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Thursday’s Biggest Analyst Calls: Amazon, Sunrun, Qualcomm, Eli Lilly, Solaredge, Estee Lauder & More

November 2, 2023
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Here are the notable Wall Street recommendations for Thursday:

Bank of America reaffirms its buy rating for Qualcomm after its earnings report on Wednesday. They believe Qualcomm will benefit in the long term from the growing adoption of 3G/4G/5G smartphones, tablets, and cellular-enabled machine-to-machine devices worldwide.

HSBC initiates a buy rating for Amazon, citing an attractive entry point for investors. They emphasize Amazon's structural potential in cloud computing, surpassing even the customer loyalty in e-commerce.

BMO downgrades Sunrun to market perform from outperform, indicating a lack of rebound potential for the company. They acknowledge Sunrun's cautious approach to residential solar growth but express concerns about its capacity growth outlook.

Seaport upgrades KB Home and Toll Brothers to buy from neutral, along with several other homebuilders, due to a favorable environment for early cycle builders.

JPMorgan initiates a neutral rating for WK Kellogg, expressing uncertainty about the company's EBITDA growth.

Truist upgrades Amgen to buy from hold, mentioning the potential benefits from obesity drug developments and upcoming catalysts related to GLP-1/obesity data.

Bank of America upgrades Oscar Health to buy from neutral, anticipating strong Q3 results and positive 2024 guidance in the insurer's upcoming earnings report.

Truist downgrades SolarEdge to hold from buy, citing negative catalysts ahead and limited visibility into sell-through levels.

UBS downgrades Eastman Chemical to neutral from buy, citing a more balanced risk/reward scenario.

Citi reiterates its buy recommendation for Eli Lilly, foreseeing further upside potential driven by the company's incretin portfolio and capacity expansion.

KBW upgrades Janus Henderson to market perform from underperform, citing the company's positive Q3 results and share buyback authorization.

Seaport upgrades Rayonier to buy from neutral, emphasizing an attractive entry point for the timberland real estate investment trust.

RBC downgrades Estee Lauder to sector perform from outperform, primarily due to a disappointing guidance cut despite better-than-expected F1Q'24 results.

Citi upgrades Clorox to buy from neutral, believing that the worst impacts from the August cyberattack are mostly behind the company.

Bernstein upgrades Chevron to outperform from market perform, expressing confidence in the company's acquisition of Hess and expecting improved geopolitical conditions.

Pivotal upgrades Roku to hold from sell, noting Roku's strong position in the content ecosystem and a promising market presence.

Guggenheim downgrades SolarEdge to neutral from buy, citing a more extended revenue downturn than expected and a delayed return to positive EBITDA.

Stifel upgrades Generac to buy from hold, emphasizing the favorable risk/reward profile for the backup battery company.

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

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