Here are Thursday's biggest analyst calls of the day: Qualcomm, Rivian, Apple, RH, First Solar & more

Published Thu, Feb 3 20228:32 AM ESTUpdated Thu, Feb 3 20221:02 PM EST

Here are the biggest calls on Wall Street on Thursday: Bernstein reiterates Apple as market perform Bernstein kept its market perform rating on shares of the tech giant, but the firm said it's feeling more confident in the stock after its earnings report last week. "We are incrementally encouraged by Apple 's Q1 results, but at 28x EPS, we believe AAPL is fairly valued. We also believe that Apple was a notable pandemic beneficiary – with outsized growth– and see more muted earnings growth over the next few several years." Wells Fargo initiates coverage of Constellation Energy as overweight Wells Fargo rated the energy company overweight and said it's a "unique decarbonization play." "As the largest nuclear owner in the U.S., we think CEG is uniquely positioned to capitalize on the long-term trend towards decarbonization." BMO downgrades Meta Platforms to market perform from outperform BMO downgraded Meta Platforms after its earnings report on Wednesday and said "competitive threats overwhelm [the] e-commerce business." "More incrementally to us, the immediate impact of new advertiser tools and rate of adoption by small businesses are weaker than we anticipated." Raymond James downgrades Meta Platforms to outperform from strong buy Raymond James downgraded the stock due to slowing ad growth after its earnings report on Wednesday. " FB also noted slowing eCommerce growth, slowing user growth, competition (particularly TikTok), lower monetization from Reels, and FX headwinds." Barclays reiterates RH as overweight Barclays reiterated its overweight rating on shares of the furniture company and said the stock's valuation is very compelling. "We believe this is an opportune time to revisit RH , which we view as one of the most attractive global growth stories over the next five years." Morgan Stanley reiterates Rivian as overweight Morgan Stanley said in a note that its recent client survey shows investors would rather own Rivian over Lucid. "An investment in either company requires a need for long-term thinking and preparation for significant potential volatility around the ramp to high volume manufacturing." KeyBanc reiterates Twitter, Pinterest and Snap as overweight KeyBanc lowered its price target on several social media stocks after Facebook's earnings report on Wednesday. The firm said it now sees margin pressures looming. "In the wake of GOOGL's and FB's reports, we have proactively lowered estimates and cut price targets on Overweight-rated PINS (now $37), SNAP (now $36), and TWTR (now $40). Specifically, we see: 1) ongoing ad measurement headwinds driving shifts out of social; 2) vertical headwinds (e.g., retail, gaming); and 3) margin pressure from investment." Read more about this call here . JPMorgan reiterates T-Mobile as a top pick JPMorgan kept its overweight rating on shares of T-Mobile. The firm said the "bull thesis is intact" after the telecom company's earnings report on Wednesday. " T-Mobile is our top pick for 2022 across our coverage as we see substantial synergy and operating efficiencies over the next several years driving strong EBITDA and cash flow growth." JPMorgan downgrades Meta Platforms to neutral from overweight JPMorgan downgraded the stock after its earnings report on Wednesday. The firm said it sees tough comps and slowing ad growth. " FB is seeing a significant slowdown in advertising growth while embarking on an expensive, uncertain, multi-year transition to the Metaverse." Read more about this call here. UBS upgrades PulteGroup to buy from neutral UBS said in its upgrade of the homebuilder that the risk/reward is "decidedly favorable" for shares of PulteGroup. "Therefore, if the market can gain comfort with the fact that housing volume could crest at a high level over the next few years and still support a period of elevated earnings well past 2023, even if not to the extent that sell-side consensus forecasts, we believe a meaningful re-rating in the group could occur." Read more about this call here . Bank of America reiterates Spotify as buy Bank of America kept its buy rating on the streaming company after its earnings report on Wednesday and said it sees further margin growth. " Spotify reported a solid 4Q as revenue, gross margins and MAUs (monthly active users) all exceeded our expectations. More importantly, however, SPOT revised their guidance policy and will now only provide quarterly guidance instead of annual expectations to more align with how they manage the business for the long term." Bank of America downgrades First Solar to neutral from buy Bank of America downgraded First Solar due to pricing power concerns and tariff headwinds. "Downgrade to Neutral as Margin Pressures Lead to FY22 Street Miss. … We downgrade First Solar to Neutral as it is increasingly likely that the Section 201 tariffs on bifacial panels will not be extended." JPMorgan reiterates Qualcomm as a top pick JPMorgan reiterated its overweight rating on shares of Qualcomm and said investors should buy the stock "before it re-rates." "We continue to view Qualcomm as a Top Pick across our coverage universe with substantial secular growth levers to surpass investor expectations in both the near and long term and increase our Dec-22 price target to $240 on our higher revenue/earnings expectations." Needham upgrades SolarEdge to buy from hold Needham said in its upgrade of the solar company that it sees a compelling buying opportunity. " SEDG has declined largely in-line with its peers in the recent months despite significantly lower exposure to the residential solar market in California." Barclays downgrades Gap to equal weight from overweight Barclays downgraded Gap due to persisting concerns about demand and a negative inflection on promos. "We are following our data that is suggestive of a more challenging demand backdrop for Old Navy and Gap, in particular, exiting the holiday season." Read more about this call here. Loop downgrades Meta Platforms to hold from buy Loop downgraded the stock after its earnings report on Wednesday and said it sees a "lack of visibility." "While financial results were not terrible the outlook was. Declining users are a problem, and we expect the narrative will remain troubled for some time as a host of investor concerns will not likely be resolved anytime soon."

Signs of Qualcomm and 5G are pictured at Mobile World Congress (MWC) in Shanghai, China June 28, 2019.

Aly Song | Reuters

Here are the biggest calls on Wall Street on Thursday:

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