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Monday's Biggest Analyst Calls: Tesla, NVIDIA, Apple, AMD, Home Depot, Western Digital & More

January 22, 2024
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Here are the notable analyst calls on Wall Street for Monday:

Bernstein upgraded Union Pacific and Norfolk Southern to outperform from market perform, citing an attractive entry point for their shares. The firm believes the recent stock performance is more macro/rate speculation-driven, and with confidence in the next freight cycle starting in 2024, it has a positive outlook.

UBS initiated coverage on Enovis as a buy, highlighting the healthcare solutions company's attractive valuation. The firm initiated coverage with a Buy rating and a $75 price target for ENOV shares.

UBS upgraded J.B. Hunt to buy from neutral, noting the shipping and freight company's strong leverage to a potential turn in the freight cycle. The firm emphasized the importance of J.B. Hunt converting an upcycle in truck and intermodal to strong earnings per share (EPS) growth.

Northland downgraded Advanced Micro Devices (AMD) to market perform from outperform primarily due to valuation concerns. The firm mentioned that AMD's shares are trading above their price target and have significantly surpassed their upgrade from July 5, 2023.

KeyBanc reiterated Nvidia as overweight, expressing a bullish stance heading into the company's earnings in late February. The firm anticipates higher results and guidance from Nvidia.

BTIG upgraded SentinelOne to buy from neutral, citing positive field checks on the cybersecurity company. BTIG noted an uptick in discussions on the endpoint security space and a favorable market growth potential in 2024 compared to 2023.

Morgan Stanley named Western Digital a top pick, raising its price target on the stock to $73 per share from $52. The firm replaced Nvidia with Western Digital as its top pick, citing increased estimates on WDC.

Oppenheimer downgraded Home Depot and Lowe's to perform from outperform, adopting a more cautious stance toward home improvement retail. The firm is waiting for a better entry point for both stocks.

Bernstein reiterated Apple as market perform, expecting "not great" earnings on February 1. The firm believes Apple's revenue growth is likely to moderate to 4-5% over the long term.

HSBC downgraded Lululemon to hold from buy, citing valuation concerns for the athleisure wear maker. The bank mentioned that Lululemon's current valuation does not appear compelling in light of an expected moderation of growth.

Goldman Sachs downgraded Archer-Daniels-Midland (ADM) to neutral from buy due to concerns about a disclosed accounting investigation. Goldman noted ADM's ongoing investigation into the accounting practices of its Nutrition segment and provided guidance on 4Q23 results below expectations.

Morgan Stanley upgraded International Flavors to overweight from equal weight, citing an attractive valuation. The firm sees upside risk to FY24/25 Adj EPS consensus at a compelling valuation.

Benchmark initiated Instacart as a buy, stating that the delivery company's valuation underappreciates its discounted free cash flow outlook and addressable total addressable market.

William Blair downgraded Vita Coco to market perform from outperform, expressing concerns about higher costs for the beverage company. The firm believes Vita Coco's branded measured channel consumption growth may moderate in the coming months.

Wolfe upgraded American Airlines to outperform from peer perform, getting bullish on the airline's shares. The firm upgraded its rating as it selectively recommends increasing exposure to airlines with domestic capacity growth slowing.

Barclays reiterated NiSource as overweight, considering it a "premium gas/electric utility" play. The firm initiated coverage of NiSource with an Overweight rating and a $28 price target.

Morgan Stanley reiterated Tesla as overweight, lowering its price target to $345 per share from $380. The firm sees a challenging year ahead for Tesla, anticipating a cautious outlook on volume and profitability in 2024.

Goldman Sachs upgraded Stone to buy from neutral, citing new banking and credit revenue potential for the Brazilian payments company. The firm views Stone as its preferred name within Brazil payments, given its superior revenue and earnings growth outlook.

Bernstein upgraded ASML to outperform from market perform, expressing a bullish view on the semiconductor company. The firm believes ASML's comparatively strong EPS growth for 2022-2025 makes it attractively priced.

Evercore ISI reiterated Netflix as outperform, standing by the streaming giant heading into its earnings release. The firm views the Street's Q4 revenue, operating margin, and EPS estimates as reasonable.

JPMorgan opened a positive catalyst watch on Xerox, expressing optimism about the company's reorganization plan. The firm believes that the announced reduction in the global workforce and a business reorganization will accelerate the realization of cost reduction plans.

Raymond James downgraded Comerica to market perform from outperform, citing a challenging earnings outlook. The firm reduced its 2024 EPS estimate for Comerica to reflect the initial 2024 outlook.

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Eric Ng
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John Liu
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