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Friday’s Biggest Analyst Calls: Nvidia, Netflix, Plug Power, Toast Bj’s, Arm, Occidental & More

November 10, 2023
minute read

On Wall Street this Friday, several significant moves have been observed:

Stephens has introduced Portillo’s with an overweight rating, citing a compelling entry point for the fast-food chain. The initiation coverage includes a $20 target, based on a ten-year discounted cash flow analysis.

JPMorgan has reiterated its overweight rating on Netflix, increasing the price target to $510 per share from $480. The bank expresses confidence in the streaming giant's ability to accelerate revenue growth in 2024, expand margins, and drive multi-year free cash flow growth.

Stifel has upgraded Henry Schein to buy from hold, identifying an attractive entry point for the healthcare company. The decision is influenced by compelling valuation and the observed outperformance of distributors compared to manufacturers during periods of weakening consumer sentiment.

Canaccord downgraded Illumina to hold from buy following a disappointing earnings report on Thursday, which fell below the company's guidance and FactSet consensus for 3Q23.

Citi has initiated a positive catalyst watch on Bath & Body Works, expressing bullish sentiments ahead of the company's third-quarter earnings. The anticipation is for a beat in earnings per share ($0.38 vs. consensus $0.35), driven by stronger gross margins despite expected in-line sales.

Wolfe has reiterated Nvidia as outperform, adding the stock to the Wolfe Alpha List based on confidence in earnings momentum over the next several quarters and long-term opportunities arising from the company's dominance in artificial intelligence.

BTIG has downgraded Freyr Battery to neutral from buy, citing too much execution risk for the battery company following a significant drop in stock value following 3Q23 earnings.

Wolfe has downgraded Occidental Petroleum to peer perform from outperform, indicating that factors are likely to keep the company's shares range-bound, with total return of capital decelerating faster than peers.

Bank of America has downgraded FTC Solar to underperform from buy, reducing the price target to $0.20/share from $4. The downgrade is attributed to concerns about the credibility of the company's story following the departure of the CEO and CFO.

William Blair has upgraded Dentsply Sirona to outperform from market perform, citing positive impressions from the company's 2023 investor day and anticipating 2024 as an inflection year.

Wells Fargo has downgraded Hawaiian Electric to underweight from equal weight, expressing concerns about high uncertainty related to the wildfires in Hawaii.

Baird has upgraded Toast to outperform from neutral, believing that the sell-off in the restaurant tech company is overdone, especially considering its market share gains and favorable position in the restaurant and fintech sectors.

RBC has downgraded Plug Power to sector perform from outperform, citing limited visibility into the EV charging company's future due to unprecedented challenges faced in 3Q23.

Bank of America has downgraded CommScope to neutral from buy, noting that underlying trends for the tech company have substantially worsened, and uncertainty remains regarding debt reduction actions.

Bank of America has initiated Weatherford as a buy, highlighting the global energy company's remarkable turnaround under the new CEO's leadership.

Gordon Haskett has upgraded BJ’s to buy from hold, countering recent negativity with a positive bias. The new price target is set at $80, based on approximately 19x the raised FY24 EPS estimate of $4.25.

JPMorgan has downgraded Plug Power to neutral from overweight, citing an increased risk profile following the company's recent earnings report, which highlighted persisting margin issues and increased focus on the balance sheet, policy support, and execution.

Morgan Stanley has initiated Arm as equal weight, indicating that Arm's current valuation is fully reflected in the equal-weight rating, with a price target of $55.

Jefferies has upgraded Vera to buy from hold, anticipating robust sales growth and raising the price target to $26 from $18 based on expectations of earlier-line use with approximately $900 million in peak sales.

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

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