Here are Thursday’s biggest calls on Wall Street:
Bernstein reiterates Apple as market perform
Bernstein said it’s getting “more constructive” on the stock but is sticking with its market perform rating.
“On net, we are more constructive on AAPL given its relative underperformance (-21%) year-to-date, poor investor sentiment, and our belief that its fundamental business and financial model are intact.”
Goldman Sachs reiterates Tesla as neutral
Goldman said it likes shares of Tesla but “market conditions are weighing on earnings.”
“For Tesla, while we continue to believe that Tesla is well positioned for longer-term growth given its strong position in the EV and clean energy markets we believe that softer near-term EV market conditions are weighing on earnings.”
Oppenheimer reiterates Tesla as perform
Oppenheimer said it’s sticking with its perform rating on the stock but that it’s a leader in autonomous mobility.
“While we continue to view TSLA as a clear leader in commercializing autonomous vehicle technology and believe the company has a substantial data advantage vs. peers, the incremental challenges of drivability and integration of corner cases will likely continue to prove slow to solve even as the company leverages neural network and AI technologies to mature its system.”
Benchmark reiterates Nvidia as buy
Benchmark said it’s standing by its buy rating on Nvidia.
“We continue to favor exposure to markets with strong secular growth dynamics and long-term thematic trends of electrification, electronification, factory automation, renewable energy, AI & ML, and data center connectivity, where consumer risks can be largely mitigated.”
Monness Crespi Hardt downgrades Palantir to sell from neutral
Monness downgraded the stock mainly on valuation.
“On the back of this unprecedented generative AI hype cycle, Palantir surged in 2023 and the stock’s upward trajectory has continued in 2024, leaving the company with what we view as an egregiously rich valuation.”
Barclays reiterates Meta as overweight
Barclays said Meta is one of the firm’s favorite stocks heading into earnings.
“Our pecking order heading into 1Q results is META then GOOGL in mega-cap, SNAP then PINS in mid-cap, and we are bullish on the digital ads group overall.”
Bank of America reiterates Amazon as buy
Bank of America said it’s bullish on Amazon’s investments in AI.
“Amazon announced that it made an additional $2.75bn investment in the GenAI startup Anthropic, builder of the GenAI chatbot ‘Claude.’”
Citi reiterates Boeing as buy
Citi lowered its price target on the stock to $252 per share from $263 but said it’s standing by its buy rating.
“In our view, the fundamental outlook for commercial aerospace and Boeing has not changed – demand for new aircraft remains robust and there are only two major competitors that can fulfill it.”
Wells Fargo reiterates Bank of America as overweight
Wells Fargo raised its price target on Bank of America to $44 per share from $40.
“We nudge 1Q24 EPS higher owing to better than previously est. capital mkts, partially offset by est. FDIC charge.”
HSBC downgrades Bank of America to hold from buy
HSBC downgraded Bank of America mainly on valuation.
“Downgrade Bank of America to Hold; upgrade PNC to Hold. While there is a lot to like about Bank of America, its shares have risen 37% in the past six months, leaving limited implied upside to our TP.”
JPMorgan reiterates DraftKings as overweight
JPMorgan said investors should buy the dip in shares of DraftKings.
“We fielded a lot of investor feedback on a flurry of negative headlines and our view as
well as general sentiment is that the decline in DKNGs stock today largely seems overdone.”