Here are the biggest calls on Wall Street on Friday: Goldman Sachs upgrades Atlassian to buy from neutral Goldman said it sees “predictable growth ahead” for shares of the software company. “We are upgrading Atlassian to Buy from Neutral with a $230 PT (vs $200 prior). We believe TEAM has passed the toughest portion of its cloud transition and can credibly deliver on a de-risked guide for Cloud growth, Data Center migrations and margin trajectory.” Morgan Stanley reiterates Apple as overweight The investment bank says it’s standing by the stock following earnings on Thursday. “While June Q results will do little to shift the investor narrative, a clean print/guide, late cycle iPhone strength, Services outperformance, and margin resiliency means Apple likely outperforms into the upcoming iPhone 16 and Apple Intelligence launches.” Barclays upgrades Ferrari to overweight from equal weight Barclays says the stock is among the best to own in the bank’s coverage universe. “H2 should be lower than H1 across all [key performance indicators] except [average selling price] but with H2 well understood, we think RACE is among the best stocks to own into 2025 across our coverage.” Deutsche Bank reiterates Amazon as buy Deutsche Bank says it’s sticking with the e-commerce giant following its earnings on Thursday. “With rotational forces weighing on Big Cap Tech, and growing concerns around a softening consumer environment weighing on consumer internet sentiment broadly, Amazon delivered a mixed quarter with modestly weaker revenue results in the 2Q/3Q, a 2Q [operating income] beat relative to the Street but below Buy-side bogeys, AWS revenue growth ahead of expectations and an OI guide that came in below expectations.” Stifel upgrades Gildan to buy from hold Stifel upgraded the clothing company following earnings. ” Gildan reported its Q2/24 results which were slightly higher than expected. The company introduced a three-year outlook calling for mid-teen EPS growth, a higher growth rate than previously modeled.” Wells Fargo downgrades Morgan Stanley to underweight from equal weight Wells Fargo downgraded Morgan Stanley and said the “upward premium re-rating seems over.” “Its industry leading valuation seems to ignore deceleration of growth in its higher P/E businesses that drove historical re-rating.” Bank of American downgrades Wayfair to neutral from buy Bank of America downgraded the stock following earnings. “We downgrade Wayfair to Neutral from Buy, with a revised PO of $61 from $85. We still think W is primed for strong earnings leverage when furnishing return to growth, but weak 2Q results and 3Q guide now pushes that thesis more into ’25.” Morgan Stanley initiates Lionsgate Studios at overweight Morgan Stanley said it’s bullish on shares of the movie studio company. “We initiate on Lionsgate Studios (ticker: LION) with an Overweight rating and $9.50 PT (30% upside).” Bank of America downgrades Intel to underperform from neutral Bank of America said it sees “rising execution/competitive risks” for shares of Intel. “We materially reduce our Intel (INTC) forecasts following a weak Q2/Q3 outlook with profitability challenges expected to persist into CY26E.” TD Cowen upgrades Grid Dynamics to buy from hold TD Cowen said it sees a growth recovery for the consulting and engineering platform company. ” GDYN is demonstrating a progression to growth recovery faster than most comps because of idiosyncratic benefits in their business.” TD Cowen initiates California Resources at buy TD Cowen says the company has a “unique E & P story that provides an investable opportunity in a low-decline high free cash distribution upstream story…” “We initiate coverage of CRC with a Buy rating and a $65 price target.” Raymond James downgrades Crocs to outperform from strong buy Raymond James said it still likes shares of Crocs but that the “macro is getting tougher.” “We move CROX to Outperform from Strong Buy. CROX reported a 2Q revenue and margin-driven EPS beat with strength from the Crocs brand.” Oppenheimer reiterates Coinbase as outperform Oppenheimer said it’s standing by shares of the crypto company following earnings. “We believe COIN has found the formula to remain profitable despite earnings volatility, and be a resounding leader in this space.” Morgan Stanley reiterates Tesla as a top pick Morgan Stanley said it’s standing by the stock following an analysis of July auto sales. “Hybrids continue to grow at +23% y/y sales, while Tesla’s share of U.S. EV sales fell further, down ~200bps m/m to 48%.” Redburn Atlantic Equities upgrades Intuitive Surgical to buy from neutral Redburn said it sees a “long-term structural opportunity” for the robotic medtech company. “We upgrade Intuitive Surgical to Buy from Neutral. We have been confident in the long-term structural opportunity for robotic assisted surgery to replace open and laparoscopic approaches, as we first set out in our ‘Transforming Surgery’ report, in which we launched coverage.” Rosenblatt upgrades RingCentral to buy from neutral Rosenblatt upgraded the software company following earnings. “Total revenue grew 10% Y/Y, surpassing the midpoint of guidance by $7M. This was the fourth quarter of revenue exceeding expectations, signaling sustained demand for RingCentral’s products and services.” UBS downgrades Altice USA to neutral from buy UBS said in its downgrade of Altice that it sees rising competition for the cable stock. “We are downgrading shares to Neutral from Buy and lowering our PT to $2 ($4 prior).” Goldman Sachs downgrades Lululemon to neutral from buy Goldman downgraded the stock due to growth challenges. “We downgrade LULU shares to Neutral from Buy and lower our 12-month price target to $286. Following recent execution challenges, lackluster innovation launches and rising evidence of more regular promotionality, we see a more balanced risk-reward for the stock.” Wells Fargo reiterates Roblox as overweight Wells said Roblox’s earnings report was “tough” but that “consistency will be rewarded.” “Tough reaction to a strong print and solid guide. Business momentum continues into July. While spring engagement slowdown still a mystery to us, a return to consistent performance will build confidence in the story.” Bank of America upgrades Kellanova to buy from neutral Bank of America upgraded the food products company following earnings. “In our view, K’s raised sales outlook of the year to 3.5%+ organic sales growth is achievable/has upside given the acceleration expected across segments off 2Q’s strong results, even with a slowdown in pricing contribution.” Oppenheimer upgrades Blue Owl to outperform from perform Oppenheimer said it sees an attractive entry point in shares of the capital markets company. “We upgrade OWL from Perform to Outperform with a $21 price target. The stock had already pulled back from its recent high of $20 and to this we add a messy market on earnings day.” Morgan Stanley upgrades Mobileye to equal weight from underweight Morgan Stanley said the risk/reward is more balanced for the auto supply tech company. ” Mobileye is a high-quality asset navigating a challenging time. Low sentiment, core business and strategic value create more balanced risk reward. Upgrade to Equal-weight.” Wells Fargo reiterates Block as overweight Wells says it’s standing by the stock following earnings on Thursday. ” SQ reported 2Q results ahead of Street expectations coupled with a guide raise. While Cash App continues to show strength, Seller revitalization remains key but will take time to materialize on top of a mixed macro ahead.” Morgan Stanley reiterates Nvidia as overweight Morgan Stanley says it’s sticking with its overweight rating on the AI chipmaker. “We believe that Nvidia should trade at a premium given its higher probability of upward revisions in the near term.”
