- Bernstein upgraded VMware to outperform from market perform.
- Raymond James upgraded Micron to strong buy from market perform.
- Mizuho initiated AbbVie & Pfizer as buy.
- Bank of America downgraded Funko to underperform from buy.
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Here are the biggest calls on Wall Street on Thursday:
Bernstein upgraded the cloud infrastructure & digital workspace technology company and said it expects earnings to "outperform."
"VMware has been a controversial stock as investors have had concerns over the Dell overhang and if/ when Server Virtualization business could decline. To understand the upside /downside, we have broken down each of VMware's businesses and their growth potential which has led us to increase our revenue and earnings expectations above consensus. While we continue to have long-term concerns, we believe that the downside risks are baked into VMware's stock price while the upside opportunities are not and therefore, we expect VMware earnings to outperform expectations."
Raymond James upgraded the computer memory and data storage company and said it sees supply/demand conditions "improving."
"We are upgrading Micron to Strong Buy from Market Perform and initiating a $70 price target. Our more bullish view is no longer unique, as sentiment has improved sharply due to recent price increases. Those price increases, occurring in the seasonally weakest part of the year, indeed surprised us. Nonetheless, our analysis of conditions looking forward concludes that supply/demand conditions are highly likely to improve further as the year progresses. Memory capex has been in sharp decline for three quarters, which will keep a lid on 2H capacity."