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Monday’s Biggest Analyst Calls: Netflix, NVIDIA, Apple, Meta, Lowe’s, Walmart, Target, Pepsi & More

February 12, 2024
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Here are the notable calls made by Wall Street analysts on Monday:

Evercore ISI reiterates Apple as outperform:Evercore has reaffirmed Apple as an "underappreciated" beneficiary of artificial intelligence (AI). The firm believes Apple is well-positioned to bring AI inference to the edge via the iPhone, potentially driving shorter replacement cycles, additional pricing opportunities, and strengthening its competitive position.

Barclays reiterates Walmart as overweight:Barclays expresses optimism about Walmart's upcoming earnings report and outlook, maintaining an overweight rating. While acknowledging potential conservatism in guidance, Barclays believes the positive aspects are anticipated and align with historical trends.

Barclays downgrades Rivian to equal weight:Barclays downgrades Rivian, citing supply constraints for the electric vehicle (EV) company. The downgrade acknowledges the company's near and mid-term potential, primarily attributed to being supply-constrained, with volumes dependent on production levels.

JPMorgan upgrades Lowe’s to overweight:JPMorgan recommends investors buy Lowe's stock ahead of earnings later this month. The upgrade is based on expectations that headwinds in goods' share of wallet are moderating, with trends reverting back toward wage growth.

Piper Sandler upgrades Teva to overweight:Piper Sandler suggests investors consider buying shares of Teva, a pharmaceutical company, for the first time since 2011. The upgrade is attributed to Teva's improved outlook, with the erosion of Copaxone and past challenges now potentially easing.

Jefferies initiates TKO as buy:Jefferies initiates coverage on the combined UFC and WWE entity, TKO, considering it a "knockout combo" within the entertainment platform, particularly in combat sports leagues.

JPMorgan reiterates Netflix as overweight:JPMorgan maintains its overweight rating on Netflix, expressing confidence in the company's ability to accelerate revenue growth in 2024, expand margins, and drive multi-year free cash flow growth.

Citi upgrades Willis Towers Watson to buy:Citi upgrades Willis Towers Watson, highlighting the attractiveness of the insurance company's shares. The upgrade is based on the relative visibility of near-term upside margin strength and softer year-over-year comparisons.

Citi upgrades PepsiCo to buy:Citi sees an attractive setup for PepsiCo's stock, which has been subject to market debates over the past six months. The upgrade is influenced by favorable expectations and the alignment of the stock with long-term targets.

UBS upgrades Urban Outfitters to neutral:UBS cautiously adopts an optimistic stance on Urban Outfitters ahead of earnings, anticipating good sales momentum in January and a positive Q4 performance.

Morgan Stanley downgrades Hershey to underweight:Morgan Stanley downgrades Hershey due to concerns about cocoa inflation, a challenging pricing environment, and weaker consumer demand for confectionery and popcorn.

Loop downgrades Big Lots to sell:Loop downgrades Big Lots, emphasizing that the discount retailer has lost consumer relevance. The downgrade is coupled with a substantial reduction in the price target.

Loop reiterates Meta as buy:Loop reiterates its buy rating on Meta, formerly known as Facebook, raising the price target following strong Q4 results and surpassing expectations.

Loop reiterates Alphabet as hold:Loop maintains a hold rating on Alphabet (Google), with an updated price target. While Google continues to deliver solid results, Loop suggests it appears somewhat underwhelming compared to other mega-cap peers.

Morgan Stanley downgrades XPO to underweight:Morgan Stanley downgrades logistics company XPO primarily based on valuation concerns and the perception that certain positive aspects are already priced into the stock.

Stifel upgrades Viavi Solutions to buy:Stifel upgrades Viavi Solutions, emphasizing the company's underappreciated role as an AI beneficiary within the communications equipment sector.

UBS reiterates Target as buy:UBS reaffirms its buy recommendation on Target, highlighting the compelling setup for the stock heading into Q4 and 2024.

Citi reinstates Rocket Lab as buy:Citi reinstates coverage on Rocket Lab with a buy rating, citing accelerating momentum for the satellite space company following recent capital market transactions and significant government awards.

Bank of America upgrades Marqeta to buy:Bank of America sees an attractive entry point for Marqeta, a financial services company, citing a favorable combination of near-term visibility and longer-term growth opportunities.

Bank of America downgrades Duke Energy to neutral:Bank of America downgrades Duke Energy, a utility and energy company, mainly due to valuation concerns after a strong relative outperformance.

Raymond James downgrades Newell Brands to market perform:Raymond James downgrades Newell Brands, anticipating a further delay in the recovery for the company's shares, influenced by multiple guidance cuts and increasing operating expenses.

Piper Sandler upgrades Old Republic to overweight:Piper Sandler advises investors to buy the dip in Old Republic shares, considering the property and title insurance company attractively priced following a fourth-quarter earnings miss.

Melius reiterates Nvidia as buy:Melius maintains a buy rating on Nvidia, highlighting the company's consistently positive performance so far in the year, attributing it to favorable market conditions.

Loop upgrades Corteva to buy:Loop upgrades Corteva, an agricultural company, to buy, emphasizing the compelling nature of the stock. The upgrade is accompanied by an increased price target.

Deutsche Bank upgrades Mohawk Industries to buy:Deutsche Bank upgrades Mohawk Industries, a flooring company, based on the attractiveness of the company's shares. The upgrade anticipates a stabilization in earnings during the first half of 2024.

Roth MKM initiates SilverBow Resources as buy:Roth initiates coverage on SilverBow Resources, an oil and gas company, with a buy rating. The initiation is driven by the company's attractive valuation, organic production growth, and exposure to natural gas upside.

Guggenheim reiterates Sunrun as buy:Guggenheim reiterates its buy recommendation for Sunrun, emphasizing the positive cash story for the company. The reiteration is accompanied by slight adjustments to the price target.

In summary, Wall Street analysts made a diverse range of calls on various stocks, reflecting their assessments of each company's performance, outlook, and market dynamics. Investors should carefully consider these recommendations and conduct their own research before making any investment decisions.

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

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