- Piper Sandler reiterated its overweight rating on Coinbase.
- Goldman Sachs upgraded SolarEdge to buy from neutral.
- Wedbush initiated Coinbase as outperform.
- Bank of America upgraded ViacomCBS to buy from underperform.
- UBS upgraded Chipotle to buy from neutral.
- KeyBanc upgraded Nvidia to overweight from sector weight.
- Barclays raised its price target on Target to $260 from $225.
- Deutsche Bank added a catalyst call buy idea on J.M. Smucker.
- Evercore IS reiterated Sunrun as a top pick.
- Bernstein upgraded Analog Devices to outperform from market perform.
- Deutsche Bank opened a catalyst buy idea on Unilever.
- UBS reiterated its buy rating on Apple.
- Wolfe downgraded Lordstown Motors to underperform from peer perform.
Here are the biggest calls on Wall Street on Thursday: Piper Sandler reiterated its overweight rating on Coinbase Piper Sandler reiterated its overweight rating on Coinbase and the company's long term store remains "intact" despite the recent volatility in Bitcoin. "Since May 11, the price of Bitcoin has depreciated 33%. Although this is a considerable decrease, we note that the current price of Bitcoin remains above all prior quarters besides 1Q21, bitcoin prices have materially corrected & reset higher at least 3 times prior and trading volumes, both on a coin-specific basis and at Coinbase, are tracking to quarterly records. Bottomline, we believe the long term story of Coinbase remains intact despite the recent volatility." Goldman Sachs upgraded SolarEdge to buy from neutral Goldman said in its upgrade of the solar company that it sees an attractive risk/reward for the stock among other things. " SEDG shares have seen a significant decline YTD despite the company showing solid execution in 1Q21, beating consensus on both revenue and gross margin against a backdrop of broad industry concerns over demand recovery and supply chain constraints." Read more about this call here. Wedbush initiated Coinbase as outperform Wedbush said in its initiation of the stock that the company was a "one stop shop" for all things crypto. "We view COIN as a 'one stop shop' platform, enabling roughly 56MM retail users, 8,000 institutions, and 134,000 ecosystem partners in over 100 countries to participate in the crypto economy." Read more about this call here. Bank of America upgraded ViacomCBS to buy from underperform Bank of America said in its double upgrade of the stock that it could be a candidate for further media M & A. "We believe the recently announced transaction between DISCA and Warner Media will spur further media consolidation as industry participants seek increased scale. Various recent press reports (WSJ) have suggested VIAC as a potential target with several assets that could command a premium. In our view, VIAC's deep breadth of content has value as an entire entity or if sold in individual parts." Read more about this call here. UBS upgraded Chipotle to buy from neutral UBS said in its upgrade of the Mexican chain restaurant that it sees an "attractive" risk/reward. "We are upgrading shares of CMG given: increased visibility into a compelling multi-year growth opportunity, upside to Consensus earnings (+7% above '22 EPS), and a risk/reward which skews significantly to the upside following the recent pullback." Read more about this call here. KeyBanc upgraded Nvidia to overweight from sector weight After a change in analyst coverage, KeyBanc upgraded Nvidia and said that it was best positioned to capitalize on the artificial intelligence market among other things. "We're assuming coverage of NVDA at Overweight with a $700 PT. Our OW rating is based on: 1) our belief it is best positioned to monetize one of the fastest and highest value add workloads in the data center in artificial intelligence/machine learning." Barclays raised its price target on Target to $260 from $225 Barclays raised its price target on the stock after the company's "flawless" earnings on Wednesday. "Clearly, there was some nervousness ahead of TGT 's 1Q print given high expectations, but TGT delivered its best earnings result in the company's history, and provided comp/margin guidance that was above expectations." Deutsche Bank added a catalyst call buy idea on J.M. Smucker Deutsche Bank added a catalyst call buy idea on J.M. Smucker and said it was bullish on the company's execution among other things. The firm reiterated its long term hold rating on the stock. "In the near term, we see the company's 4Q21 earnings release and FY22 outlook as potential catalysts improving sentiment on the stock. ... .Specifically, we expect management to guide FY22 in line with prior commentary and above current market expectations due to under-appreciated inflation offsets such as forward buys on commodities, pricing, mix, and cost savings." Evercore IS reiterated Sunrun as a top pick Evercore reiterated the solar panel company as a top pick and said Sunrun was experiencing "strong momentum." "The company's expanding customer value proposition and competitive advantages are driving market share gains, unmatched customer acquisition, new channels to accelerate growth, and a lead in developing opportunities such as enabling the EV transition, battery attachments, and virtual power plants." Bernstein upgraded Analog Devices to outperform from market perform Bernstein said in its upgrade of the semiconductor manufacturing company that it sees a "favorable" risk/reward. "It does not seem hard to argue that things are looking up for ADI in the near to medium term with sales growing through the rest of the year, a 2H comm pickup (and maybe into next year?), and an increasingly real EV narrative. " Read more about this call here . Deutsche Bank opened a catalyst buy idea on Unilever Deutsche Bank opened a short term buy idea on the consumer products company and said the stock was "undervalued." "There is a high degree of scepticism that Unilever can deliver compounding growth at the upper end of its 3-5% target range with margin improvement and it has been sold off vs. more recovery-oriented stocks." UBS reiterated its buy rating on Apple UBS reiterated its buy rating on shares of the tech giant and said it sees "sustainable iPhone demand." "UBS Evidence Lab recently surveyed over 7,000 smartphone users in the U.S., U.K., China, Germany, and Japan to gauge smartphone demand. ... .Relative to the prior survey, the data is incrementally more positive for both iPhone and smartphone demand generically while we believe the market does not reflect the stickiness of the Apple ecosystem." Argus upgraded Wendy's to buy from hold Argus upgraded the fast food chain and said it was bullish on the company's digital investments among other things. "Upgrading to BUY with $27 target. Wendy's continues to benefit from new menu items, low single-digit unit expansion, and accelerated investments in its digital business. On May 19, Wendy's reported adjusted 1Q21 earnings of $0.20 per share, up from $0.09 a year earlier and $0.05 above consensus." Wolfe downgraded Lordstown Motors to underperform from peer perform Wolfe downgraded the electric vehicle company and assigned a $1 price target to the stock and said it questioned the long-term competitiveness of the company's pickup truck. "The electric F-150 reinforces our view that RIDE will not be competitive in the commercial EV pickup space – We questioned the long-term competitiveness of RIDE's $52.5k electric pickup truck for fleets since we launched on the company in December 2020."
Smucker's Fruit & Honey brand fruit spread
Daniel Acker | Bloomberg | Getty Images
Here are the biggest calls on Wall Street on Thursday: