Here are Wednesday’s biggest calls on Wall Street:
Goldman Sachs reiterates Tesla as neutral
Goldman raised its price target on the stock to $255 per share from $235 and said it’s sticking with its equal weight rating.
“We are Neutral rated on the stock, with our positive view of Tesla’s long-term growth potential and position in the market offset by what we believe will be additional pricing reductions and full valuation.”
Goldman Sachs reiterates Apple as buy
Goldman said it’s standing by its buy rating on the stock.
“Apple (AAPL, Buy) should also benefit from a recovery in industry PC demand, as well as a track record of share gains.”
DA Davidson initiates Nvidia as neutral
DA said Nvidia could be “vulnerable” to AI hype.
“While we continue to believe that generative AI is the most important transformative technology since the Internet, we do not expect the same level of investment we saw in 2023 continuing beyond 2024 and initiate coverage at a NEUTRAL rating.”
Bank of America reiterates Amazon as buy
Bank of America said it sees “margin upside” for Amazon in 2024.
“2024 should be a solid year for Amazon advertising.”
Goldman Sachs initiates Li Auto as buy
Goldman initiated the China EV company with a buy and says it likes Li’s “competitive positioning.”
“Expansion into BEV [battery electric vehicle] drives another leg of growth; initiate at Buy.”
Wolfe upgrades Citi to outperform from peer perform
Wolfe said the bank has an “attractive risk/reward.”
“C bull case does not require meeting revenue growth targets — we see compelling risk-reward from self-help.”
KBW downgrading SoFi to underperform from market perform
KBW downgraded the stock mainly on valuation.
“We are moving our rating on SOFI to Underperform (from MP) due to a combination of recent outperformance but also a re-underwriting of our model, which slightly reduced estimates, leaving us materially below consensus.”
BTIG initiates VinFast as buy
BTIG said the EV company is well-positioned for expansion into North America.
“VinFast is a Vietnam-based passenger electric vehicle (EV) OEM looking to expand into North America (NAM) with longer-term expansion plans into Europe and Asia.”
KeyBanc upgrades Verizon to overweight from sector weight
Key said it’s bullish on Verizon in 2024.
“Our view is based off of: 1) Wireless industry competitive intensity being low, which makes us want more Wireless exposure, and VZ should show better postpaid phone net add performance; 2) VZ’s Broadband subscriber growth is far outpacing T’s.”
Jefferies upgrades GSK to buy from hold
Jefferies said it sees an attractive risk/reward for the biopharma company.
“Novartis is still top-pick, then GSK which we upgrade to Buy on near-term risk-reward, and Sanofi’s robust growth remains underappreciated.”
Mizuho downgrades Exxon to hold from buy
Mizuho said in its downgrade of Exxon that it’s concerned about a “weakening” macro.
“On the downside, weakening macro outlook will impact its Downstream operations more than IOC [integrated oil companies] peers and could be a headwind.”
Barclays initiates Teladoc as overweight
Barclays said in its initiation of the telehealth company that shares are attractively valued.
“We see an opportunity in TDOC given its near-trough valuation at a discount to even services peers a newfound focus on profitability, balance sheet flexibility, and an embedded platform that lends itself to cross-sales.”