- Evercore ISI downgraded World Wrestling Entertainment to in line from outperform.
- JPMorgan initiated Uber as overweight.
- Guggenheim upgraded PayPal to buy from neutral.
- Baird downgraded Amgen to underperform to neutral.
- Wells Fargo downgraded Sherwin-Williams to equal weight from overweight.
- Jefferies upgraded Deckers to buy from hold.
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Here are the biggest calls on Wall Street on Friday:
Evercore ISI downgraded World Wrestling Entertainment to 'in line' from 'outperform'
Evercore cut the stock on uncertainty surrounding management changes announced Thursday after the bell.
"WWE unexpectedly announced management changes today after the close, following months of uncertainty surrounding several key strategic and financial initiatives. Specifically, Co-Presidents George Barrios and Michelle Wilson have left the company and the Board of Directors, and CRO / CFO searches have commenced. The press release announcing the changes was vague, with Chairman / CEO Vince McMahon citing "different views on how to best achieve strategic priorities moving forward" as reason for the changes."
JPMorgan initiated Uber as 'overweight'
JPMorgan said in its view of the ridesharing company that it sees it "driving" towards profitability.
"Uber occupies a leadership position in Rideshare and Food delivery in most parts of the world and has rapidly increased its gross bookings from ~$34B in 2017 to an estimated $65B in 2019. We expect upside in Uber shares to be driven by 1) continued US Rideshare rationalization as well as stability in international rideshare markets; 2) product focus as Uber rolls out loyalty products to amplify engagement on the platform; 3) decisive steps being taken to achieve 2021 profitability; and 4) investments in autonomous and other offerings (incl. freight), which provide optionality. With key events like the lock-up behind us, we believe Uber looks attractive at ~3.3x our 2020E Adj. net revenue."