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Thursday’s Biggest Analyst Calls: Nvidia, Disney, Tesla, Instacart, Arm, Rivian, Target & More

November 9, 2023
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Here are the notable recommendations from Thursday on Wall Street:

Goldman Sachs starts coverage on Apellis Pharmaceuticals with a buy rating, expressing confidence in the company's ongoing execution. Apellis focuses on biopharmaceuticals, specifically inhibiting complement at the C3 level, with approved assets Syfovre and Empaveli.

HSBC initiates Tesla with a reduce rating, citing the stock's rich valuation. HSBC acknowledges Tesla's aspirations as an innovator beyond being an expensive auto company.

Barclays upgrades Kellanova to equal weight from underweight, anticipating top-line growth for the company following the spin of its North America cereal business.

Wolfe upgrades Spirit AeroSystems to buy outperform from peer perform, stating that the aerospace company's shares are now derisked, setting the stage for an expected production upcycle.

JPMorgan upgrades Montrose to overweight from neutral, considering the environmental services company's shares as compelling despite adjusting the price target.

Bank of America reaffirms its buy rating for Disney after mixed fourth-quarter results, noting that while revenues were below forecasts, operating income exceeded expectations.

Goldman Sachs reiterates Arm as overweight, maintaining the buy rating after the stock's earnings report and updating the 12-month price target.

Goldman Sachs also reiterates Instacart as a buy, sticking to the positive rating based on the grocery delivery company's recent earnings report.

Morgan Stanley reaffirms Rivian as overweight, emphasizing the electric vehicle company's potential for approximately 40% upside to their price target.

Deutsche Bank initiates Eli Lilly as hold, expressing concern about the stretched valuation due to the high FY24E EPS multiple and premium compared to peers.

Deutsche Bank starts coverage on Merck as a buy, expressing bullish sentiment on the pharma company's oncology drug, Keytruda.

Evercore ISI adds a tactical outperform on Target, expressing optimism heading into the earnings report and highlighting the company's ability to manage earnings.

Deutsche Bank upgrades Parker Hannifin to buy from hold, citing strong potential for multiple expansion and the likelihood of continued beat/raise guidance.

Goldman Sachs starts coverage on Cytokinetics as a buy, pointing to an attractive risk/reward profile for the biotech company.

Wells Fargo reaffirms Nvidia as overweight, expressing bullish sentiment ahead of the company's upcoming earnings report.

HSBC upgrades Anheuser-Busch InBev to buy from hold, citing market share stabilization and favorable valuation.

Barclays upgrades Valaris to overweight from equal weight, noting valuation upside for the offshore driller.

Barclays also upgrades Unilever to overweight from equal weight, expressing confidence in the consumer products company's management.

Citi upgrades ContextLogic to neutral from sell, citing a more balanced risk/reward outlook amid strategic changes in the e-commerce company.

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

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