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Monday’s Biggest Analyst Calls: NVIDIA, Apple, Amazon, BJ's, Ferrari, Disney, Birkenstock & More

November 6, 2023
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Here are Monday’s biggest calls on Wall Street:

KBW has upgraded Bank of America from "Underperform" to "Market Perform." This decision is partly influenced by the recent decline in long-term rates, which followed a better-than-expected productivity report and a weaker-than-expected jobs report.

KBW has also upgraded Key Corp from "Market Perform" to "Outperform." The regional bank's stock is currently trading at an 18% discount to peers on 2025 earnings and a 14% discount on current tangible book value.

Deutsche Bank has downgraded BJ’s from "Buy" to "Hold." The move is motivated by their belief that there is limited earnings per share upside for the wholesaler in 2024.

Mizuho has initiated Bilibili as a "Buy." They have a positive outlook on the shares of this Chinese video company and expect Bilibili to expand its product offerings, double its target addressable market, achieve double-digit revenue growth, and reach profitability in FY24E.

UBS has reiterated Amazon as a "Buy" and raised the price target on the stock to $180 per share from $178. Amazon remains their top pick in the Internet sector, backed by their analysis of a favorable risk-reward profile.

Citi has reiterated Disney as a "Buy" but lowered the price target on the stock to $110 per share from $120. The rating is maintained heading into Disney's earnings later this month, where they expect to receive the company's FY 2024 outlook.

Bank of America has downgraded Paramount from "Buy" to "Underperform." The challenging backdrop for the media stock has led to this decision, as shares have declined over 40% since May 1st. The longer it takes to execute potential asset sales, the less value they may ultimately yield.

Barclays has upgraded Kontoor Brands from "Equal Weight" to "Overweight." They anticipate tangible market share gains for the maker of Lee jeans, driven by gross margin recovery, normalization in the wholesale channel, and increased market share in the U.S. denim sector.

Bank of America has reiterated Nvidia as a "Buy." They expect Nvidia to outperform consensus expectations when it reports earnings on November 21st. The stock's compelling valuation and favorable market seasonality are among the factors driving their positive outlook.

Barclays has upgraded Dominion Energy from "Equal Weight" to "Overweight." They see the company as reaching an inflection point following the 3Q23 earnings call, with earnings per share revisions expected to improve over the next quarter.

Goldman Sachs has initiated Birkenstock as a "Buy." The shoe company is projected to achieve a sales compound annual growth rate of 18% from CY23 to CY26E, and the shares are seen as attractive based on growth-adjusted metrics.

UBS has upgraded Clorox from "Sell" to "Neutral" after reviewing the company's F1Q results and guidance update. They believe there is now a more balanced risk-reward outlook for the stock.

Goldman Sachs has initiated coverage on Legend Biotech as a "Buy." The biotech company is considered "best-in-class" for its use of the multiple myeloma treatment, Carvykti.

UBS has downgraded Albemarle from "Buy" to "Neutral" due to increased uncertainty, particularly in terms of lithium volume growth and potential earnings risk in 2024.

JPMorgan has downgraded Nutrien from "Overweight" to "Neutral" due to concerns about EBITDA heading lower, which is expected as a base case from the peaks reached during the early days of the Russia/Ukraine conflict.

Citi has upgraded Visteon from "Neutral" to "Buy," as they see the recent weakness in the stock as an attractive entry point.

Raymond James has downgraded Bloomin' Brands from "Outperform" to "Market Perform" following the company's 3Q earnings release.

HSBC has upgraded Palantir from "Hold" to "Buy" and increased their target price on the stock. They have higher conviction in the company's business model.

Barclays has upgraded Ferrari from "Equal Weight" to "Overweight" after a strong earnings report, driven by better price-mix-personalization and above-consensus forecasts for 2024-26.

RBC has initiated Confluent as "Outperform." The software company, acting as the data plumbing layer for real-time data, is seen as a beneficiary in a GenAI world.

Finally, Bank of America has reiterated Apple as "Neutral." Their rating is maintained due to the counterbalancing factors of new product introductions and a weaker consumer spending environment.

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

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