- Guggenheim is initiating Uber as buy.
- Deutsche Bank is downgrading Avis Budget to hold from buy.
- Goldman Sachs is upgrading Dick's Sporting Goods to buy from neutral.
- Raymond James is downgrading Booking Holdings to market perform from outperform.
- Barclays is raising its price target on Tesla to $200 from $150.
- Deutsche Bank is naming Goldman Sachs as a catalyst call buy.
- Bank of America is initiating Tyson Foods as buy.
- Bank of America is initiating Hormel Foods as underperform.
- Goldman Sachs is downgrading Target to buy from conviction buy.
Here are the biggest calls on Wall Street on Friday:
Guggenheim said Uber has an underappreciated pricing leverage, among other factors.
"1) We look for a more benign competitive scenario to evolve globally with significant cross ownership yielding the potential for consolidation and competitive discipline; 2) We model to 2023 EBITDA with no price increases, but even modest increases could pull that to as early as 2021 and that might get easier to envision if competitive discipline extends beyond the U.S.; 3) Rising prices in the U.S. should fuel a strong 2H for UBER, potentially highlighting the leverage in the model and bringing more aggressive EBITDA scenarios into focus. Challenges remain for sure, but we see UBER at a potential turning point."
Deutsche cited softer pricing as well as the pending retirement of the current CEO in its downgrade of Avis.
"There are three key pillars of the call: 1) We believe U.S. pricing softened a bit during 3Q, and trends in Europe remained challenged broadly, leading us to below-consensus top- and bottom-line forecasts for 3Q and 4Q; 2) U.S. fleet costs were once again a large tailwind for CAR in 2019, but we anticipate a more-neutral impact as we look out to 2020; and 3) given CEO Larry De Shon's pending retirement at year-end, CAR will be undergoing a natural leadership transition throughout the next 12-18 months."