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Listed here are Friday’s greatest calls on Wall Avenue: Financial institution of America downgrades Coinbase to impartial from purchase Financial institution of America analysts stated the crypto firm’s outlook is unsure, however they really feel assured it is one other FTX story. “We expect Coinbase probably faces quite a lot of new headwinds over the close to/medium-term as a result of current collapse of rival crypto change FTX.” Learn extra about this name right here. UBS upgrades Conagra to purchase from impartial UBS stated in its improve of the meals merchandise firm that the inventory is at an inflection level. “We imagine CAG is within the early innings of a optimistic estimate revision cycle pushed by: (1) robust momentum within the Nielsen scanner knowledge YTD, (2) is without doubt one of the few corporations in our protection that’s rising each vol share and HH penetration suggesting the well being of its portfolio is bettering.” Learn extra about this name right here. Piper Sandler initiates DraftKings as purchase Piper stated DraftKings is a sports activities betting market chief. “We’re initiating DraftKings , with an Chubby ranking and a $21 value goal. DraftKings is a frontrunner within the on-line sports activities betting market with a rising presence in iGaming, which mixed symbolize an $80 billion TAM between america and Canada.” Goldman Sachs names Amazon and Etsy as high vacation picks Goldman stated it likes Amazon and Etsy heading into the vacation season amid an unsure macro outlook. “Amidst this extra unsure backdrop, our Purchase-rated shares in AMZN and ETSY replicate our choice for: a) worthwhile and scaled gamers with increased development profiles, b) resilient fashions supported by platform breadth, class diversification and extra favorable end-market publicity, and c) our expectation of continued market share consolidation inside eCommerce. Financial institution of America reiterates Common Motors as purchase Financial institution of America stated in a observe following the automaker’s investor day on Thursday that it is poised to be an trade chief. ” GM reviewed a few of its new product pipeline for 2023-2024, which included product refreshes for ICE automobiles in addition to new EV fashions.” Morgan Stanley downgrades Lease the Runway to equal weight from chubby Morgan Stanley stated in its downgrade of the inventory that its enterprise has confirmed to be too risky. “Latest knowledge suggests a significant October slowdown and a 3Q sub miss after an encouraging September. RENT’s enterprise has confirmed to be extra risky than we initially anticipated, which may lead it to take longer to achieve the 300k sub base wanted to realize profitability.” Learn extra about this name right here. JPMorgan upgrades Walgreens to chubby from impartial JPMorgan stated it likes the corporate’s newest transactions. “For WBA the shock information of the quarter was the announcement of the Summit Well being deal which consolidates Summit into Walgreens Healthcare (and its consolidated associates), valuing Summit at $8.9B. This transaction considerably will increase the product providing and scale of Walgreens Healthcare.” Learn extra about this name right here. Wedbush downgrades RH to impartial from outperform Wedbush stated -RH’s share losses are driving a “course correction.” “Whereas RH has been forward of the group in forecasting extreme housing-driven pressures on residence furnishings trade gross sales and its enterprise, we transfer to the sidelines as proof mounts of a course-correction to its technique of ‘climbing the posh mountain.'” Credit score Suisse downgrades Hewlett Packard to impartial from outperform Credit score Suisse stated it sees too many macro headwinds for the inventory. “We’re decreasing HP to Impartial from Outperform as we imagine income and margins will probably be challenged close to time period by: weakening client sentiment which accounts for ~50% of PC income.” Credit score Suisse names Ross a high decide Credit score Suisse says the offprice retailer has probably the most “torque” to speed up market share good points. “Robust 3Q updates from ROST /TJX reinforces our bullish thesis that Offpricers are rapidly repositioning for accelerating market share and highly effective EPS tailwinds as margins revert to pre-COVID ranges beginning in ’23.” Evercore ISI reiterates Apple as outperform Evercore stated issues about prolonged lead instances for the iPhone are overdone. “Given the persistently robust demand for the iPhone 14 Professional/Professional Max and the stickiness of the AAPL eco-system, we proceed to view this as income deferred vs. misplaced. Larger gross sales of the Professional fashions will probably have a notably optimistic impact on each combine/margins.” Credit score Suisse initiates Pfizer as outperform Credit score Suisse stated in its initiation of Pfizer that it likes the corporate’s pipeline advances. ” Pfizer has been impacted adversely following its COVID vaccine success. Our thesis just isn’t predicated on a single asset, however a mixture of pipeline advances that help development.” Credit score Suisse initiates Eli Lilly as outperform Credit score Suisse stated in its initiation of Eli Lilly that it sees “upward revisions” from weight problems gross sales. “If markets rally on additional readability, we see our higher-growth names, similar to Eli Lilly, being insulated from the rotation away from defensives and again into development names.”
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