- Jefferies upgraded Live Nation to buy from neutral.
- Citi downgraded Facebook and Alphabet to neutral from buy.
- JPMorgan upgraded iHeartMedia to overweight from neutral.
- Atlantic Equities downgraded Intel to underweight from neutral.
- Bank of America upgraded SolarEdge to buy from neutral.
- Raymond James upgraded PNC to outperform from market perform.
- Barclays downgraded Oracle to overweight from equal weight.
- Deutsche Bank reiterated its buy rating on Apple.
- Cowen reiterated its buy rating on DraftKings.
Here are the biggest calls on Wall Street on Monday: Jefferies upgraded Live Nation to buy from neutral Jefferies upgraded the entertainment and ticketing company and said it sees a "compelling" entry point for Live Nation shares. "The pullback in the shares provides a compelling entry point for a premium, pure-play recovery, long-term growth story, in our view. ... The quarterly results bear narrower-than-expected losses, but are less relevant than the longer term." Read more about this call here. Citi downgraded Facebook and Alphabet to neutral from buy Citi said in its downgrade of Facebook and Alphabet that the advertising market is not robust enough to drive more share gains for the two internet giants. "However, three things make us nervous: First, among the top 10 Internet ad firms, in absolute dollar terms, sell side expects ~2x the annual growth from '21 to '25 versus '18 to '20. Second, many investors believe ad intensity per dollar of economic activity is rising. We see little evidence of this. Third, even if the sell side estimates are right, growth will likely decelerate after 2Q21." Read more about this call here. JPMorgan upgraded iHeartMedia to overweight from neutral JPMorgan upgraded the media company and owner of radio stations and said it sees "strong digital growth" among other things. "We are increasingly bullish on iHeart due to: 1) higher digital revenue growth led by the company's industry-leading podcasting business; 2) continued rebound in advertising trends as the economy re-opens post-COVID – fueled by a strong macro backdrop." Read more about this call here. Atlantic Equities downgraded Intel to underweight from neutral Atlantic Equities downgraded the multinational tech company and said it saw "market share capitulation" among other things. "Intel continues to suffer from data center digestion, with cloud revenue declines accelerating during Q121, while Advanced Micro Device's (AMD) cloud revenue doubled. We believe that AMD is now the preferred CPU supplier to most cloud customers for new workloads, with market share gains to accelerate in 2021." Read more about this call here. Bank of America upgraded SolarEdge to buy from neutral Bank of America upgraded the solar company and said it sees a "buying opportunity on transient overhangs." "We are upgrading SolarEdge Technologies to Buy following underperformance post-1Q update. We perceive share underperformance to be driven by investor worries around near-term chip shortages and associated impact for not just '21 but concerns on potential systemic shortage persisting into '22 – driving further downward consensus revisions." Raymond James upgraded PNC to outperform from market perform Raymond James upgraded the regional bank and said it sees several catalysts for PNC stock, including accelerating "intermediate-term loan growth" among other things. "With several nearer-term catalysts on the horizon, we see upside to consensus estimates and a positive risk-reward dynamic as they play out." Barclays downgraded Oracle to overweight from equal weight Barclays said in its downgrade of the multinational tech company that the shares were "less attractive at current levels." "We are downgrading Oracle to Equal Weight after the shares have reached our price target. There were two catalysts for our original upgrade call (1) revenue growth acceleration at Oracle due to an improving mix effect and (2) style rotation towards more value names driven by the broadening of the recovery." Read more about this call here. Deutsche Bank reiterated its buy rating on Apple Deutsche Bank reiterated its buy rating on the tech giant and said it was bullish on the next iPhone launch as the firm was not seeing any signs of a supply shortage slowdown. "On the supply side, while Apple highlighted the headwinds it is expecting for the iPad and Mac in F3Q, we are not picking up any signs of a supply shortage impacting the next iPhone launch. ... While it is definitely early in the year to get a good read on the success of the next iPhone launch, it is encouraging that a part of the Apple supply chain is expecting strong demand from Apple this year." Cowen reiterated its buy rating on DraftKings Cowen reiterated its buy rating on shares of the fantasy sports betting company after its earnings report last week and said its valuation was "attractive." "Following DKNG 's reported Q1:21 results, we are raising our FY21 revenue estimates reflecting Q1 beat and raised management guidance. ... The U.S. online sports betting and iGaming opportunity for DraftKings is sizeable, we estimate at ~$30B in gross gaming revenue at maturity as more states legalize and currently operational states progress toward maturity."
Tim Cook at Apple Event
Here are the biggest calls on Wall Street on Monday: