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Markets are on track for their worst week since 2008, but Wall Street analysts are still finding plenty of buying opportunities for clients. Analysts upgraded a slew of stocks on Friday including Uber, Nike, Oracle and more.
Here are the biggest calls on Wall Street on Friday:
Wells Fargo said in its upgrade that it sees shares of the company as attractively priced.
"With prices down 45% since Feb 6th (vs. -28% for the S&P 500 Index) we think UBER shares are attractively priced, warranting an upgrade to Overweight from Equal Weight. We think Uber's value remains tied to growth trends that will play out long after coronavirus-driven disruptions have subsided: (1) smartphone penetration (forecast ~231MM US users base by 2028), and (2) riders should continue to shift spend from personal car ownership to ridesharing (we forecast Uber + Lyft at only 6%-8% of US Transportation PCE by 2028)."
JPMorgan said in its upgrade of Oracle that the company has "resilience" across cycles that's "underappreciated."
"However, in our view everything that screens so "wrong" with this stock in a bull market or economic expansion flips around if we apply the different lens that is required for the different type of environment we might be entering into. Key Considerations: 1) The current valuation of ~10x CY21 Earnings has fallen toward the very low end of the usual range of 9-19x. Historically ORCL shares have spent very little time trading at <10x earnings, even during the depths of the Great Recession. A more normal, more reasonable level appears to be low/mid-teens. At the current valuation we believe the stock is pricing in an earnings decline driven by a license and hardware miss, the latter of which we think is very widely expected and quite likely in the current environment."