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Here are Friday’s biggest calls on Wall Street: Barclays reiterates Tesla as equal weight Barclays is sticking with its equal weight rating heading into Tesla’s release of its vehicle delivery numbers in early April. “We estimate 1Q deliveries in 420-425k units range, below consensus 468k.” BTIG downgrades Papa John’s to neutral from buy BTIG downgraded the pizza chain following the CEO’s departure. “We are downgrading shares of Papa John’s to Neutral from Buy following the departure of Rob Lynch as CEO, who is taking the reins at Shake Shack (SHAK, Buy, $120 PT) this spring.” UBS reiterates Nvidia as buy UBS raised its price target on AI chip developer to $1,100 per share from $800. “Following the Blackwell launch and having attended several sessions at GTC, we believe NVDA sits on the cusp of an entirely new wave of demand from global enterprises and sovereigns — with each sovereign potentially as big as a large U.S. cloud customer.” Morgan Stanley reiterates Apple as overweight Morgan Stanley said investors should buy the dip in shares of Apple following the Justice Department and states’ lawsuit. “We believe the mkt is under-appreciating AAPL’s Edge AI initiatives, and see key catalysts ahead, including WWDC & an AI-driven iPhone upgrade cycle, which should more than offset June Q est concerns and the long-tailed DOJ lawsuit.” Goldman Sachs reiterates FedEx as buy Goldman is standing by its buy rating on the overnight shipping company following Thursday’s earnings report. “While there remains near term risk as we end fiscal 2024, we continue to favor FDX given their cost takeout initiatives, in addition to the eventual return of volumes which should provide another lever of growth and cost improvement leverage over their network.” Goldman Sachs reiterates Arista as buy Goldman raised its price target on the cloud networking stock to $356 from $313. “Our increased optimism is driven by growing capex in 2024/25 from ANET Cloud Titan customers Meta, Microsoft, and Oracle, which we believe supports ANET’s 2024E revenue guidance if ANET’s revenue from Meta & Microsoft as a % of capex is consistent.” Truist reiterates Amazon as buy Truist reiterated its buy rating on Amazon shares. “We remain constructive on AMZN with two weeks to go in the quarter, based on our tracking of a proxy for U.S. revenue growth and overall positive market trends.” RBC downgrades Nike to sector perform from outperform RBC downgraded Nike after its disappointing earnings report on Thursday. “No revenue growth in cal-2024 leaves little to play for; downgrade to Sector Perform.” Morgan Stanley reiterates Alphabet as overweight Morgan Stanley believes shares of Alphabet remain undervalued. “GOOGL also trades at a 24% discount to peers and 17% discount vs [long term] average.” Citi initiates Talos Energy as buy Citi began research coverage of Talos with a buy and said investors should buy the energy company after a recent decline. “We favor their prudent strategy composed of a balanced combination of acquisitional and organic growth with moderate operational upside; we view the continuation of this trend as necessary to balance the concern surrounding their relatively small scale and comparably low reserve life.” JMP reiterates Coinbase as market outperform JMP is sticking with a market outperform rating on the crypto stock. “Coinbase is more than just an exchange, with momentum continuing to build in ancillary businesses; we maintain our Market Outperform rating and $300 price target.” JPMorgan downgrades Martin Marietta and Vulcan Materials to neutral from overweight JPMorgan downgraded Martin Marietta Materials and Vulcan Materials , mainly due to their valuations. “The sector is +21% YTD, outperforming the SPX by 11 [percentage points], and +29% since December 2023 and now leaving valuations stretched trading above their 5Y + 1 [standard deviation] average, particularly for aggregates pure-plays.” Redburn Atlantic Equities upgrades Verizon to neutral from sell Redburn sees “improving subscriber trends” for Verizon. “We remain Sellers of AT & T and TMUS, but upgrade Verizon to Neutral given improving subscriber trends, exposure to falling rates and healthy dividend cover.” JPMorgan upgrades Best Buy to overweight from neutral JPMorgan upgraded Best Buy and raised its price target to $101 per share from $89. “Said succinctly, we think it makes sense to potentially be one to two quarters early on BBY given margin control/upside given computing trends could kick in during back to school (July-Sept) with the relative valuation and margin flow-through indicating a spring-loaded stock.” UBS upgrades Atlantica Sustainable to buy from neutral UBS said shares of the renewables company are attractive. “We upgrade shares of AY from Neutral to Buy.” Piper Sandler initiates Boston Beer as overweight Piper initiated the beverage company with an overweight, saying it favors its pipeline of products. “We initiate on SAM with an OW rating and $350 price target. We expect Twisted Tea and Hard Dew to drive top-line growth, with Hard Mtn Dew likely to drive potentially significant upside vs. our estimates (and consensus), based on its initial traction in limited distribution.” KBW upgrades Banc of California to outperform from market perform KBW said investors should buy shares of the regional bank before it’s too late. “We are transferring coverage of BANC to Christopher McGratty and upgrading the shares to Outperform from Market Perform previously.” Argus downgrades Pfizer to hold from buy Argus said in its downgrade of the drugmaker that it sees too many top-line headwinds. ” PFE faces near-term headwinds to top-line growth. It is guiding to 2024 3%-5% revenue growth (ex. Covid products and Seagen acquisition), down from 7% in 2023.” Janney upgrades Sunnova to buy from neutral Janney says investors should buy the dip in shares of the solar company. ” NOVA: Upgrading to BUY after Considerable Weakness.” Citigroup upgrades Foot Locker to neutral from sell Citi said the risk/reward is looking better for shares of the shoe retailer. “While FL has not had favorable allocation from NKE in recent years and there is no guarantee FL will benefit from NKE’s product pivot, there seems to be a higher likelihood FL could see better allocation.” Compass Point upgrades US Bancorp to buy from neutral Compass Point said it sees “notable upside” for shares of the Minneapolis-based bank. ” USB should benefit from solid expense leverage in FY24, and mgmt. has levers to pull if needed to ensure it can hit flat expenses for the year.” Wedbush reiterates Alphabet as outperform Wedbush added the stock to its best ideas list. “We are adding Alphabet to the Wedbush Best Ideas List (BIL) and are raising our TP to $175 from $160.” TD Cowen upgrades Charles Schwab to outperform from market perform TD Cowen upgraded Schwab and says it sees a “favorable inflection” point on the horizon. “We believe the backdrop is incrementally more conducive for the sector for [net interest margins], capital markets, with our latest EPS revisions at/above consensus mostly.” Goldman Sachs upgrades Vesta to buy from neutral Goldman is bullish on shares of the Mexican real estate company. “We upgrade shares of Mexican industrial real estate developer Vesta to Buy from Neutral with P$73 and US$42 PTs for VESTA.MX shares and VTMX ADRs, implying a +15% price return.” Goldman Sachs initiates Veralto as buy Goldman said in its initiation of the water company, spun off last year from Danaher , that it likes Veralto’s pipeline of product offerings. “Quality growth in water and product markets globally; initiate at Buy.” Morgan Stanley reiterates Taiwan Semiconductor as overweight Morgan Stanley said the semiconductor manufactuer is a key beneficiary of Apple’s AI push. ” TSMC the key enabler and beneficiary of Apple’s AI.”
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