe how we feel about the stock here, but we’re moving to Neutral.”
Guggenheim initiates SharkNinja as buy
Guggenheim says the appliance company has “unmatched value.”
“We are initiating coverage of SharkNinja, Inc.—an industry leading, global product design and technology company with two of the largest small household appliance brands in the United States with rapidly growing brands across various international markets —with a BUY rating and $60 price target.”
DA Davidson downgrades Clorox to neutral from buy
DA downgraded the stock mainly on valuation.
“CLX’s recovery from its August 2023 cyberattack has been quicker than expected and market share is nearly back to normal.”
JPMorgan reiterates Amazon as overweight
JPMorgan said it’s standing by top idea Amazon.
“Amazon remains our Best Idea & on our Analyst Focus List following strong 4Q earnings.”
JPMorgan reiterates PayPal as overweight
JPMorgan said it’s standing by PayPal heading into earnings later this week.
“Overall we feel relatively comfortable with 4Q numbers and expect all eyes to be on managements strategic framework and FY24 outlook, and given the teams short tenure with many new faces coming in, we have limited visibility on what initial disclosure we might receive.”
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