Here are Friday's biggest analyst calls: Apple, Tesla, Netflix, Marvell, Ollie's, Snowflake, Eli Lilly, Krispy Kreme & more
Here are the biggest calls on Wall Street on Friday: Pivotal reiterates Netflix as buy Pivotal raised its price target on the stock to a Street high of $765 per share from $700. "We are raising our YE'24 NFLX target price $65 to a street-high $765 driven primarily by a combo of higher '24 and beyond subscriber/ARPU forecasts." Bank of America reiterates Marvell as buy Bank of America said it's bullish heading into the AI company's chip event next week. "We expect MRVL to showcase its broad-range of computing, electro-optics, networking and custom-chip design assets at its Accelerated Infrastructure For The AI Era Event" scheduled for 10-12am ET in NY on April-11." Bernstein reiterates Apple as market perform Bernstein said in a note on Friday that it wonders whether consumers will spend on the iPhone 16. "We are more constructive on Apple given its recent underperformance (~21% YTD), our belief that the iPhone 16 could be cyclically stronger, and that Apple's long-term growth story remains intact." Loop upgrading Ollie's to buy from hold Loop said shares of the discount retailer are cheap. "We are upgrading Ollie's Bargain Outlet to a Buy from a Hold rating while raising our price target to $90 from $80, implying 26% upside from current levels." Bernstein upgrades Natera to outperform from market perform Bernstein said in its upgrade of Natera that the genetic testing company has margin upside. "We believe the company's gross margin trajectory is underappreciated." Mizuho reiterates Amazon as a top pick Mizuho said it's bullish on Amazon's cloud services division, Amazon Web Services. "As a result, we are incrementally confident about AWS revenue acceleration into FY24, and we maintain AMZN as our Top Pick with a $230 PT." RBC upgrades Eaton to outperform from sector perform RBC said the electrical equipment company is well positioned. "Although we missed its sizeable run in 2023, we believe ETN shares are still well positioned in the array of multi-year secular tailwinds driving the ongoing electrical super-cycle." Wells Fargo double upgrades Cinemark to overweight from underweight Wells said in its upgrade of the movie theater company that "movies are back!" "We're double upgrading CNK to OW on better tentpole performance, the de-risking of '24 and growing conviction on '25." Piper Sandler upgrades Krispy Kreme to overweight from neutral Piper upgraded the stock following the company's announcement that its donuts would be sold in McDonald's. "Following last week's announcement of a national partnership with MCD, we are upgrading shares of DNUT to Overweight, up from our previous rating of Neutral." JPMorgan reiterates Eli Lilly as overweight JPMorgan said it's bullish heading into earnings on April 30. "More broadly on the story, LLY remains one of our favorite names in the group as we see further upside to Street estimates as Mounjaro continues to ramp and Zepbound fully launches as well as a number of additional incretin datapoints ahead." Stifel upgrades Agilent Technologies to buy from hold Stifel said the lab tech company is attractive. "Responses from our biopharma survey suggest some good 2H acceleration in instrument demand, which — along with a few less-than-bullish data points on consumables side — has increased A's relative attractiveness." Wells Fargo downgrades Altice USA to underweight from equal weight Wells downgraded the cable company due to concerns about M & A. "We think Cable trends remain difficult. ATUS is in the cross-hairs while M & A is less likely than what's priced in. We cut our price target from $2 to $1, still giving ATUS the highest multiple in Cable as optionality. We downgrade to Underweight." Pivotal reiterates Spotify as buy Pivotal raised its price target on Spotify to a Street high of $390 per share from $330. "We are raising our already Street High $330 YE'24 target price $60 to $390 driven primarily by higher premium and to a lesser extent ad supported ARPU forecasts." BMO upgrades Royal Bank to outperform from market perform BMO said it's bullish on shares of the Canadian bank. "With an increase in our target forward P/E valuation multiple for the Canadian bank index we are at the same time increasing our target price on RY from $140 to $150 and upgrading our investment recommendation on the name to Outperform from Market Perform." Rosenblatt upgrades Snowflake to buy from neutral Rosenblatt said in its upgrade of the stock that "consumer interest remains high." "We recently attended a customer event in Toronto, along with several hundred regional customers, partners, and prospects who are considering moving to Snowflake." Jefferies adds Pepsi to the franchise picks list Jefferies said it sees opportunity internationally for Pepsi and raised its price target to $209 per share from $199. "The potential abroad is not fully priced in given the unwavering focus on the Frito slowdown — creating an enhanced buying opportunity. Adding to Franchise Picks list and raising PT to $209." KBW upgrades SoFI to market perform from underperform KBW said the risk/reward is improving for SoFi shares. "Shares have declined 24% YTD, coming down near our updated price target, and while we continue to have questions about the sustainability of earnings/capital over the long-term, we believe the share price decline and recent capital raise remove much of the risk of negative catalysts to investors over the near-term." Daiwa reiterates Tesla as neutral Daiwa lowered its price target on the stock to $180 per share from $195 following first-quarter delivery numbers. " Tesla reported 1Q:24 deliveries of 386,810 and production of 433,371 units. The delivery numbers were significantly below our estimates of around 425,000 units." KBW upgrades First Horizon to outperform from market perform KBW said the regional bank is a "stock to own in a higher-for-longer [rate] environment." "An asset-sensitive balance sheet and promotional deposit rates that are now repricing lower make FHN a stock to own in a higher-for-longer environment — KBW's view for some time and one that the market is now coming around to." Seaport upgrades Fox to buy from neutral Seaport said in its upgrade of the stock that it sees "ratings momentum." "Reasons for the upgrade: cyclically strong (and possibly new record) Presidential election ad spending is coming soon; certain Fox News ratings and direct-response advertising challenges are behind it; sports programming continues solid ratings momentum." Wells Fargo upgrades Public Storage to overweight from equal weight Wells said the storage company is "best positioned" in its group. "We upgrade PSA to Overweight (from Equal Weight) as our top idea in storage, based on our view that it's best-positioned to navigate an uncertain housing and demand environment, with industry-leading growth metrics likely to sustain through 2024." Rosenblatt upgrades Western Digital to buy from neutral Rosenblatt said in its upgrade of the stock that it sees memory prices increasing. "We are upgrading WDC from Neutral to Buy based on strengthening NAND Flash prices." Citi downgrades Enphase to neutral from buy and Plug Power to sell from neutral Citi downgraded Enphase due to weakening solar trends. The firm also downgraded Plug Power, seeing "limited corporate liquidity." "We are downgrading ENPH to Neutral/High Risk and PLUG to Sell/High Risk. In residential solar, our app data indicates trends are weaker sequentially in the U.S., but better in EU where we have increased confidence in channel normalization." Monness Crespi Hardt upgrades American Express to buy from neutral Monness said investors should buy the dip in shares of American Express. "We like the setup after the sell-off yesterday and going into 1Q24 print @ 16.5x our C24 P/E and potential for positive revisions to medium term guidance during its Investor Day on April 30th." Correction: This article has been updated to correct the spelling of Krispy Kreme.