Here are the biggest calls on Wall Street on Wednesday.
Here are the biggest calls on Wall Street on Wednesday: JPMorgan names Match a top pick The firm added the stock Match to its focus list and says investors are too negative on the stock. "We think the pendulum has swung too far and investors are too pessimistic on both the online dating market opportunity & durability of the Tinder turnaround, with a number of potential positive catalysts in the coming months.
" Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by its overweight rating after Apple's iPhone event on Tuesday. "Our FY24 ests remain largely unchanged after [yesterday's] 'Wonderlust' event, as we de-risk our China iPhone forecast by 4-5M units, which is offset by stronger than expected iPhone pricing." UBS initiates Ford and General Motors as buy UBS said in its initiation of the automakers that it sees profit sustainability. " GM profits can hold up better than feared on cost actions and BEV [battery electric vehicles] scaling . F earnings more resilient than appreciated driven by Pro business." Read more about this call here . Morgan Stanley reiterates Darden as overweight Morgan Stanley said it's bullish heading into the owner of Red Lobster's earnings next week. "Ahead of next week's earnings, DRI is still our OW pick in full service, with fundamentals likely solid if not a bit better with resilient sales over the summer." Citi opens a positive catalyst watch on Criteo Citi said investors should buy the dip in shares of the internet marketing company. "With the launch of Commerce Max, expected 2H23 acceleration, positive comments at our conference last week, and what we view as an unwarranted pullback in shares, we also initiate a 90-day upside catalyst watch. Criteo remains a top pick across our coverage." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's standing by its recent upgrade of the stock despite investor pushback. "Investor feedback to our Tesla upgrade has skewed towards push-back. If limiting the scope to only making and selling cars, Tesla is a significantly overvalued equity." Read more about this call here. Redburn Atlantic Equities downgrades Tapestry to neutral from buy Redburn said it sees elevated risk surrounding the company's acquisition of Capri. "While we remain positive on standalone TPR , we see elevated risk for the company given the ongoing turnaround of the biggest brand in the acquired portfolio, Michael Kors , as well as a risk of disruption to the strong performance of the Coach brand." JPM downgrades Oracle to neutral from overweight JPMorgan said in its downgrade of the stock that it's overvalued. "However, our Generative AI CIO Survey published in June raised some questions about Oracle's positioning, and very recently we have struggled to justify a valuation which had lifted to >25x EV/uFCF, resulting in our PT never exceeding $112 even amidst a recent cluster of ratings upgrades which temporarily lifted the stock above this level. Read more about this call here. Guggenheim initiates TKO Group as buy Guggenheim said the WWE and UFC combined company is a well positioned. "We are initiating coverage of TKO Group Holdings with a BUY rating and $130 price target." TD Cowen initiates Hershey as outperform TD said Hershey is a "long-term value creator." "Market leader in advantaged chocolate category. Street is overly concerned about near-term market share losses. Capacity expansion and innovation will enable rebound in 2024." Bernstein reiterates Microsoft as outperform Bernstein said the shift of Windows desktop to the cloud is going to be a positive catalyst for Microsoft. "The largest driver of this shift is going to be Azure and while most do not realize this, the shift of Windows desktop to the Cloud is going to be a meaningful additional tailwind to growth adding $14B to $31B over 3-5 years and $75 to $100B over time. Roth MKM initiates Redwire as buy Roth said the space infrastructure company is well positioned. "We believe RDW's program contract-based revenue model provides strong visibility and predictability for investors." BTIG reiterates Domino's as a top pick BTIG said it's bullish on Domino's new rewards program. "The new program introduces new tiers and rewards, should appeal to a greater portion of consumers, and allow for faster point redemption with significantly more options." Read more about this call here. TD Cowen reiterates FedEx as outperform TD said it's cautiously optimistic heading into FedEx earnings next week. "Our EPS estimate is slightly below consensus. FDX canceled flights during the quarter due to weak demand. We believe they benefited from UPS labor issues and possibly from Yellow's bankruptcy. Shares usually fall after earnings, but they've risen the week following the last 3 prints." Bernstein reiterates Amazon as outperform Bernstein said it's bullish on Amazon's fulfillment and shipping strategy. "Amazon appears to be aggressively looking to scale up their fulfillment offering beyond Amazon.com in the US, and has made several changes in their operating network to 8 self-sustained regions in the US." Bank of America reiterates Madison Square Garden Entertainment as buy Bank of America said the live entertainment company is well positioned for growth. " MSGE offers an opportunity to own a growth-oriented, pure-play live entertainment company with a strong set of venues in the #1 concert market in the world." Citi reiterates Lennar as buy Citi said it's bullish heading into Lennar earnings on Thursday. "Overall, we see buy-side expectations into earnings sitting slightly above guidance, following TOL's F3Q beat & raise in August." Needham reiterates Alphabet as buy Needham said Alphabet's YouTube is undervalued. "Because YouTube is a 100%-owned subsidiary of GOOGL, we believe it is being valued at a 20%-30% conglomerate discount instead."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock Market Today: Dow rides tesla, big tech gains higher; Apple event eyed By Investing.comStock Market Today: Dow rides tesla, big tech gains higher; Apple event eyed
Read more »
These Stocks Are Moving the Most Today: Oracle, Apple, Tesla, WestRock, Acelyrin, and MoreOracle's revenue outlook disappoints, Apple kicks off its annual fall launch event, Tesla falls a day after surging 10%, and WestRock signs an agreement to...
Read more »
Apple is expected to announce new iPhones, Apple Watches and AirPodsThis year’s new iPhone will likely be branded as the iPhone 15, and the biggest change for the device could be a USB-C charging port.
Read more »
Apple event live updates: iPhone 15, new Apple Watch expectedThis year’s new iPhone will likely be branded as the iPhone 15, and the biggest change for the device could be a USB-C charging port.
Read more »
Apple event live updates: Get the latest iPhone, Apple Watch newsApple’s September event will likely showcase new iPhone 15s and Apple Watch series. Follow along for the latest updates and announcements live.
Read more »
Apple Watch price tracker: When to buy the Apple Watch 8 and the Apple Watch UltraHere's when you'll find the best price on the Apple Watch 8 and the Apple Watch Ultra.
Read more »