Here are the biggest calls on Wall Street on Friday: Goldman Sachs upgrades Robinhood to buy from neutral Goldman says Robinhood has “best in class earnings growth.” “We assume coverage of Robinhood Markets (HOOD), and upgrade it to Buy from Neutral, with a $46 price target..” Jefferies downgrades Deere to hold from buy Jefferies downgraded the stock mainly on valuation. “We downgrade the shares of Deere from BUY to HOLD primarily on valuation as the stock has run following the 4Q24 earnings results.” BMO upgrades Republic Services to outperform from market perform BMO says the waste company is a top idea heading into 2025. ” RSG continues to perform well, and we believe the company has the cleanest setup for 2025 among peers.” UBS upgrades Kingsoft Cloud to buy from neutral UBS says growth is poised to accelerate from the cloud computing solutions company. “We believe the solid Q3 beat has boosted investors’ expectations for KC’s continued revenue and margin recovery, backed by AI and Kingsoft’s ecosystem support. Goldman upgrades Accenture to buy from neutral Goldman says the professional services company has best-in-class AI use. “We believe Accenture is among the best positioned to capture a recovery in discretionary spending.” KeyBanc reiterates Apple as underweight The firm says consensus estimates remain too high for Apple. “We believe the data overall appears modestly negative to AAPL . We have seen no signs of iPhone 16 driving meaningful changes in upgrade activity and consensus expectations are coming down (and likely have more room to fall, in our view), yet AAPL stock continues to move higher, though modestly underperforming the Nasdaq since our downgrade on October 24th.” Needham initiates Constellation Brands as buy Needham says the company is “the best company we look at in the Beverage space from a fundamental perspective.” “We are initiating coverage of STZ with a Buy rating and $280 PT. UBS initiates Glaukos as buy UBS says the opthalmic disease company has upside potential. “We initiate coverage on GKOS shares with a Buy Rating and a $182 PT.” BMO upgrades Weyerhaeuser to outperform from market perform BMO said the lumber company has upside potential. “We are upgrading WY to Outperform. We believe that higher export duties on lumber coming from CN [Canada] will push prices higher and will benefit producers like WY with a greater mix of production in the US.” Goldman Sachs initiates CBRE and Jones Lang Lasalle as buy Goldman says it’s bullish on several commercial real estate companies. “While stocks in this group have risen materially YTD, we see additional upside for companies that (i) have large capital markets exposures and are gaining market share (NMRK and JLL ), (ii) have large resilient businesses with high growth and high margins (CBRE) , and (iii) companies that have a track record of supplementing their prudent allocation through internal reinvestment, selective M & A, and share repurchases.” Loop upgrades Shopify to buy from hold Loop says the e-commerce platform company is an AI beneficiary. “We believe investors are underappreciating how Shopify is utilizing AI to not only better serve its merchants (most notably, under the Shopify Magic umbrella) but also internally (including in customer support, sales, human resources, and even accounting and finance).” Bank of America reiterates Amazon as buy The stock remains a top idea heading into 2025. ” Amazon remains our top pick for US Large Cap given projected share gains, margin expansion, and Cloud/AI exposure.” Guggenheim reiterates Tesla as sell Guggenheim says it sees Tesla reporting delivery numbers that are below consensus and the firm is sticking with its sell rating. “4Q24 Delivery forecast: We now see 4Q deliveries of 491K, down from 495K prior and well below current consensus. We expect growth in all major regions, but nothing we are seeing in the data supports 500K+ deliveries in 4Q.” Jefferies names Caterpillar a top 2025 pick Jefferies says the machinery company is a top idea heading into next year. “CAT is a play on global infrastructure and reshoring trends.” TD Cowen initiates Clean Harbors as buy TD Cowen says the environmental and industrial services company is a reshoring beneficiary. “CLH has a dominant position in hazardous waste and we believe the moat will widen with further M & A which should boost pricing and margins.” Jefferies upgrades TechnipFMC to buy from hold Jefferies says it sees margin improvement for the energy services company. “FTI will ‘nearly double shareholder distributions’ in 2024 to c.$500m, the bulk of it via share repurchases.” Deutsche Bank reiterates Marvell & Broadcom as buy and Nvidia as hold The firm says Marvell and Broadcom are its top ideas heading into 2025, and that Nvidia remains overvalued right now. “With NVDA up ~+180% ytd and custom silicon players up an average of ~+55% ytd we believe a shift in focus for AI investments bares worth monitoring, as we see AI continuing yet likely evolving with MRVL & AVGO as our favorite names in the space.” Raymond James initiates Abercrombie & Fitch as outperform The firm says the retailer has turnaround traction. “We initiate coverage on Abercrombie & Fitch (ANF) with an Outperform rating and $180 price target.” JPMorgan initiates Haemonetics as buy JPMorgan says the blood and plasma services company has “multiple shots on goal.” “We are initiating coverage of Haemonetics with an Overweight rating and December 2025 price target of $116.” UBS upgrades Peloton to neutral from sell UBS said in its upgrade of the stock that it likes the company’s new CEO. “We are moving to Neutral from Sell on PTON with PT of $10, as we see 1) EBITDA support from further cost cutting beyond the announced $200M, driven mostly by lower opex; 2) expectations that have been reset to little to no growth over the next 2 years.” Bank of America upgrades Altria to buy from neutral Bank of America says the tobacco company is a Trump beneficiary. “There are a few key themes that we think should bolster sentiment and hold potential for positive earnings revisions, most notably; 1) Republican administration priorities. 2) Any improvement in lower-income consumer wallets could re-charge the convenience channel helping MO’ s top line…” Bank of America upgrades Molson Coors to buy from neutral Bank of America says it sees a “better 2025” for the beverage company. “We upgrade shares of TAP to Buy from Neutral and raise our PO from $57 to $70, now based on 11.6x (prior 9.4x) our FY25 EPS estimate. Our higher multiple reflects our view that 2025 will be a more normal year now that TAP and the beer industry has fully digested the Bud Light controversy.” Bank of America upgrades Dollar General to buy from underperform Bank of America said in its double upgrade of the stock that its “back to basics strategy is working.” “We upgrade DG to Buy from Underperform given multiple early signs of DG’s ‘Back-to-Basics’ Strategy working, including: 1) significantly improved inventory positioning (down 7% y/y per store), helping store & DC execution; 2) in-stock levels up a strong 180bp vs. LY [last year] (supporting sales upside).”
