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Friday’s Biggest Analyst Calls: Nvidia, Apple, Amazon, Uber, Coinbase, Carvana, Starbucks & More

November 3, 2023
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Here are some notable calls made by Wall Street analysts on Friday:

Morgan Stanley reiterates Apple as overweight: Morgan Stanley is maintaining its bullish outlook on Apple's shares after the company's recent earnings report. The firm noted that although there are near-term uncertainties, the long-term case for the stock looks strong, especially as the company introduces new products and services. The firm remains cautious in the short term until there is more clarity on iPhone demand and ongoing legal issues.

Loop reiterates Amazon as buy: Loop has reiterated its buy rating on Amazon's stock and raised its price target, emphasizing the positive trends in retail margins and the normalization of unit economics. The firm sees potential for Amazon's continued growth.

Berenberg downgrades Estee Lauder to hold from buy: Estee Lauder received a downgrade from Berenberg following a disappointing earnings report. The firm noted that trends did not unfold as expected, leading to the revised rating.

Piper Sandler upgrades Omnicell to overweight: Piper Sandler upgraded Omnicell to overweight, citing an attractive entry point for the healthcare tech company. Despite tepid demand and end-market challenges, the company reported a beat in its recent earnings.

KeyBanc upgrades Uber to overweight: KeyBanc has become more bullish on Uber's stock ahead of its upcoming earnings report. The firm believes that Uber's shares have the potential to outperform, setting a price target of $60.

Deutsche Bank upgrades Molson Coors to hold from sell: Molson Coors received an upgrade from Deutsche Bank, which believes that the risks facing the beverage company are now priced into the stock's valuation. The firm acknowledges the challenges but considers them adequately discounted.

HSBC upgrades Moderna to hold from reduce: HSBC upgraded Moderna after the biotech company's earnings report and noted that the downside risks have already played out. Despite some uncertainties, the firm sees positive developments in the company's outlook.

KeyBanc downgrades Bill.com to sector weight from overweight: Bill.com was downgraded by KeyBanc due to concerns about macroeconomic headwinds and market sentiment affecting the company's short-term performance. The firm believes that these challenges will persist.

Morgan Stanley reiterates WW as overweight: Morgan Stanley has named WW (formerly Weight Watchers) as a top pick after its earnings report. The firm cited better-than-expected subscriber growth and sees potential in the company's future, downplaying concerns about lower average revenue per user (ARPU).

Wolfe upgrades Rapid7 to outperform from peer perform: Wolfe upgraded cybersecurity company Rapid7 after strong results in its recent earnings report. The firm believes that the company's performance exceeded expectations and reaffirmed its full-year outlook.

Mizuho reiterates Nvidia as buy: Mizuho has reasserted its buy rating on Nvidia's stock, seeing significant potential for the company as AI adoption grows. The firm envisions a substantial revenue opportunity for Nvidia in the future.

JPMorgan downgrades Fox to neutral from overweight: JPMorgan downgraded Fox due to uncertainty regarding the media giant's long-term strategy. The firm also adjusted its price target to reflect more conservative long-term assumptions.

Stifel downgrades Papa John’s to hold from buy: Stifel downgraded Papa John's after the pizza company's earnings report, citing better-than-expected North America (N.A.) comparable sales but disappointing earnings due to dilution from recently acquired franchise stores in the U.K.

Raymond James upgrades Regeneron to outperform from market perform: Raymond James is optimistic about Regeneron's prospects heading into 2024, leading to an upgrade in its recommendation for the biotech company. The firm set a price target of $950.

Barclays reiterates Coinbase as underweight: Despite better-than-expected earnings, Barclays is maintaining its underweight rating on Coinbase. The firm noted a slight decrease in yield for October but acknowledged a strong Q3 performance.

Morgan Stanley reiterates Carvana as underweight: Morgan Stanley is sticking with its underweight rating on Carvana, despite the company's earnings report indicating a beat in retail gross profit per unit. However, it fell short in the wholesale gross profit per unit, leading to the firm's decision.

Canaccord downgrades Peloton to hold from buy: Canaccord downgraded Peloton after its earnings report, citing uncertain fundamentals. The firm believes it is better to revisit the stock when there is more clarity regarding its growth prospects.

Evercore ISI downgrades Fortinet to in line from outperform: Evercore shifted its rating on Fortinet to in line from outperform following a Q3 revenue and billings miss. The downgrade is attributed to a slowdown in the firewall market and sales/marketing challenges.

Redburn Atlantic Equities names First Citizens Bancshares as a top pick: Redburn praised First Citizens Bancshares for delivering strong Q3 results, with pre-provision profit surpassing consensus estimates. The firm appreciates the company's deep value acquisition strategy.

JPMorgan reiterates Starbucks as overweight: JPMorgan continues to be bullish on Starbucks, emphasizing its strong Q4 results and achievable guidance for future periods.

Guggenheim upgrades Generac to buy from neutral: Guggenheim upgraded Generac, expecting the company to overcome challenges related to home standby inventory and see improved performance in the coming year.

Citi upgrades Cedar Fair and Six Flags to buy from neutral: Citi has upgraded Cedar Fair and Six Flags, seeing potential value in both companies as standalone entities and in a potential merger of equals, as announced.

These Wall Street analyst calls provide insights into their assessments of various companies' performance, outlook, and the factors influencing their stock ratings and price targets. It's important for investors to consider these opinions alongside their own research and risk tolerance when making investment decisions.

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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