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Here are the biggest calls on Wall Street on Friday: Bernstein reiterates Nvidia as outperform Bernstein said it’s sticking with its outperform rating on the maker of AI processors. ” NVDA (OP, $1000): The datacenter opportunity is enormous, and still early, with material upside still possible.” Citi upgrades Cheesecake Factory to buy from neutral Citi said it sees an increasingly “derisked unit growth outlook.” ” CAKE skews to a higher income customer than the average casual diner, and, particularly for lower-income customers, visits skew more towards occasions.” Wedbush reiterates Apple as outperform Wedbush said it’s standing by its outperform rating on shares of Apple. “We look forward to the WWDC [Worldwide Developers Conference] next month, where we believe Apple is set to unveil its long awaited AI strategy to its golden installed base and developer community at WWDC which begins an AI-driven supercycle starting with a new iPad lineup and then the iPhone 16 this Fall.” Bank of America reiterates Palantir as buy Bank of America said it’s standing by its buy rating on shares of Palantir. “In our view, it’s paramount the government support further investments in AI and spur competition. Additionally, we see PLTR as primed to meet the increased demand and advance AI-enabled products further.” Mizuho upgrades Squarespace to buy from neutral Mizuho said it sees underappreciated growth opportunities for the website company. “We upgrade Squarespace to a Buy with a $50 PT as we believe the company can deliver significant upside to consensus estimates.” Wells Fargo downgrades Cerence to equal weight from overweight Wells downgraded the AI software company due to slowing sales. “We downgrade CRNC from OW to EW on the lower sales outlook. CRNC revised 2025 targets again, now ~35% below original ’22 targets.” Bank of America initiates Apogee Therapeutics at buy Bank of America said the biotech company has best-in-class potential. “Apogee Therapeutics (APGE) is a clinical-stage biotechnology company developing long- acting biologics for the treatment of atopic dermatitis (AD), asthma, and chronic obstructive pulmonary disease (COPD), three of the largest and most dynamic I & I [immunology & inflammation] markets globally.” Stifel downgrades Planet Fitness to hold from buy Stifel said it sees too much uncertainty for Planet Fitness. “Moreover, the company announced plans to raise the price of its Classic membership to $15/month this summer. Despite the solid 1Q results and the upcoming price increase, we have decided to move to the sidelines, downgrading to Hold.” KeyBanc upgrades Warner Brothers Discovery to overweight from sector weight Key upgraded the media stock following earnings. “We upgrade WBD OW and establish a $11 PT. For one of the first times in a while, we are actually bringing our ests. slightly higher.” HSBC upgrades 3M to buy from hold HSBC said shares of 3M are attractive. “Upgrade to Buy and lift TP to $115; 3M remains a quality company and is trading at attractive valuations, in our view.” TD Cowen upgrades Dutch Brothers to buy from hold TD said it sees turnaround traction for the coffee chain. “In our view Dutch Bros. is demonstrating traction with the turnaround that leads us to believe 2024 sets up as a beat & raise year.” Morgan Stanley upgrades TPG to overweight from equal weight Morgan Stanley said in its upgrade of TPG that it’s bullish on shares of the private equity company. “We see an attractive entry point for a high quality, capital light business model with > 80% fee-related earnings mix.” Raymond James upgrades HBT Financial to outperform from market perform Raymond James said it’s bullish on shares of the bank holding company. “We are upgrading shares of HBT to Outperform and establishing a $23 price target following meetings with management that left us more bullish on shares which centered around its disciplined credit culture and prospects for incremental M & A activity.” Bank of America upgrades Bumble to buy from neutral Bank of America sees “multiple expansion” for the dating app company. “We are upgrading Bumble (BMBL) to Buy as we are more confident now that Bumble can meet or exceed Street expectations which we believe will drive multiple expansion.” Bank of America upgrades Dominion to neutral from underperform Bank of America said the turnaround is starting to shape up for shares of the energy company. “We are raising our rating on Dominion Energy (D) to Neutral from Underperform. This rating upgrade follows D’s completion of a lengthy business review and restructuring process in early March, that has seen the company shed non-core assets, fortify its balance sheet, de-risk its offshore wind project, and simplify its strategy.” Morgan Stanley upgrades Lear to overweight from equal weight Morgan Stanley upgraded the automotive equipment company due to a “combination of portfolio resiliency, capital efficiency and valuation.” “Adapting to the EV Recession, Upgrading LEA to Overweight.” Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it’s anxiously awaiting the company’s June 13th shareholder vote. “We see Tesla’s June 13th shareholder vote as having significance to the long-term strategic direction of the company.” Barclays upgrades Relay Therapeutics to overweight from equal weight Barclays says shares of the biotech company are attractive. “We upgrade RLAY to OW from EW based upon: 1) attractive catalyst path in 2H24 including high-impact data update in breast cancer; where we see a positive risk/reward – see detailed analysis and data preview, 2) attractive valuation.” Oppenheimer upgrades Array to outperform from perform Oppenheimer upgraded the solar tech company following earnings on Thursday. “With ARRY delivering solid 1Q results and strong bookings while reiterating 2024 guidance, we upgrade to OP, introducing a $20 PT.” Guggenheim reiterates Nike as buy Guggenheim said the footwear and clothing stock remains a best idea. “We believe the company remains focused on scaling newness and innovation and making the investments to reach full potential and believe in Nike’s opportunity to drive long-term profitable growth. We remain Buy rated and reiterate our PT of $130. Nike remains our Best Idea.” Bank of America reiterates Walmart as buy Bank of America said it’s bullish heading into Walmart earnings next week. “We believe WMT’s omni-channel transformation in the U.S. will continue to gain momentum and support more sustainable and predictable positive same-store sales and traffic at U.S. Supercenters and U.S. ecommerce and GMV [gross merchandise value] growth that should support P/E multiple expansion.” MoffettNathanson upgrades Roblox to neutral from sell Moffett upgraded the stock following the selloff on Thursday. “After yesterday’s massive sell-off (and year-to-date relative underperformance), we are upgrading Roblox from Sell to Neutral with a $26 target.”
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