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Tuesday's Biggest Analyst Calls: Apple, Tesla, Ups, Disney, Ubs, Broadcom, Palantir, Tyson & More

February 6, 2024
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Tuesday's notable developments on Wall Street included various calls from prominent financial institutions regarding specific stocks. Deutsche Bank upgraded Li Auto, a Chinese auto company, from hold to buy. Despite a recent 32% decline in its stock since late November, Deutsche Bank finds the company's prospects compelling. The upgrade is based on expectations of a strong performance in the coming quarters, driven by a robust product pipeline and an attractive valuation for a top-tier electric vehicle (EV) player.

On the other hand, BTIG downgraded McDonald's from buy to neutral after its earnings report on Monday. The downgrade is attributed to expectations of more modest growth in the near future due to increased discounting and the impact of the Middle East conflict on sales.

Deutsche Bank initiated coverage on Flywire, a payments company, with a buy rating. The bank sees an attractive entry point for the company, emphasizing Flywire's leading position in global payments, a proprietary payments platform, and specific software solutions catering to Education, Healthcare, Travel, and key B2B vertical markets.

Wedbush upgraded Varonis, a security software company, to outperform from neutral. The upgrade is driven by the company's strong quarter and the belief that the ongoing model transition is poised for accelerated growth, aided by the AI Revolution in the next 12 to 18 months.

Rosenblatt initiated coverage on Sprinklr, a customer experience platform software company, with a buy rating and a $16 price target. The initiation is based on the company's AI-powered Unified-CXM platform, unlocking powerful customer insights and enabling real-time engagement across various digital channels.

UBS upgraded UPS from neutral to buy, citing expectations of attractive earnings per share (EPS) growth. The upgrade is grounded in the anticipation of UPS management delivering a robust cost reduction program, supporting margin expansion and EPS growth despite a backdrop of muted revenue growth.

Deutsche Bank reiterated its buy rating on Disney ahead of the company's earnings report. While estimates for certain quarters remain unchanged, there is a 4% decrease in the estimate for the third quarter's consolidated operating income.

Bernstein reiterated Tesla as underperform, expressing a lack of near-term positive catalysts for the stock. Despite year-to-date underperformance, Bernstein struggles to identify a catalyst that would positively impact Tesla.

Morgan Stanley reiterated Apple as overweight, emphasizing optimism about the company's Vision Pro headset as a significant opportunity in the future of spatial computing.

Daiwa downgraded Tesla from outperform to neutral, citing concerns about corporate governance exacerbating challenging financial conditions in 2024.

JPMorgan resumed coverage on Broadcom as overweight, lifting previous restrictions. The bank set a December 2024 price target of $1,550.

Piper Sandler downgraded Chegg from neutral to underweight, citing limited visibility, subscriber headwinds, and broader AI-related competitive pressures.

Morgan Stanley upgraded Open Lending from underweight to equal weight.

UBS downgraded Plug Power from buy to neutral, foreseeing limited near-term upside based on a price target of $4.75 per share.

Bank of America upgraded Tyson Foods from underperform to neutral, noting improving fundamentals in chicken despite ongoing challenges in beef.

Redburn Atlantic Equities downgraded Bristol-Myers from buy to neutral, citing a lack of near-term positive catalysts following multiple acquisitions and product updates.

Citi upgraded Palantir from sell to neutral, recognizing breakthrough momentum after a stronger-than-expected Q4 and a positive outlook.

Northcoast initiated TKO as a buy, expressing bullishness on the combined assets of UFC and WWE, expecting the two to create a sports juggernaut.

JPMorgan resumed BeiGene as overweight, seeing an attractive entry point for the pharmaceutical company.

Lastly, JPMorgan reiterated UBS as overweight, emphasizing its status as a top pick despite weaker-than-expected 4Q results. The focus remains on UBS's targets and its path to becoming a dominant force in wealth management.

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Eric Ng
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John Liu
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Cathy Hills
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