Here are Thursday's biggest analyst calls of the day: Apple, Boeing, Nio, UPS, Hershey & more

Published Thu, Nov 11 20218:29 AM EST

Here are the biggest calls on Wall Street on Thursday: JPMorgan initiates coverage of Silvergate as overweight JPMorgan said the crypto bank is well positioned to ride the crypto wave. "We are initiating coverage of Silvergate Capital with an Overweight rating and a $300 December 2022 price target. Silvergate is a leading crypto bank that serves the highest number of crypto customers in the US. Underpinning its success is the Silvergate Exchange Network (SEN), a real-time payment network that allows crypto exchanges and institutional investors to transact 24/7." Read more about this call here. Bernstein downgrades Beyond Meat to market perform from outperform Bernstein downgraded the alternative meat company due to margin pressure and demand uncertainty. "We are downgrading Beyond Meat from Outperform to Market-Perform and lowering our price target from $130 to $100 based on 1) ongoing uncertainty around demand trends in US Retail and Foodservice channels, 2) likely ongoing margin pressure from labor and supply chain issues as well as 3) escalating pea protein costs when contracts roll over." Read more about this call here. Bank of America reiterates Hershey as buy Bank of America kept its buy rating on the candy company and said it sees "areas of opportunity" to go along with a strong balance sheet. "We maintain our Buy rating and $192 PO which is based on 26x our CY22 estimate; a premium to peers (avg 18x). We believe this is justified as HSY has maintained momentum despite tough comps, executed on pricing actions across its portfolio and maintained a strong balance sheet position, allowing for growth potential." Bernstein reiterates Apple as market perform Bernstein reiterated its market perform rating on shares of Apple and said it sees no obvious catalysts for multiple expansion. "We see risk-reward on AAPL as relatively neutral, given its valuation (higher than GOOG and FB), ongoing supply chain uncertainty (making it difficult to gauge the strength of the iPhone cycle) and no obvious catalysts for multiple expansion, given slower expected growth in FY 22." Bank of America reiterates CVS as buy Bank of America kept its buy rating on shares of the drug store company and said it's very bullish heading into CVS' s much anticipated investor day in early December. "We recognize It is still early in new leadership's tenure, but as we head into the investor day the optimism for a more compact/robust growth story is high with an expectation for a repositioning of various investments to drive further healthcare service value through CVS' physical and virtual assets. We still hear plenty of feedback/pushback on the success of CVS' long-term pathway, something that we expect management to address at the investor day but also that will need to be proven out over time as the pieces come together." UBS reiterates UPS as buy UBS kept its buy rating on shares of the shipping giant after a meeting with the company's management and said it expects UPS to deliver on its targets. "Our meeting with UPS increased our confidence in UPS' s ability to deliver a strong 4Q and also to execute its multi-year strategy focused on revenue quality and margin expansion. We apply a 20x P/E to our 2023 EPS of $13.30 in order to derive our price target of $266. We expect UPS to deliver on their targets which should support valuation and upside for the stock." KeyBanc downgrades Restaurant Brands to sector weight from overweight KeyBanc said in its downgrade of the restaurant company and owner of Burger King that it is concerned about lagging same-store sales. "In addition, we are downgrading Restaurant Brands International (QSR ) from Overweight to Sector Weight, reflecting concerns over inflation at BK U.S, lagging SSS trends, and a potential reinvestment cycle that could weigh on RBI's FCF generation over the next few years." Evercore ISI upgrades Duolingo to outperform from in line Evercore said in its upgrade of the language learning website and app company that it sees strengthening fundamentals. "We are upgrading DUOL to Outperform given the continued strength in the company's fundamentals, potential Revenue acceleration, Google (and inevitably, IOS) App Store changes providing Gross Margin tailwinds in '22 and '23, new product launches likely next year and continued geographic pricing optimization." Citi reiterates Home Depot and Lowe's as buy Citi kept its buy rating on the home improvement retailers but said it sees risks heading into earnings next week. "Both of these stocks have outperformed over the past 3 months ( HD +11% & LOW +23% in last 3 months vs. S & P 500 +5%) providing a challenging bar for 3Q prints. We expect top-line trends to be robust but see risk of SSS (same-store sales) falling short of 3Q buy-side bars. Gross margin will be a focus after FND's GM reset for 4Q on rising supply chain costs last week. We believe meeting GM expectations should be well received." Morgan Stanley upgrades GoPro to equal weight from under weight Morgan Stanley said in its upgrade of the stock that a turnaround is underway. "While there are still areas where GoPro remains challenged longer-term, we see a clearer path to positive estimate revisions over the next 6 months, driving our upgrade to Equal-weight (from Underweight)." Citi raised its price target on Nio to $87 from $70 Citi raised its price target on shares of the electric vehicle company to a Street high of $87 per share and said it expects Nio to continues to gain market share. "Given their strong product offerings, we expect local brands to retain 65%+ market share in China NEV (new energy vehicles) sales in 2022-25E despite increased competition from the continued expansion of Tesla and other foreign brands, which began to grow their electric vehicle divisions in recent years. We expect NIO to gain market share against this backdrop." Bank of America reiterates Boeing as neutral Bank of America kept its neutral rating on shares of Boeing and said it continues to be concerned about 787 manufacturing issues. "We still don't understand how a program as mature as the 787 program could continue to be plagued by manufacturing issues. We see this as a significant red flag and are concerned about what this could imply about the health Boeing's engineering function as well as internal process/manufacturing controls. We reiterate our Neutral rating on Boeing's shares, as in our view company specific risks are balanced by an improving commercial air traffic backdrop." Atlantic Equities downgrades Disney to neutral from overweight Atlantic Equities downgraded the entertainment giant after its earnings report on Wednesday and said the company needs to "broaden its offering beyond key franchises." "After an astounding streaming launch in late 2019, we are downgrading Disney to Neutral as DTC subscriber additions are slowing faster than anticipated. We don't see a pick-up until the company has broadened its offering beyond key franchises." Read more about this call here. Bank of America reiterates Nike as neutral Bank of America kept its neutral rating on shares of the athletic retailer and said it expects the company to use "pricing power to offset cost headwinds." "China will remain a key strategic growth avenue for NKE but the lack of visibility on how the demand picture is unfolding prevents us from taking a more bullish stance." Mizuho reiterates Coinbase as neutral Mizuho reiterated its neutral rating on the crypto company. The firm said its analysis shows " Coinbase shares and Bitcoin have both had roughly the same total return (5-10%) starting the week following the IPO." "So why not just own Bitcoin directly? Doing this could likely help avoid several key issues surrounding Coinbase including mounting competition and ongoing commoditization of crypto exchanges."

A pilot waves as a Boeing 777X airplane taxis during its first test flight from the company's plant in Everett, Washington, U.S. January 25, 2020.

Terray Sylvester | Reuters

Here are the biggest calls on Wall Street on Thursday: