Here are Thursday’s biggest calls on Wall Street: Goldman Sachs reiterates Micron as buy Goldman said investors should buy the dip in the stock following earnings on Wednesday. “Although we acknowledge the YTD outperformance in MU and the implied elevation in market expectations, we see the stock’s recent pullback, if anything, as an opportunity to add to positions…” Bernstein reiterates Apple as outperform Bernstein said it’s sticking with its outperform rating on the stock. “In the near-term, we believe recent enthusiasm is likely to persist, as Apple is increasingly seen as an AI leader rather than an AI laggard, and the stock is also entering its seasonally strong trading period.” Bank of America upgrades Petrobras to buy from neutral Bank of America said it sees a slew of positive catalysts ahead for the Brazil oil and gas company. “With the dust settling after the replacement of the company’s CEO, there have been important developments at PBR which have helped quell concerns on corporate governance, fuel pricing, dividends, among others.” Mizuho initiates Grab Holdings as buy Mizuho said the Asian super app company has a “sizable on-demand market.” “We initiate coverage of Grab Holdings Ltd. (GRAB) with an Outperform rating and $5 PT.” KBW upgrades Bank of New York Mellon to outperform from market perform KBW said it’s getting bullish on the financial services company. “We are upgrading the shares to Outperform from Market Perform due to BNY’ s scale, diversification and expectations for widening profitability gap to peers led by strong expense control.” Deutsche Bank adds a catalyst call buy on Emerson Electric Deutsche Bank said it’s bullish heading into the electric company’s earnings report later this summer. “EMR stock has underperformed the group since the end of last earnings season and we take this as evidence that investor expectations are not overly optimistic going into EMR’s 3Q results (investor interest has also been relatively low in recent weeks). We think the company can deliver a material 3Q24 beat.” Jefferies reiterates Nvidia, Marvell and Broadcom as buy Jefferies said it’s sticking with its buy rating on all three companies. ” NVDA is still the king but AVGO makes a strong case too. We see opportunities at MRVL but story hasn’t inflected yet.” KeyBanc initiates Crescent Energy as overweight KeyBanc said it’s bullish on shares of the energy company. “A South Texas Consolidator Emerges: Initiate Coverage of Crescent Energy Co. (CRGY) with OW.” Citi reiterates Arista Networks as buy Citi raised its price target on the stock to $385 per share from $330. ” Arista is also likely to benefit from any early AI related opportunities.” TD Cowen reiterates Grindr as buy TD Cowen raised its price target on the stock to $14 per share from $12. ” GRND raised their ’24 topline guidance while laying out ’27 revenue and EBITDA targets 27% and 22% above our pre-event est’s.” Morgan Stanley initiates Viking Therapeutics as overweight Morgan Stanley said the biotech company has “best-in-class potential.” “We are Overweight Viking Therapeutics given best-in-class potential for VK2735 in obesity, which supports a meaningful market opportunity in a highly competitive market.” Morgan Stanley adds Goldman Sachs to the financials finest list Morgan Stanley added the investment banking giant to its top financials ideas list. “We are adding Goldman Sachs, Macquarie and TPG to our Financials’ Finest list, as discussed in our recent note ‘Best Plays on Capital Markets Recovery.'” JPMorgan downgrades US Bancorp to neutral from overweight JPM said it doesn’t see many near term catalysts. “We are downgrading US Bancorp to Neutral from Overweight relative to peers. The sharp increase in capital requirements adds another headwind and would delay capital return plans – we do not see a catalyst medium term. US Bancorp is one of our only banks that has indicated no plans for share buybacks.” Morgan Stanley reiterates Coca-Cola as overweight Morgan Stanley said it’s sticking with its overweight rating on the beverage giant. “We like Coke here as an OW, where we continue to be incrementally positive as Coke’s fundamentals increasingly disconnect favorably from the group.” UBS reiterates Disney as buy UBS said Disney cruises is an “underappreciated growth driver.” “An Disney is a small player in the overall cruise industry at just ~3% of North America capacity but commands top of market pricing given its IP and brand affinity. The cruise industry is benefitting from a resurgence in demand post pandemic, with net yields now 10-15% above ’19 levels.” Oppenheimer initiates Kyndryl as outperform Oppenheimer said it’s bullish on share of the IT infrastructure company. “Formerly IBM’s IT services business, Kyndryl is the largest IT infrastructure services provider in the world. JPMorgan reiterates Carvana as overweight JPMorgan said Carvana’s “infrastructure moat continues to widen.” “We come away from CVNA’ s Rocklin, CA, IRC tour with higher conviction in our above consensus EBITDA..” Citi reiterates AT & T as buy Citi said it’s sticking with its top pick status on the telecommunications giant. “We continue to prefer large-cap Telcos over large-cap Cable and prefer AT & T as our top-ranked pick as it has a greater number of levers to manage financial performance at an inexpensive valuation.” Truist reiterates Nvidia as buy Truist raised its price target on the stock to $140 per share from $128.80. ” NVDA is now the #1 market cap company; we believe it can become #1-er.”
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