Here are the biggest calls on Wall Street on Monday: JPMorgan reiterates Apple as overweight JPMorgan said it’s standing by its overweight rating on Apple shares but that it’s concerned about supply shortfalls. “however, we believe the rapid extension of the lead times on iPhone 14 Pro/ Pro Max recently are indicative of the supply shortfalls that are likely to continue till the year-end and impact the typical seasonal uptick in iPhone volumes in F1Q23.” Bank of America reiterates Tesla as equal weight Bank of America cut its price target on Tesla to $275 per share from $325 and said it sees sales volume headwinds. “The chip crunch remains a key pain point with commentary suggesting that it may marginally be easing. However, we believe the industry may struggle to increase volume in 2023, and a real recovery is a 2024+ event.” UBS upgrades Advanced Micro Devices to buy from neutral UBS said that it sees key cycle indicators “turning” for the chipmaker. ” AMD is poised for rebound in the near-term not only from a fundamental perspective but also from a historical cycle point of view.” Read more about this call here Citi downgrades Bank of America to neutral from buy Citi said the risk/reward outlook for Bank of America is skewed to the downside. “We are in a tricky period for bank stocks as NII (net interest income) tailwinds seem fully factored in, and we see downside risk to 2023 NII largely from a catch up on deposit repricing and noninterest bearing deposit outflows outweighing the benefits of fixed rate assets repricing.” Read more about this call here. Baird upgrades Advanced Micro Devices to outperform from neutral Baird said demand for the semiconductor company’s products remains strong. ” AMD’s management is bullish on the opportunities of an expected next two year refresh cycle away from Intel Skylake-based servers, as the strong demand on cloud services in the past three years prevented some cloud OEMs from decommissioning and performing architecture refreshes.” Read more about this call here. Baird names GlobalFoundries as a top pick Baird named the semiconductor company as a top pick and said it sees a “mild slowdown, but no cycle downturn.” “Geopolitical tensions in Taiwan make wafer sourcing geographic diversification an imperative for an increasing number of fabless semiconductor companies, a key trend which should continue to benefit GlobalFoundries.” Baird names Snowflake as a top pick Baird said it’s bullish heading into the company’s earnings report next week. “We continue to expect strong results from SNOW, and it remains one of our top ideas, though valuation, while down, is still at a premium to the SaaS group.” JPMorgan downgrades Teva to underweight from neutral JPMorgan said that it’s concerned about slowing growth. ” TEVA has made significant progress in addressing its debt and cost structure over the past several years but we continue to struggle with the relative lack of growth in the portfolio over time.” Read more about this call here . Bank of America removes Amazon from the US1 list Bank of America removed Amazon from the firm’s top picks list. “We are removing Amazon.com from the US 1 List. AMZN remains Buy-rated.” Citi adds a catalyst watch on Boeing Citi opened a catalyst watch on the stock and said the 737 Max is the “highest value program at Boeing and that China is one of the last countries not flying it. “We regard the 737MAX as the highest value program at Boeing, worth about $80 per share, and reintroduction into China would materially reduce risk to the program. Bank of America downgrades Hasbro to underperform from buy Bank of America said in its downgrade of the toy company that it’s concerned that Hasbro is overproducing its “Magic: The Gathering” cards. “We are downgrading Hasbro to Underperform after conducting a deep dive on the company’s Magic: The Gathering business which accounts for roughly 15% of Hasbro’s revenue and 35% of EBITDA Cowen reiterates Coinbase as outperform Cowen said that Coinbase is a beneficiary of the FTX bankruptcy. “An analysis of avg. daily spot trading volume suggests COIN and other regulatory-compliant U.S. CEXs are early market share beneficiaries of FTX bankruptcy.”
