Here are Friday's biggest analyst calls of the day: Amazon, Rivian, Roblox, Six Flags, Uber & more

Published Fri, Mar 4 20228:36 AM ESTUpdated Fri, Mar 4 202211:48 AM EST

Here are the biggest calls on Wall Street on Friday: Raymond James downgrades Best Buy to market perform from outperform Raymond James said in its downgrade of the stock that the next few quarters look "challenging." "In addition, while we left the investor event encouraged about the multiyear opportunity for Best Buy , we do find the setup for the next few quarters very challenging as the majority of Best Buy's product categories face very tough comparisons lapping work-from-home trends and multi-rounds of government stimulus." Read more about this call here. Morgan Stanley names Valero a top pick Morgan Stanley said in its upgrade of the manufacturer of transportation fuels that it sees positive revisions ahead. "Following our Annual Energy & Power Conference, we move VLO to our Top Pick. The setup for the refining industry looks increasingly compelling to us, and less priced-in vs. some other areas of the energy value chain." Read more about this call here. Baird reiterates Rivian as outperform Baird said in a note to clients that it's still bullish on the stock over the long term despite several recent missteps by company management. The firm did, however, lower its price target on the stock to $100 per share from $150. "On March 1, Rivian increased prices on its consumer vehicles based on inflationary impacts to its cost structure, only to reverse the changes to its pre-existing order book today. In a seemingly genuine missive, CEO RJ Scaringe apologized to customers for the change in a response reminiscent of Steve Jobs' 'Antennagate' reaction." UBS reiterates Uber and Lyft as buy UBS said in a note to clients on Friday it sees "better trends" for Uber and Lyft. "Looking at UBS Evidence Lab data that tracks total spend in the US on Uber and Lyft, we note that both are off the late Dec./early Jan. lows, though our data shows that both are still below pre-omicron levels." Wolfe reiterates Amazon as outperform Wolfe kept its outperform rating on the e-commerce company and said it sees retail margins expanding further in the second half of 2022. "We like the fundamental outlook for AMZN in FY22 as eCommerce trends stabilize post pandemic reversals. Retail margins should expand nicely in 2H, which is a key catalyst for shares." Bank of America reiterates Roblox as buy Bank of America kept its buy rating on shares of Roblox , but the firm said investors should expect the stock to remain "volatile" for the foreseeable future. "In the short term, we think the stock will remain volatile, but sidelined investors will likely come into the stock once growth has troughed. A positive (+) surprise on Feb. Bookings growth (released mid-March) would likely catalyze a short rally, but we remain of that view product launches must be successful before the bear thesis is disproven." Morgan Stanley reiterates Hostess Brands as overweight Morgan Stanley said in a note that after a meeting with Hostess management, the firm finds the stock to be very compelling. "We are OW TWNK as it offers a compelling growth outlook driven by attractive sweet snacks category growth, market share gains, and Voortman distribution expansion." Daiwa upgrades Splunk to outperform from neutral Daiwa said in its upgrade of Splunk that it sees an "uptick" in security demand. "Upgrade to 2/Outperform following the recent technology sector reset. Potential uptick in security demand, (i.e., Russia concerns) is a positive." Canaccord upgrades Tilray to buy from hold Canaccord said it's bullish on the company's strategic alliance with cannabis company HEXO. "On Thursday, Tilray Brands and HEXO Corp. announced a proposed agreement that includes both a financial and commercial partnership between the two LPs. We are upgrading TLRY and HEXO to a BUY and SPECULATIVE BUY, respectively (both from Hold), largely on valuation given the sizable share price declines as of late." Deutsche Bank upgrades Six Flags to buy from hold Deutsche Bank said in its upgrade of the amusement park company that it sees "re-rating of valuation." "We think this is a group that should be broadly owned based on an expectation that a continuation of strong consumer spend on experiences, company-specific initiatives aimed at driving total per capita spend above last year's record levels, and lapping of significant inflationary pressures in 2H should result in significant cash flow generation and, in SIX' s case, a re-rating of valuation." Goldman Sachs reiterates Signature Bank as buy Goldman kept its buy rating on shares of Signature Bank. The firm said it's bullish on the company's growth outlook after a recent meeting with management. "Speaking of rates, while the last rising rate cycle was a pain point for SBNY, the repositioning of its balance sheet should allow its asset sensitivity to shine through and we should see earnings continue to exceed expectations." MKM upgrades Take-Two Interactive to buy from hold MKM said in its upgrade of the video game company that it sees a "very compelling growth story." "The prospects of double-digit EPS accretion from the Zynga acquisition combined with Take-Two 's sizable pipeline of internally developed IP creates what we view as the most attractive growth outlook among the publicly traded video games companies." JPMorgan downgrades Sea Limited to neutral from overweight JPMorgan said that investments continue to weigh on the consumer internet company's stock. "While we retain our positive view on SE's long-term outlook supported by its ongoing investments, these investment could continue to weigh on the share price in the near term in the current market environment." Barclays reiterates Costco as overweight Barclays kept its overweight rating on shares of the big-box retailer after its earnings report on Thursday and says the company will continue to take share. The firm also said Costco is "among a small subset of retailers in our coverage universe deserving of the 'Greatest of All Time' acronym." "While COST never manages the business to a margin, we also believe COST has an ability to take more margin in today's environment with strong traffic trends as well as price gaps to competitors." Read more about this call here. Evercore ISI adds a tactical outperform on Petco Evercore added the stock to its tactical outperform list and says it sees shares outperforming in the months ahead. "Our view is that WOOF' s growth opportunities in vet hospitals, multichannel and premium foods are positive drivers amidst a volatile consumer backdrop, all of which should enable it to outperform over the next month."

Pascal Rossignol | Reuters

Here are the biggest calls on Wall Street on Friday: