Here are Thursday’s biggest calls on Wall Street: Evercore ISI reiterates Amazon as outperform Evercore said it’s bullish on the e-commerce giant heading into earnings later this month. “We see AMZN as one of the few Large Caps with material multiple re-rating potential in ’24.” Goldman Sachs reiterates Alphabet as buy Goldman said it’s sticking with its buy rating following the company’s Google Cloud Next event. “Over the past two days during keynote events at its annual multi-day Google Cloud Next conference, Alphabet announced a number of new products, services and features across infrastructure, applications, security & partnerships.” JPMorgan reiterates Apple as overweight JPMorgan lowered its price target on the stock to $210 per share from $215 but said it’s sticking with its overweight rating on Apple . “Sentiment improving with hedge fund investors despite deteriorating data points.” Benchmark initiates Airbnb as buy Benchmark said the stock is best in class. “We are initiating coverage of Airbnb (ABNB) with a BUY rating and a $190 per share price target.” Berenberg upgrades Albemarle to buy from hold Berenberg said in its upgrade of Albemarle that it sees “upside to lithium prices.” “From here on, we expect growing lithium volumes, upside to lithium prices and no need for a further equity raise.” TD Cowen initiates Visa as outperform TD said Visa has a “healthy runway for digital payments penetration.” “V boasts a durable, high-margin business built on the leading scale of its global payments networks within a $45Tn consumer spend market that we believe retains healthy runway for digital payments penetration.” TD Cowen initiates Mastercard as outperform TD said the credit card company is durable and attractive. ” MA features an attractive high-growth, high-margin business poised to deliver outsized expansion over the med-to long-term given a leading market position in a robust ~$45Tn global consumer payments market.” Oppenheimer initiates Lavoro as outperform Oppenheimer said it’s bullish on shares of the Latin American agriculture company. “We are initiating coverage on shares of LVRO with an Outperform rating and $11 price target.” KeyBanc initiates Snowflake as buy Key said the stock is the “cloud data platform leader.” “We are initiating coverage of data cloud platform vendor SNOW at Overweight.” Barclays initiates Nasdaq as overweight Barclays said it sees “double digit eps growth” for the index company. “We initiate coverage of Nasdaq with a $76 price target and Overweight rating.” Raymond James reiterates Nvidia as strong buy Raymond James raised its price target on Nvidia to $1,100 per share from $850 after a series of investor meetings. “We hosted a virtual investor meeting with VP of IR Simona Jankowski.” UBS upgrades Gartner to buy from neutral UBS said it sees margin upside for the IT company. “We are upgrading Gartner to Buy as we believe Contract Value (CV) growth is likely to trough in Q1, re-accelerate in Q2, and exit the year growing double-digits.” JPMorgan upgrades StepStone to overweight from neutral JPMorgan said the fundraising outlook looks better for shares of the job platform company. “We upgrade StepStone from Neutral to Overweight.” Deutsche Bank initiates ATI as buy Deutsche said in its initiation of ATI that the aerospace company is “high quality.” “And if it has a financial profile aligned with other high quality aerospace stocks (tracking to 20%+ EBITDA margins, 80%+ FCF conversion), then we think it should earn the multiple of a high quality aerospace stock.” Wells Fargo initiates AnaptysBio as overweight Wells said in its initiation of AnaptysBio that it’s bullish on shares of the biotech company. “We like the setup for shares and think they could double between now and YE24.” JPMorgan reinstates Disney as overweight JPMorgan said Disney has “unique content.” “Following a period of restriction, we are moving to an Overweight rating and a December 2024 price target of $140.” Morgan Stanley reiterates Microsoft as overweight Morgan Stanley raised its price target on Microsoft to $520 per share from $465. “Strong positioning for core secular growth drivers in tech, Cloud and GenAI, combined with best in class operating efficiency drives a 14% 5-year revenue CAGR and a 16% EPS CAGR.” MoffettNathanson upgrades DoorDash to buy from neutral Moffett said its prior call on the stock was incorrect and therefore is upgrading the stock again. “We’ve always loved DoorDash’s longer term growth story; we were worried about short-term headwinds. We were, in retrospect, too cute by half.” Barclays upgrades Atlassian to overweight from equal weight Barclays said it sees a “healthier growth profile” for the software company. “We upgrade TEAM to OW (from EW) with a PT of $275.” Bank of America upgrades Nike to buy from neutral Bank of America said in its upgrade of the stock that “estimates have bottomed.” “We are upgrading Nike to Buy (from Neutral) as estimates finally look achievable, Nike is taking bold steps to transform, and the stock sits at a 10-year trough relative P/E.” Citi downgrades Robinhood to sell from neutral Citi downgraded Robinhood mainly on valuation. “Given the increase in stock price, we believe valuation levels have disconnected from the fundamental outlook.” Wells Fargo downgrades Marsh McClennan to equal weight from overweight Wells said it sees slowing growth for the insurance company. “We are downgrading our rating on MMC to Equal Weight (from Overweight) reflective of the potential for MMC to see lower organic as the economy slows, which would have a greater impact on their consulting business.” JPMorgan adds a negative catalyst watch on Qualcomm The firm said fundamentals are not yet improving. “Placing Qualcomm (QCOM) on the Negative Catalyst Watch. We are yet to see any significant change in the fundamentals for the smartphone market with the recovery expected to remain muted in 2024.” Bernstein initiates Kenvue as underperform Bernstein said the former Johnson & Johnson consumer health business has lost too much market share. ” Kenvue (KVUE): Consumer Health is not homogenous; Initiating at Underperform; TP $18.” Needham downgrades Airbnb to hold from buy Needham said it sees too many challenges ahead for the stock. “Based on our proprietary survey work, scenario analysis, and channel checks, we are downgrading ABNB to a Hold rating. We believe the market has an overly optimistic view on ABNB’ s potential to leverage AI to disrupt the global OTA industry.” Scotiabank upgrades Chevron to sector outperform from sector perform Scotia said it sees many “macro tailwinds” ahead for the oil and gas giant. ” CVX has the highest oil torque among the integrated Supermajors (BP, CVX, SHEL, TTE, and XOM) and given we are elevating our near- and long-term oil price forecasts, we think CVX will enjoy macro tailwinds over the next few years.” Wells Fargo upgrades Hamilton Insurance to overweight from equal weight Wells said the insurance company is cheap. “We upgrade HG shares to Overweight (from Equal Weight).” Piper Sandler reiterates Meta as overweight Piper raised its price target on the stock to $600 per share from $525. ” META: We continue to see upside to numbers and remain buyers despite the strong run in the stock.” Wells Fargo reiterates Costco as equal weight Wells Fargo said the company’s March sales numbers were helped by its sales in gold. ” COST delivered a robust March result that once again demonstrated its share gaining momentum, but also highlighted the benefit of its growing precious metal offering. COST is an excellent company, but the stock is too expensive for us.”
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