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Here are the biggest calls on Wall Street on Thursday:
Bank of America raised its price target on Apple to a Street high after the stock hit an all-time high on Wednesday and said the shares deserve a higher multiple due to the stability of the company's cash flow.
"We see several drivers that explain this move (1) Heading into a product cycle (5G iPhones) the multiple typically expands, (2) Product (Hardware) revenues largely thought to be ex-growth will grow 20% next year from iPhone and wearables, (3) Other large cap tech companies carry more risks of regulation or compares get tougher in some instances vs. easy companies for AAPL next year, (4) Stability of cash flows demands a higher multiple."
Read more about this call here.
KeyBanc said in its downgrade of the coffee company that it expects sales trends to be remain challenged.
"We believe Starbucks scale, best-in-class digital platform, innovation competencies, and forward-thinking business mentality should position the Company well over the LT. However, current sales trends remain challenged, and we believe NT upside is limited due to its elevated valuation and the prospect of a more gradual SSS/EPS recovery than previously expected and relative to peers. We see FV near $82 (4% upside), based on 32x our lowered FY21 EPS estimate of $2.59."