Here are the biggest calls on Wall Street on Thursday: Piper Sandler raises price target on Tesla to $1,300 from $1,200 Piper Sandler raised its price target on the stock to a Street high of $1,300 per share and said it sees several potential upside levers. "There are many reasons for Tesla' s exceptional gross margin in Q3. These include higher pricing, more localized production, greater scale, and a rising contribution from the Model S 'Plaid'. But product quality also made a major contribution in Q3, and this topic isn't getting enough airtime." Read more about this call here . Goldman Sachs reiterates Apple as neutral Goldman kept its neutral rating ahead of Apple's earnings report after the bell on Thursday and said it's "too early to predict" consumer demand as supply chain concerns mount. "We believe most investor focus heading into this report is on the supply chain and how Apple sees it affecting their business at this critical period of the year. For our part, we believe it is too early to predict how consumer demand for Apple's products will play out this Fall." Stifel downgrades Elanco to hold from buy Stifel said in its downgrade of the animal health company that it likes the company's long-term potential but sees several near-term headwinds. "We understand Elanco' s future potential (new products and margin expansion), but believe challenges may exist in the more immediate-term before more impactful products enter the fold in 2023+." UBS upgrades Teradyne to buy from sell UBS upgraded the test equipment designer and manufacturer due to "the realization that the non-AAPL test market is growing much faster than we thought." "New disclosure around its customer exposure this year leads us to conclude that AAPL — TER' s biggest customer — is now de-risked and thus why we can no longer justify our Sell." Goldman Sachs reiterates Boeing as buy Goldman Sachs reiterated its buy rating on the aerospace company and said the long-term fundamentals are "strong." "We think there is a relatively high probability that in the next few months Boeing sees: (1) FAA approval to resume 787 deliveries, (2) China 737 MAX regulatory approval, (3) an international and business travel acceleration. These catalysts should allow the market to look out to normalized earnings and cash ﬂow power, and remove overhangs that investors regularly tell us they need out of the way before they will buy the stock. Bank of America downgrades BJ's to neutral from buy Bank of America said in its downgrade of BJ' s that it's concerned about supply chain issues. "BJ noted general merchandise 'inventory availability' issues in F2Q, ending with levels that were in line with 2019, implying risk of share loss this Holiday season to retailers w/ stronger inventory positions. We also believe BJ could face challenges in 2H from supplier allocations and less favorable port access vs. larger competitors." Read more about this call here. Raymond James downgrades Teva to market perform from outperform Raymond James said in its downgrade of Teva Pharmaceuticals that near-term fundamentals are "coming up short." "While management continues to deliver on near-term financial targets and remains committed to key 2023 margin and deleveraging targets, near-term fundamentals are increasingly coming up short vs. our own and Street expectations and key growth assets have lost the element of upside surprise over the past 12 months and targets are increasingly aspirational rather than beatable." Bernstein initiates coverage of Nio as market perform Bernstein said in its initiation of the Chinese electric vehicle company that it's concerned about competition. " NIO' s user-centric offerings and battery swapping technology are very attractive to driving brand equity and sales, but we are ultimately worried about competition in the premium segment." Bank of America downgrades Avis Budget to neutral from buy Bank of America said in its downgrade of the auto rental company that the stock is less compelling. "Following a nearly 40% return in just the last month and a 345% performance in the stock YTD, we are downgrading CAR from Buy to Neutral based entirely on valuation. We still remain constructive on both macro dynamics for the Rental car companies and on CAR's competitive positioning, but see risk-reward on the stock as less compelling." Bernstein reiterates Uber as outperform Bernstein kept its buy rating on shares of Uber ahead of its earnings report next week and said Uber Delivery is gaining share. The firm also reiterated its market perform rating on Lyft. "We expect both Uber and Lyft to remain profitable through 2022 even as they invest for growth. Both should benefit from the easing of driver incentives and scaling against leaner cost bases. At Uber, we expect margin expansion to be led by Mobility with Delivery still in investment mode. Guggenheim reiterates DraftKings as buy Guggenheim reiterated its buy rating on the fantasy sports betting company ahead of its earnings report next week and said recent app data shows football is off to a strong start. "We remain bullish on DraftKings' fundamentals heading into 3Q earnings (company reports next Friday, 11/5) and reiterate our above-consensus/guide revenue outlook for the year of $1.35bn. JPMorgan reiterates General Motors as overweight JPMorgan reiterated its overweight rating on the automaker after its earnings report on Wednesday and said it still sees more upside. "We rate GM Overweight for its best-in-class leverage to global growth markets, ongoing operational turnaround, and improving product cadence. We are attracted to the shares based on both valuation and what we see as several upcoming positive catalysts. JPMorgan reiterates Ford as overweight JPMorgan said in a note to clients on Thursday that it sees more upside in the stock after the company's better than expected earnings on Wednesday. "We expect a positive reaction Thursday to Ford' s better than expected 3Q earnings which featured stronger than expected revenue, margin, EBIT, EPS, and FCF on the back of a differentiated improvement in semiconductor chip availability which allowed Ford production (wholesale units) to rise +68% sequentially vs. industry global light vehicle production which declined -12% sequentially." Bank of America upgrades Norfolk Southern to buy from neutral Bank of America said in its upgrade of the railroad company that it likes management's execution. " Norfolk Southern continues its strategic overhaul, launched in 2018 by CEO Jim Squires (initially, seemingly in response to a bid a few years prior by Canadian Pacific's Hunter Harrison, which wrongly made us resistant to the depth of the overhaul commitment)." Bank of America downgrades Sherwin-Williams to neutral from buy Bank of America downgraded Sherwin-Williams after its earnings and said it sees peak inflation and raw materials. "Exiting 3Q, we see little reason adjust our 2021 EPS forecast. Our 2022 EPS estimate is declining, however, now at $10.55 vs. the $10.80 prior. The shift represents the impact of higher for longer raw material costs, partially offset by better volumes and price." Credit Suisse names Coca-Cola a top pick Credit Suisse named the beverage giant a top pick after its earnings report on Wednesday and said it's an "inflation shielded business." "A textbook quarter for Coke with clean topline and outstanding profit delivery in a tough logistics environment. KO shares are flat YTD despite growth returning ahead of '19 levels for over 6mo. Several positive catalysts into early '22 support our Outperform rating." Read more about this call here.
A Boeing 787-10 Dreamliner taxis past the Final Assembly Building at Boeing South Carolina in North Charleston, South Carolina, March 31, 2017.
Randall Hill | Reuters
Here are the biggest calls on Wall Street on Thursday: