Here are Friday's biggest analyst calls: Apple, Southwest, Roku, Skechers, First Solar, Crocs and more
Here are the biggest calls on Wall Street on Friday. Wells Fargo downgrades Enphase Energy to equal weight from overweight Wells Fargo said in its downgrade of the solar inverter energy company that Enphase's "Europe strength [is] more than offset by U.S. weakness." "While growth in Europe remains robust and valuation has come down, an accelerating U.S. market slowdown in Q4 & 2024 could continue to weigh on shares." Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's staying bullish going into Apple earnings next week. "Heading into another week of earnings, we expect strong results from AAPL (beat and raise)." Deutsche Bank downgrades Southwest Airlines to hold from buy Deutsche Bank downgraded the Dallas-based airline after its earnings report Thursday and said it's concerned about declining profits. "Lowering rating on LUV shares from Buy to Hold on earnings forecast cut and limited share price upside as the company optimizes its post-Covid network." Read more about this call here. Jefferies upgrades Xpeng to buy from hold Jefferies said in its upgrade of the China electric-vehicle company that it's bullish on its recently announced partnership with Volkswagen. "VW announced to take a 4.99% stake in Xpeng to form a technical partnership, marking the start of China OEMs exporting technologies to foreign players. The partnership will help Xpeng to increase its brand image globally and tech service fee in our view, will likely become its new rev stream longer term." Read more about this call here . Wedbush initiates Palantir as outperform Wedbush said the data-driven intelligence company is best positioned for the shift to artificial intelligence. "We believe Palantir has built an AI fortress that is unmatched and poised to be a major player in this AI Revolution over the next decade." Citi reiterates T-Mobile as a top pick Citi said the stock remains a top pick after its robust earnings report Thursday. "Net-net, we believe T-Mobile continues to deliver favorable financial growth, while retaining flexibility to repurchase shares at an elevated pace." Bank of America upgrades First Solar to buy from neutral Bank of America said in its upgrade of the solar company that it sees numerous positive catalysts ahead. "We expect FSLR will continue to outperform as the company has locked-in double-digit annual earnings growth through decade end. FSLR's leading U.S. solar manufacturing footprint supports its status as greatest beneficiary of [Inflation Reduction Act]." Read more about this call here. TD Cowen reiterates Skechers as a top idea TD Cowen said it's standing by Skechers as a best idea after the company's earnings report Thursday. "The brand continues to resonate globally with new comfort technology, leading value, and new marketing campaigns with a wide range of influencers." Bank of America reiterates Bill Holdings as a top pick Bank of America said the software billing company is on a rapid growth trajectory. "With a path back to sustained low 40s growth, we reiterate our Buy rating and view BILL as a top pick." JPMorgan upgrades New York Community Bank to overweight from neutral JPMorgan said in its upgrade of the regional bank after its earnings report that it sees a "very attractive" risk/reward for New York Community Bank. "To this end, with the stock increasing only 5% in response to the quarter, we find an even more attractive valuation post the quarter." Read more about this call here. JPMorgan reiterates Roku as overweight JPMorgan raised its price target on the stock to $95 per share from $90 and says it's staying bullish on Roku after its earnings report Thursday. " Roku reported a 2Q beat across revenue/profit, guided 3Q ahead of the Street, and reiterated its commitment to delivering positive Adj. EBITDA in 2024." Stifel upgrades Crocs to buy from hold Stifel said in its upgrade of the shoe company that it likes its product diversification. "Profit pool diversification, improved balance sheet optionality, and a very forgiving valuation increase our confidence in risk adjusted return prospects for CROX shares." Bank of America reiterates Deckers as buy Bank of America said it expects sales of Deckers ' HOKA brand to double by 2026. "We expect HOKA will double over the next three years and reach $3bn in sales by F26. Growth drivers include continued penetration in wholesale, international, product newness and a continued push into lifestyle." JPMorgan reiterates Eli Lilly as overweight JPMorgan said it's bullish on Eli Lilly heading into earnings Aug. 8 due to its diabetes and obesity treatment. "And looking beyond 2023, we remain well above consensus on LLY's incretin franchise and estimate peak sales of $40bn+ for the portfolio." Morgan Stanley reiterates Ford as overweight Morgan Stanley stood by its overweight rating on shares of Ford after the vehicle maker's earnings report Thursday. "Solid 2Q beat and upped FY guide driven by strong margin and cash flows from Blue and Pro."