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Friday’s Biggest Analyst Calls: NVIDIA, Tesla, Hasbro, Sunrun, Amazon, Costco, Spotify, Pinterest, Apple & More

June 14, 2024
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Here are Friday’s major Wall Street calls:

Bernstein Initiates MicroStrategy as OutperformBernstein is optimistic about MicroStrategy, predicting Bitcoin could hit $200,000 by the end of 2025. “We are initiating coverage on MicroStrategy (MSTR) with an Outperform rating.”

Evercore ISI Initiates AZZ as OutperformEvercore sees strong growth potential for metal coatings company AZZ. “Leading market shares in metal coatings, secular demand tailwinds, inorganic growth opportunities, and a simplified capital structure = Buy.”

D.A. Davidson Initiates Duolingo as BuyD.A. Davidson views Duolingo as a leader in online language learning. “We are initiating coverage of Duolingo (DUOL) with a BUY rating and a $250 price target.”

KBW Upgrades Bank of America to Outperform from Market PerformKBW cites positive catalysts for Bank of America. “We are upgrading Bank of America (BAC) to Outperform based on strong capital, deposits, and credit.”

Bernstein Reiterates Tesla as UnderperformBernstein maintains its underperform rating on Tesla, despite a favorable shareholder vote on Elon Musk’s pay package. “Shareholders approved Musk’s pay package, which, despite legal challenges, is a positive endorsement for CEO Musk and a relief for Tesla shareholders.”

Piper Sandler Reiterates Pinterest as a Top PickPiper Sandler remains bullish on Pinterest. “We remain optimistic about Pinterest (PINS) and reiterate it as our top SMID pick.”

Evercore ISI Upgrades Ovintiv to Outperform from In LineEvercore believes Ovintiv is well positioned in the natural gas sector. “We are upgrading Ovintiv (OVV) from In Line to Outperform. The stock remains well positioned relative to SMID-cap peers.”

Evercore ISI Upgrades Shopify to Outperform from In LineEvercore sees an attractive entry point for Shopify. “We are upgrading Shopify (SHOP) to Outperform with a $75 price target due to the recent pullback in the stock creating a buying opportunity.”

Morgan Stanley Reiterates Sunrun as OverweightMorgan Stanley raises its price target on Sunrun, emphasizing its top pick status. “Sunrun (RUN) remains our favored way to play distributed solar, with a price target raised to $29 per share.”

Guggenheim Reiterates Spotify as BuyGuggenheim maintains a Buy rating on Spotify, citing its leadership in streaming audio. “We are confident in Spotify’s (SPOT) position as the world’s leading streaming audio provider and management’s focus on disciplined growth.”

Macquarie Initiates Roblox as OutperformMacquarie views Roblox as crucial to the metaverse. “Roblox (RBLX) is a highly scaled gaming platform poised to deliver double-digit CAGR over the next three years.”

UBS Upgrades Tutor Perini to Buy from NeutralUBS believes Tutor Perini is undervalued. “We upgrade Tutor Perini (TPC) to Buy from Neutral, noting past losses have led investors to underappreciate the core business’s earnings potential.”

TD Cowen Reiterates Virgin Galactic as BuyTD Cowen remains positive on Virgin Galactic following a meeting with its CEO. “We hosted Virgin Galactic’s (SPCE) CEO at our conference and visited Spaceport America for the Galactic 7 flight, reaffirming our Buy rating.”

JPMorgan Upgrades Zscaler to Overweight from NeutralJPMorgan sees Zscaler as undervalued. “We upgrade Zscaler (ZS) to Overweight, noting its position as a disruptive Zero Trust leader.”

JPMorgan Upgrades Varonis to Overweight from NeutralJPMorgan believes Varonis has a compelling valuation. “Varonis (VRNS) presents an attractive setup with multiple levers for upside.”

UBS Upgrades Permian Resources to Buy from NeutralUBS is bullish on Permian Resources, seeing positive catalysts ahead. “We upgrade Permian Resources (PR) to Buy, increasing our price target to $21.”

Morgan Stanley Downgrades Twilio to Equal Weight from OverweightMorgan Stanley downgrades Twilio, seeing better value elsewhere. “While we still like Twilio (TWLO) long-term, we expect little credit over the next 12 months.”

JPMorgan Reiterates Amazon as OverweightJPMorgan maintains Amazon as a top pick, predicting it will surpass Walmart as the largest US retailer in 2024. “Amazon (AMZN) should see 40%+ e-commerce penetration long-term.”

JPMorgan Upgrades Adobe to Overweight from NeutralJPMorgan upgrades Adobe, citing new product and pricing tailwinds. “We upgrade Adobe (ADBE) to Overweight, anticipating smoother sailing ahead.”

Bank of America Upgrades Hasbro to Buy from NeutralBank of America sees potential in Hasbro’s digital gaming strategy. “We believe Hasbro’s (HAS) digital gaming strategy is underappreciated and expect significant profit contributions in the second half of the year.”

Bernstein Reiterates Apple and Baidu as OutperformBernstein continues to rate both Apple and Baidu highly. “Apple (AAPL) may be taking more control of its models, limiting Baidu’s (BIDU) role, but we maintain our outperform ratings for both.”

Loop Reiterates Costco as BuyLoop remains bullish on Costco, raising its price target. “We reiterate our Buy rating on Costco (COST) and increase our price target to $940.”

Wolfe Reiterates Nvidia as OutperformWolfe maintains Nvidia as a top pick due to its strong position in AI. “Nvidia (NVDA) remains a favorite due to strong demand for its datacenter GPUs.”

Morgan Stanley Reiterates Tesla as OverweightMorgan Stanley sticks with its overweight rating on Tesla. “Despite recent uncertainties, we anticipate Elon Musk’s focused leadership will drive Tesla’s (TSLA) strategic metamorphosis.”

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

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