Here are Monday's biggest analyst calls: Tesla, Amazon, First Republic, Roku, Walmart & more
Here are Monday's biggest calls on Wall Street: Susquehanna upgrades Roku to positive from neutral Susquehanna said it sees an attractive risk/reward for the stock. "Despite near-term noise, we believe the long-term CTV opportunity remains intact and continue to see ROKU as a prime beneficiary of the secular shift of linear budgets." Barclays reiterates Tesla as overweight Barclays said it's bullish heading into Tesla's earnings report in April. "Expect modest beat in 1Q, with production modestly outpacing deliveries; • could be catalyst for stock." Citi upgrades KeyCorp and M & T Bank to buy from neutral Citi upgraded several regional banks on Monday and said the risk/reward looks compelling. "We are upgrading KEY and MTB to Buy as risk/reward looks very appealing." Read more about this call here. Goldman Sachs reiterates Amazon as buy Goldman said Amazon is well positioned for further gains in AI. "While most of our investor conversations around the theme of generative AI have been dominated by market share dynamics in Search & gross margin implications from higher compute costs against a potential increase in mix of non-commercial search we believe as enterprises push deeper into integrating AI/ML tools into their tech stacks to drive core businesses, hyperscalers are underappreciated beneficiaries of this theme." Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it sees 50% upside for shares of the e-commerce giant. "We see AMZN's latest 9k headcount reduction leading to ~$2.2bn in annual savings (6% to '24 EBIT). We believe a majority of reductions are from AWS/Advertising, which should help protect AWS EBIT through near-term deceleration and drive better long-term leverage." Read more about this call here . Deutsche Bank upgrades Corning to buy from hold Deutsche said it sees "diversified revenues underpinned by secular tailwinds" for Corning. "We also see gross margin tailwinds driving a more meaningful EPS ramp in subsequent quarters. UBS upgrades Pinterest to buy from neutral UBS said "ad checks [are] starting to see early signs of improvement" for the social media company. "We upgrade shares of Pinterest to Buy and increase our PT to $35 (from $27), or 27% upside, with a risk/reward skew of 2.3 and 66% upside in our Bull case." Read more about this call here. Argus upgrades J.M. Smucker to buy from hold Argus said in its upgrade of the stock that it's gaining share. " Smucker is gaining market share as at-home consumption of food and beverages continues to exceed pre-pandemic levels." SVB Securities upgrades Regeneron to outperform from market perform SVB said Regeneron has several positive catalysts ahead. "Our new investment thesis is that we see the potential for upward pressure on both earnings and the stock multiple." Citi opens a positive catalyst watch on Fisker Citi said it's "intrigued" by the risk/reward for the electric vehicle company. "Among EV Newcomers, we're intrigued by the Fisker risk/reward setup into the Q1 update and are opening a 90-day upside Catalyst Watch." Baird downgrades Caterpillar to underperform from neutral Baird said there are too many macro risks for Caterpillar . "A 2024 slowdown in US nonresidential construction was already on the horizon but now is increasingly likely given ongoing regional lenders' turmoil and their sizable participation in commercial construction lending." Wolfe upgrades Marqeta to outperform from peer perform Wolfe said it sees a compelling risk/reward for the payment solutions company. "Overall, we see MQ as a category leader in the modern issuing space." Morgan Stanley downgrades Frontier to underweight from equal weight Morgan Stanley said it sees delayed free cash flow generation for the telecommunications and cable company. "We downgrade FYBR to UW from EW and lower our 12-month price target to $19, given Frontier's premium to Telco peers, rising risks to Fiber growth targets due to increasing competition, and recent plans for a slower Fiber expansion potentially delaying positive FCF generation." Jefferies downgrades Wingstop to underperform from hold Jefferies said in its downgrade of the wings restaurant company that "near-term momentum is fully baked in. "We downgrade WING to Underperform as valuations seem to reflect an overly optimistic view of n-t SSS momentum." Citi downgrades Ollie's to sell from neutral Citi said it sees too many negative catalysts for the retail company. "We are downgrading OLLI from Neutral to Sell. 4Q wasn't a bad qtr, but even though sales beat (comps +3% vs cons +0.3%), merch margin dollars came in weaker than expected and implied guidance." Morgan Stanley reiterates Walmart as overweight Morgan Stanley said it sees an attractive risk/reward heading into the company's investment community meeting on April 4. "EPS visibility is solid; we estimate 45 bps of gross margin 'conservatism' in WMT "s F'24 guide." BMO upgrades Equinix to outperform from market perform BMO said the data center company is well positioned to weather the storm. "We view data centers as generally well-positioned to weather a challenged macro, and we are encouraged by EQIX's pricing power." Morgan Stanley moves First Republic to no rating Morgan Stanley removed its estimates and ratings on the stock due to too much uncertainty. "Effective immediately, we are moving to Not-Rated for First Republic Bank ( FRC) due to uncertainties about the company's forward course of action." Bernstein reiterates Target as outperform Bernstein said Target is a long-term winner. "Leading Owned Brand portfolio strategy & execution helps position as a long-term winner in US Retail