- Bank of America raises price target on Nvidia to $900 from $800.
- Wolfe upgrades Delta to outperform from underperform.
- JPMorgan reiterates its overweight ratings on Ford and General Motors.
- Credit Suisse reiterates its outperform rating on Nike.
- Morgan Stanley resumes coverage of Match Group as overweight.
- Morgan Stanley upgrades Occidental Petroleum to overweight from equal weight.
- Piper Sandler upgrades Biogen to overweight from neutral.
- JPMorgan upgrades Lennar to overweight from equal weight.
- Cowen names Vista Outdoor a top pick.
- Morgan Stanley reiterates Facebook as a top pick.
- JPMorgan reiterates Amazon as a top pick.
- Macquarie initiates Churchill Downs as outperform.
Here are the biggest calls on Wall Street on Friday: Bank of America raises price target on Nvidia to $900 from $800 Bank of America raised its price target on shares of Nvidia and said it sees a "solid" pipeline and "rising" artificial intelligence adoption. "We deep-dive into NVDA's data center business at the onset of accelerating growth opportunities in enterprise/cloud AI as well as NVDA' s foray in to new/complimentary processor silicon including data processing units and central processing units. Key takeaway – rising AI adoption, expanding use-cases across cloud, enterprise, edge, telco can help NVDA double its content and triple its data center sales over the next few years." Wolfe upgrades Delta to outperform from underperform Wolfe said in its double upgrade of Delta Air Lines that it sees a "pent-up demand scenario" for business travel later this summer. "We upgrade DAL , ALK , and UAL. No change to our other ratings though we move some target prices and update all estimates. While we are skeptical that business travel will return to pre-Covid levels long term, we do see a pent-up demand scenario later this summer, not unlike what's happening with leisure now." Read more about this call here. JPMorgan reiterates its overweight ratings on Ford and General Motors JPMorgan raised its estimates on the automakers and said it sees "further industry tailwinds." "For the second time this month, we are raising estimates for GM and Ford , this time after Ford stated on Thursday that it would surpass its 2Q guidance and GM provided further clarity on Wednesday the degree to which it expected to significantly exceed its own 2Q guidance." Credit Suisse reiterates its outperform rating on Nike Credit Suisse kept its outperform rating on shares of the athletic retail giant but said it was cautious over the near term. "While we think Nike trends in N. America & Europe were stronger than expected in F4Q, we lower F4QE & FY22E EPS to reflect: 1) negative China trends lasting longer than we initially expected; and 2) our view that Nike will accelerate investments significantly faster than revenues in the near-term." Morgan Stanley resumes coverage of Match Group as overweight Morgan Stanley resumed coverage of the online dating company as a top pick and said it sees a "pent-up demand" in online dating. "We are resuming coverage of MTCH at Overweight and a $180 PT, implying +20% upside. ... . MTCH remains a top pick as we continue to see 2H estimate upside driven by pent-up demand for online dating." Morgan Stanley upgrades Occidental Petroleum to overweight from equal weight Morgan Stanley said in its upgrade of the hydrocarbon exploration company that it sees a "compelling" risk/reward for Occidental. "Execution on synergy targets and debt reduction via free cash flow and asset sales have de-risked the business. We now see a more compelling risk-reward against a backdrop of sustained higher oil prices with an above-average FCF yield of ~17%, supporting further deleveraging." Read more about this call here. Piper Sandler upgrades Biogen to overweight from neutral Piper said in its upgrade of Biogen that despite concerns about the company's Alzheimer's drug, Aduhelm, the firm still sees the stock going higher. "Upgrade to OW and now buyers to levels approaching $450/sh. Despite our misgivings regarding FDA's handling of the Aduhelm approval, we find two new data points too positive to ignore, and thus believe the path of least resistance on this stock is decidedly higher." Read more about this call here. JPMorgan upgrades Lennar to overweight from equal weight JPMorgan upgraded the homebuilder and said it sees the stock as "attractive" and "not reflecting" of the company's business transformation. "We are upgrading LEN to Overweight from Neutral, as following its 2Q (May-end) earnings and conference call, we view the stock as attractive relative to its peers and effectively not reflecting the company's significant and ongoing business transformation." Read more about this call here. Cowen names Vista Outdoor a top pick Cowen called the outdoor sports and recreation company and a top pick and said it sees "greater" earnings per share "resiliency." "The ammo surge has legs, Remington's ramp offers upside to F22 Street ests, & VSTO' s improved credit profile & new operating philosophy allows product introductions & channel enhancements that should allow for greater EPS resiliency vs. prior cycles." Morgan Stanley reiterates Facebook as a top pick Morgan Stanley reiterated the social media giant as an overweight top pick and said it sees the company driving ad growth to beat estimates. "We remain most positive on FB within the large cap social media names as we see their leading return on investment, product innovation, and monetization call options (Reels, Marketplace, Shopping, etc) enabling them to navigate through difficult near-term engagement headwinds. We also note that even a slight increase in News Feed ad load could offset any engagement decline." JPMorgan reiterates Amazon as a top pick JPMorgan reiterated Amazon as a top pick and said it sees the e-commerce giant grabbing a larger share of the online advertising market. "With COVID-19 accelerating overall e-comm penetration & the shift toward a digitized economy, advertising has emerged as a bigger focal point for retailers, many of which are eager to follow Amazon's lead and capture a piece of the large & growing online advertising total addressable market." Macquarie initiates Churchill Downs as outperform Macquarie initiated the racetrack company with an outperform rating and said it was a "luxury" and "unique" brand. " Churchill Down s owns one of the most iconic assets in the United States, Churchill Downs Racetrack, home to the Kentucky Derby, the longest running sporting event in the country. The irreplaceable asset, which has historically generated ~25% of company EBITDA in a single day, has few true comps and we believe it should garner a premium valuation multiple even to a comp set of luxury and unique brands across the globe."
Ford Motor Co. CEO Jim Farley walks to speak at a news conference at the Rouge Complex in Dearborn, Michigan, September 17, 2020.
Rebecca Cook | Reuters
Here are the biggest calls on Wall Street on Friday: