Here are the biggest calls on Wall Street on Thursday: Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it’s sticking with its overweight rating on the stock despite the volatility. ” Tesla April global EV share fell to 12% vs. 19% last month and 17% YTD. China tariff implementation may contribute to near-term monthly volatility for EVs globally.” Oppenheimer reiterates Walmart as a top pick Oppenheimer said it’s standing by shares of Walmart. “Continuing to Play for a Multi-Year Profit Boom; Maintaining as a Top Pick.” DA Davidson reiterates Apple as neutral DA Davidson said it’s sticking with its neutral rating on the stock heading into the company’s Worldwide Developer’s Conference next week. “At WWDC, we expect Apple to unveil its long-term vision around its implementation of generative AI throughout its diverse ecosystem of personal devices.” Goldman Sachs reiterates Nvidia as buy Goldman said it’s sticking with its buy rating on the stock. “We reiterate our Buy rating on the stock (which is also on the Americas Conviction List), as we continue to view Nvidia as the industry standard and key enabler as it pertains to accelerating computing required for Gen AI development/deployment, and we see significant upside potential to Street consensus estimates Bernstein initiates Diamondback Energy as outperform Bernstein said it sees a slew of positive catalysts for the oil and gas company. “FANG (a Midland-focused Permian pure-play) was able to negotiate its own stock+cash transaction with the largest privately-held Midland shaleco, Endeavor Energy Resources. There is simply no other public oil company with such focused scale in the most prolific shale basin on Earth.” Redburn Atlantic Equities upgrades United Airlines to buy from hold Redburn said the free-cash flow generation is improving for United. “We upgrade United to Buy as our updated earnings forecast couple with lower capex to drive robust FCF generation.” Citi upgrades eBay to buy from neutral Citi resumed coverage of eBay and says the valuation is compelling. “Renewing Rating at Buy from Neutral; Buyback Catalysts and Improving Fundamentals at a Fair Valuation.” Citi downgrades Dollar Tree to neutral from buy Citi said the risk/reward is now more balanced. “And with the strong DT biz falling short of comp plan in 1Q, and the rollout of multi-price points facing a learning curve (execution issues), the story is becoming more complicated in a still uncertain consumer environment, making the risk/reward more balanced, in our view.” Goldman Sachs upgrades Ultragenyx to buy from neutral Goldman said it’s bullish on the biopharma company’s pipeline of products. “We upgrade RARE from Neutral to Buy as we have increased conviction in monoclonal antibody setrusumab in bone disorder, osteogenesis imperfecta (OI) and see upside per the diverse rare disease pipeline.” JPMorgan upgrades StoneCo to overweight from neutral JPMorgan said in its upgrade of the fintech solutions company that it has “appealing”potential for earnings growth. “We have been on the sidelines on the payments sector for a while. It is not an easy sector due to competitive dynamics, but current multiples for growing banking franchises make us more positive. We are upgrading StoneCo to OW from Neutral on the back of appealing EPS potential.” Morgan Stanley reiterates JPMorgan as overweight Morgan Stanley said it’s even more bullish on the stock after a meeting with company management. ” JPM is building the infrastructure to advise and finance clients through the carbon transition over the next decade and beyond.” BMO upgrades Rubrik to outperform from market perform BMO said it now sees a compelling entry point for shares of the cybersecurity company. “At the time of our launch, we had written that we like the RBRK story, though we preferred a better entry point since we envisioned limited multiple expansion. Over the past two weeks, RBRK shares have decreased about 14%.” UBS upgrades C.H. Robinson to neutral from sell UBS said the transport company is showing better execution. “We are upgrading CHRW from Sell to Neutral because we expect the company’s initiatives to support cost reduction and improving execution and risk to EPS expectations has shifted to the upside.” Mizuho upgrades Sealed Air to buy from neutral Mizuho upgraded the air products company and said a volume inflection is “imminent.” “We upgrade Sealed Air (SEE) to Buy from Neutral, and raise our price target to $50 from $36. SEE has underperformed the market significantly over the past two years (down ~38% vs ~4% decline in the S & P Containers & Packaging Index) due to negative volume trends.” Deutsche Bank initiates Zeekr as buy Deutsche said it’s bullish on shares of the China-based EV company. ” Zeekr is a leading, premium smart electric-vehicle (EV) maker in China with a well established premium brand and leadership in electrification and auto-industry innovation.” JPMorgan reiterates Alphabet as overweight JPMorgan said the company is on the “offensive in Gen AI.” “Coming out of 1Q earnings, Google I/O, & Google Marketing Live (GML), we believe the company is on the offensive in Gen AI, w/a faster pace of innovation as AI Overviews in Search expand to general users & advertisers.” Jefferies upgrades Capital One to buy from hold Jefferies said Capital One is in a “win-win” situation as a standalone company or with Discover. “We upgrade COF as we see a win-win for owning it standalone or potentially combined with DFS.” Bernstein reiterates Disney as outperform Bernstein said it’s sticking with its outperform rating on the stock and that it’s long-term bullish on the parks experiences. ” Disney has been in the penalty box since the FYQ2 earnings call. All eyes were on DTC going into the print, but even its first-ever profitable quarter was insufficient to overcome the weak guidance on Parks, which contributed 70% of the firm’s OI in ’23.” Evercore ISI adds Carvana to the tactical outperform list Evercore said it’s bullish on the stock heading into earnings on June 21. “We are adding CVNA to our positive tactical trading list ahead of their appearance at a competitor conference today, KMX F1Q earnings release on 6/21, and Carvana’s June 25th IRC inspection center tour (Rocklin CA).” UBS reiterates Netflix as buy UBS said it sees momentum following an ad buyer survey. ” Netflix saw the most significant improvement in favorability amongst CTV platforms vs. last year’s survey.” MoffettNathanson downgrades Shopify to neutral from buy Moffett said it sees too many negative catalysts for the stock. “All good things must come to an end. In Shopify’s case, it ends with increasing customer acquisition spend as the company laps the FY22/23 merchant cohorts and merchant churn requires Shopify to continuously feed the funnel.” JPMorgan reiterates Broadcom as overweight The firm says it’s sticking with its overweight rating on shares of Broadcom. “The company should be a strong beneficiary of the trends toward more custom chip designs as large cloud titans/OEMs look to drive more performance, power, and cost differentiation alongside their software frameworks.”
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