Here are Friday's biggest analyst calls: Nvidia, Nike, Tesla, Coinbase, Arm, Meta, Eli Lilly, UPS, Carvana and more
Here are Friday's biggest calls on Wall Street: Bank of America reiterates Meta as buy Bank of America said it's bullish on Meta after it added the Broadcom CEO to its board of directors. "On February 14, Meta announced that it has added Broadcom CEO Hock Tan to its board of directors." Bank of America reiterates Nvidia as buy Bank of America said it's standing by the stock heading into earnings next week but that a pullback is possible. "We reiterate Buy/top pick ahead of NVDA Feb-21 earnings but won't be surprised to see a notable but brief pullback after the recent parabolic run-up in the stock." Goldman Sachs upgrades Informatica to buy from neutral Goldman Sachs said it's getting bullish on shares of the software company. "While Informatica has performed well in the LTM [last 12 months] at least partially attributed to its consistent execution against Cloud ARR [annual recurring revenue] targets despite broader weakness in the IT spending environment in the last 18-months along with strong operational discipline we see scope for further re-rating in CY24 to better align with similar revenue and FCF growth companies over the next 2-3 years." TD Cowen upgrades GCM Grosvenor to outperform from market perform TD Cowen said in its upgrade of GCM that the alternative investment company is too attractive to ignore. "Upgrade Thesis - Centers on favorable inflection on number of key fundamentals plus compelling risk-adjusted valuation, even after layering in particularly conservative assumptions." KBW upgrades Coinbase to market perform from underperform KBW upgraded Coinbase after its earnings report Thursday. "Solid revenue beat in the quarter on retail engagement ultimately being much stronger than expected towards year-end." BMO names Trade Desk a top pick BMO said the ad tech company's earnings report should "silence the bears." "This is a quarter/outlook to silence the bears. TTD is best positioned against two digital ad sector mega-trends in 2024: 1) third-party ad cookie deprecation in Google Chrome and 2) capturing a surge of ad dollars related to the U.S. presidential election." Baird upgrades UPS to outperform from neutral Baird said in its upgrade of UPS that the risk/reward is too attractive to ignore. "Consistent with this view and following the most recent pullback, we are upgrading UPS to Outperform and like the risk/reward." JPMorgan initiates Mister Car Wash as equal weight JPMorgan initiated the car wash company with a neutral rating mainly on valuation. "We are initiating coverage of Mister Car Wash (MCW) with a Neutral rating and a $9.50 Dec 2024 price target." Wells Fargo initiates Super Micro as equal weight Wells Fargo said the tech company is an artificial intelligence beneficiary but that the stock is fairly valued right now. "We expect Supermicro' s building-block portfolio breadth and engineering-first culture will continue to position the company as a first-to-mkt leader on next-gen. accelerated-compute architectures." Daiwa downgrades Arm to neutral from outperform Daiwa downgraded the semis company mainly on valuation. "Above expectation 3Q sent stock skyrocketing > 60%, > 130% vs launch. With Softbank/others owning > 90%, could keep share price elevated. Very positive on Arm's positioning, but look for a better re-entry point." Loop initiates Nvidia as buy Loop initiated Nvidia with a Street-high price target of $1,200 per share. "Initiating Buy and $1200 PT (63% appreciation) as we believe not only is there material upside to Street estimates in CY2024/FY2025 & CY2025/FY2026 but that we are at the front end of a 3 - 5 year GPU compute & Gen AI foundational build across Hyperscale." TD Cowen upgrades PVH to outperform from market perform TD Cowen said consensus estimates are too low for the maker of brands like Tommy Hilfiger. "Consensus is underestimating PVH's ability to elevate the CK and Tommy businesses, faster inventory turns, higher margins and an emerging capital allocation narrative, which can significantly improve the capital structure." UBS downgrades Newell Brands to neutral from buy UBS said it has decreased visibility for the maker of consumer and commercial products. "We are downgrading Newell Brands from Buy to Neutral with our NTM [next twelve months] price target moving to $8.50, implying ~6% upside from current levels." Raymond James downgrades Carvana to underperform from market perform Raymond James downgraded the stock mainly on valuation. "We are downgrading CVNA to an Underperform from a Market Perform rating. To be clear, our downgrade is not a call on upcoming 4Q23 results slated for Thursday, February 22nd, but on the recent stock performance." Raymond James upgrades Wayfair to strong buy from market perform Raymond James said it sees a "refreshed setup" for shares of Wayfair. "Our more constructive stance stems from two main points: 1) after a challenging period for the U.S furniture industry following COVID, we believe demand trends are nearing the bottom, with adjusted. U.S. furniture sales likely near 2015/2016 levels in 2023; and 2) management's recent cost-cutting initiatives will enable Wayfair to grow EBITDA meaningfully as demand returns." RBC initiates Biohaven as outperform RBC said the biotech company is "cutting edge." "We like the way BHVN identifies promising technologies and targets and then leverages its mgmt expertise to optimize the development path based on competitor data to become a fast-follower in high-value therapeutic areas." Oppenheimer downgrades Nike to perform from outperform Oppenheimer said it's concerned the next several quarters for Nike look "sluggish." "That said, as we re-examine closely the nearer-term outlook for NKE, we come away increasingly concerned that over the next several quarters that top-line trends at the enterprise are likely to remain sluggish, and below algo, given a combination of underlying, spotty consumer demand, lulls in product innovation, and modest competitive incursions, in select categories." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's standing by Tesla but there has been "no place to hide." "While in the land of EV pure-plays, there has been no place to hide." Guggenheim downgrades SunPower to sell from neutral Guggenheim said it remains concerned about the solar company's financials. "We are downgrading our investment recommendation from Neutral to Sell with a $1 PT following SPWR' s announcement of a rescue financing package yesterday." Bank of America downgrades Dropbox to underperform from buy Bank of America said the "bull thesis has played out" for the data storage company. "Double Downgrading DBX to Underperform from Buy." Bank of America upgrades Cellebrite to buy from neutral Bank of America said it sees business trends stabilizing for the digital intelligence company. "We upgrade Cellebrite from Neutral to Buy and raise our PO from $9 to $12. The company sees improved business momentum, driven by healthy market demand, platformization of the portfolio, and growth acceleration of new product initiatives." Jefferies upgrades América Móvil to buy from hold Jefferies said the LatAm telecommunications company is becoming a "cash cow." " AMX | (Re)joining the Charge of the Cash Cows; Upgrade to Buy." Barclays reiterates Netflix as equal weight Barclays said it's standing by its equal weight rating on the stock and that growth could "slow substantially going forward." " Netflix core growth excluding the impact of paid sharing may have been quite weak last year." JPMorgan downgrades Bloom Energy to neutral from overweight JPMorgan downgraded Bloom Energy following its earnings report. " BE reported 4Q results below expectations. FY24 operating margin guidance aligned with our expectations though the revenue outlook was well below consensus and closer to expectations we have heard from recent bearish buyside conversations." Morgan Stanley reiterates Eli Lilly as overweight Morgan Stanley raised its price target on the stock to $950 per share from $805 and says it can be the first $1 trillion company. "Reiterate OW rating on LLY as we see upside to 2025+ estimates (and refresh our Bull scenario, which hinges on LLY's oral GLP-1) and make the case for why the stock continues to deserve a premium P/E multiple on outer-year estimates vs. historical Pharma stocks." Oppenheimer downgrades Roku to perform from outperform Oppenheimer downgraded the stock following earnings on Thursday and said shares are poised to be range-bound. "We are downgrading ROKU to Perform from Outperform and removing our $100 price target as we see the stock range-bound until the company sustainably delivers high-teens Platform revenue growth."