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Here are Monday’s biggest calls on Wall Street: Deutsche Bank reiterates Saia as buy Deutsche said the transports company has “earnings power.” ” SAIA’s earnings power is proving remarkably resilient, with 2023 EPS expected to be down only 2% year over year KeyBanc names Bloom Energy a top pick Key said the energy company has “proven” fuel cells with “commercial viability.” “We highlight BE as a top idea within our Clean Tech coverage and reiterate an OW with a $20 price target Citi downgrades Foot Locker to sell from neutral Citi said in its downgrade of Foot Locker that it sees “tough positioning and timing for a turnaround.” “We are downgrading the shares from Neutral to Sell as the stock has risen above our $18 TP. New Street initiates Pinterest as buy New Street said the social media stock has upside. “PINS is our new Top SMID Cap Pick we think near term adjusted EBITDA consensus has upside and long term guidance is conservative.” Citi opens a negative catalyst watch on Ulta Citi opened a negative catalyst watch ahead of earnings later this week and said it’s concerned about shrink for Ulta. “We anticipate mgmt will lower F23 guidance, taking a more cautious view of the holiday season given slowing category trends, higher promos/ongoing shrink headwinds.” JMP downgrades Okta to market perform from market outperform JMP downgraded the stock after a recent security incident. “We downgrade our rating to Market Perform from Under Review (Market Outperform prior) on Okta, Inc. in the wake of the most recent security incident announced on October 20.” Wells Fargo reiterates Dollar Tree as overweight Wells said it’s standing by its overweight rating on the stock heading into earnings next week. “Investors expect a modest ’23 guidance reduction when DLTR reports Q3. The bigger issue for the stock is any associated credibility hit to the turnaround. We highlight what we are looking for to judge if DLTR actually remains on track.” Deutsche Bank downgrades Old Dominion to hold from buy Deutsche says it sees “less upside” for the shipper. “We are lowering our rating on ODFL to Hold from Buy. While we see double digit upside potential for the majority of our coverage over the course of next year, our valuation framework does imply less upside at ODFL.” Raymond James downgrades Weyerhaeuser to market perform from strong buy Raymond James downgraded the lumber company and said it has a challenged outlook. “With this industry update, we are reducing our Timber REIT sector recommendation to Market Weight (from Overweight) in conjunction with ratings downgrades to Weyerhaeuser (WY/$31.94) and PotlatchDeltic (PCH/$47.63), which both move to Market Perform ratings (from Strong Buy).” UBS upgrades Teva to buy from hold UBS said the pharmaceutical company is “uniquely positioned.” ” Teva is uniquely positioned to undergo a significant transition to a more brand focused company, which we believe can drive stock outperformance.” Wells Fargo initiates Waste Management as equal weight Wells said estimates are too high for the trash company. “While we like the WM story, we believe investors have gotten over their skis and out-year estimates are too high albeit impressive, FY26 $740MM EBITDA/$580MM FCF target.” Redburn Atlantic Equities downgrades Novartis to sell from neutral Redburn said the stock is not too attractive right now. ” Novartis combining this new analysis with our existing work on valuation and growth, we find the attractiveness of Novartis compared to its peers to be lower than previously thought, albeit not dramatically so.” Bernstein reiterates Tesla as underperform Bernstein said it’s standing by its underperform rating on the stock and that it’s confused by Tesla’s valuation as compared to BYD, another electric auto company. “We struggle to bridge the $600B+ valuation gap that exists between Tesla and BYD, and rate TSLA Underperform, and BYD Outperform.” Needham downgrading Lucid to hold from buy Needham said in its downgrade of the stock that it has a “less optimistic” view of the EV company. “We downgrade LCID from Buy to Hold after lowering the unit estimates in our model post 3Q results and commentary, and given our less optimistic view of LCID’s ability to license their industry-leading EV efficiency technology after taking a deeper dive into the company’s partnership agreement with Aston Martin.” Jefferies initiates Pulte Group as buy Jefferies initiated several homebuilders on Monday and said Pulte is its favorite. “We are initiating coverage on the 3 largest US homebuilders, DHI, LEN, and PHM . While we believe the builders have favorable long-term demand trends, the next several quarters could be choppy with buyers facing affordability issues, which could lead to more price and margin pressure. Therefore, we are picking our spots until we get more clarity on the macro.” RBC upgrades Mondelez to outperform from sector perform RBC said in its upgrade of the food company that it’s best-in-class. “After spending time with management and reviewing our model, we believe MDLZ will deliver best-in-class top-line and margin performance and should trade at a multiple that reflects this.” UBS downgrades GE Healthcare to sell from neutral UBS said the risk/reward balance for GE Healthcare is not attractive right now. “Risk/reward unappealing near term, guidance tough to deliver midterm.” Jefferies reiterates Nvidia as buy Jefferies said the company is a key player in autonomous driving. “As Nvidia indicated in its earnings call in May, the automotive design win pipeline has increased to US$14bn for the next six years.” Melius upgrades Carnival to buy from hold Melius said it’s “hard to not become incrementally bullish” on the stock. “At the same time, excess free cash flow is now more readily available to lean into balance sheet repair and point of sale outside of the US is contributing to positive returns, suggesting potential outperformance to peers. Hard to not become incrementally bullish Carnival into 2024.”
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