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Tuesday's Biggest Analyst Calls: Tesla, Sofi, Pinterest, Roku, Boeing, Apple, Shopify, Chewy and More

October 31, 2023
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Here are the significant recommendations from Wall Street for Tuesday:

Wells Fargo has initiated Shopify as a "buy," indicating that they perceive it as an appealing buying opportunity. They mention that Shopify's approach has evolved to strike a balance between operational ambition and financial discipline, making it attractive to investors.

Bernstein has initiated Clean Riot as an "outperform," considering it a high-beta means to gain exposure in the Bitcoin mining space.

Goldman Sachs has reaffirmed its "buy" rating for Apple after the company's announcement of refreshed Macs on Monday. They highlight that the new MacBook Pro models provide attractive pricing relative to their initial launch prices.

Baird has downgraded ON Semiconductor to "neutral" from "outperform," citing pricing pressures in the semiconductor industry due to supply and demand normalization.

Citi has upgraded T. Rowe Price to "neutral" from "sell," noting a more balanced risk/reward situation for the asset management firm.

Deutsche Bank has reaffirmed its "buy" rating for Tesla, mentioning the automaker's cost advantage and long-term position. They also warn about potential downside risks to consensus 2024 expectations.

Piper Sandler has upgraded Check Point Software to "neutral" from "underweight," with an increased price target. They see a balanced risk/reward scenario for the cybersecurity company.

Wells Fargo has upgraded Globe Life to "overweight" from "equal weight," expecting upside for the life insurance company.

Bank of America has upgraded Pinterest to "buy" from "neutral," citing improved performance compared to its peers and the anticipation of a boost from an Amazon deal ramp.

Morgan Stanley has upgraded Arista Networks to "overweight" from "equal weight," highlighting it as a top choice for playing the eventual shift to Ethernet in AI networking.

Morgan Stanley has upgraded Chewy to "overweight" from "equal weight," believing that the recent sell-off in the stock was overdone and driven by underappreciated macro headwinds.

Seaport has upgraded Lincoln Electric to "buy" from "hold," commending the company's M&A, new product development, and operational excellence efforts.

Guggenheim has initiated Tourmaline Bio as a "buy," emphasizing its potential in targeting severe autoimmune and inflammatory diseases.

Baird has upgraded L3Harris Technologies to "outperform" from "neutral," indicating that investors should consider buying the stock given its significant underperformance year-to-date and positive outlook for defense funding.

Morgan Stanley has upgraded SoFi to "equal weight" from "underweight," suggesting that the risks associated with the company are already reflected in the stock price.

JPMorgan has upgraded AutoNation to "neutral" from "underweight," stating that the stock's valuation now appropriately reflects balanced risks relative to its peers.

Jefferies has upgraded XPO to "buy" from "hold," expecting margin expansion for the logistics company.

Susquehanna has upgraded Saia to "positive" from "neutral," viewing the recent weakness in the stock as an attractive entry point.

Jefferies has upgraded Williams-Sonoma to "hold" from "underperform," as they find it increasingly challenging to identify downside catalysts for the stock.

MoffettNathanson has downgraded Lyft to "sell" from "neutral," expressing concerns about the sustainability of its revenue.

MoffettNathanson has upgraded Roku to "neutral" from "sell," believing that the company's focus on profitability and free cash flow reduces the risk of further stock devaluation.

D.A. Davidson has added Ulta to its top picks list, considering it a uniquely positioned company with a sustainable moat.

Evercore ISI has reiterated Disney as "outperform," though they have lowered the price target to $100 per share.

Morgan Stanley has initiated Celsius Holdings as "equal weight," noting that the stock's pricing already accounts for significant market share growth and international expansion.

Northcoast has upgraded Boeing to "buy," suggesting a more promising long-term earnings outlook.

JPMorgan has upgraded Asbury Automotive to "overweight," recommending investors to consider buying the dip in the company's shares.

Wolfe has upgraded Phillips 66 to "outperform" from "peer perform," expecting further shareholder returns as the company implements its shareholder return plan in the coming quarters.

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

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