Here are Friday's biggest analyst calls of the day: Apple, Roblox, Meta, Peloton, Oracle & more

Published Fri, Mar 11 20228:39 AM ESTUpdated Fri, Mar 11 20228:42 AM EST

Here are the biggest calls on Wall Street on Friday: Deutsche Bank initiates coverage of Amazon as buy Deutsche Bank said Amazon has several underappreciated qualities. "We believe that the market is under-appreciating upside associated with: retail revenue that, post-COVID, should grow more in-line with the company's infrastructure expansion which should still be > 25% YoY in 22, multi-channel grocery share gains, and the AWS revenue implications of the ~$80bn in gross backlog additions that the company has added in 20/21." Read more about this call here. Deutsche Bank initiates coverage of Match Group as buy Deutsche Bank said the online dating company has a diverse group of assets. "In aggregate, we model the overall market growing in the mid-teens throughout our forecast period to $11bn in FY25. With that backdrop we favor market leader Match , which has an array of dating assets in varying stages of maturity, led by the biggest of them all: Tinder." Deutsche Bank initiates coverage of Chewy as buy Deutsche Bank said the online pet company that the stock is underappreciated. "While near term cost pressures have weighed on CHWY shares, we believe the market is still under appreciating the sustainability of Chewy's long-term growth profile from a total user, per user spend, and gross profit perspectives." Deutsche Bank initiates coverage of Uber as buy Deutsche Bank said that it sees an attractive entry point in Uber . "In Uber, we see the relatively rare combination of: (1) global market leadership in end-markets characterized by secular growth; (2) durable and defensible core growth drivers; (3) clear optionality to unlock large and growing TAMs; and (4) very low investor sentiment, which creates an attractive entry point." Deutsche Bank initiates coverage of Roblox as buy Deutsche Bank said the online gaming platform has an "early leader" advantage. "We see Roblox as an early leader in the interactive digital creator marketplace, with growing moats and strong network effects." Deutsche Bank initiates coverage of Alphabet as buy Deutsche Bank said Google's parent company is a "structural winner." "We initiate on Alphabet with a Buy Rating and a $3,150 Target Price. We see Alphabet as the structural winner from the secular trend of commerce and services shifting from offline, physical venues to digital store fronts." Deutsche Bank initiates coverage of Snap as buy Deutsche Bank said that it sees a favorable risk/reward for the social media company. "We initiate on SNAP with a Buy rating and a $45 Target Price. At current levels, we contend that Snap offers investors with a very favorable risk/reward profile given near, medium, and longer-term upside catalysts that street estimates do not fully reflect." Deutsche Bank initiates coverage of Meta Platforms as buy Deutsche Bank began coverage of the company formerly known as Facebook with a buy. The firm said Meta is "favorably positioned." "As a result, we see long-term advertiser demand increasing across all digital mediums, and as the largest social platform, we contend that Meta remains favorably positioned to benefit from the growing digital ad market." Wells Fargo initiates coverage of Deere as overweight Wells Fargo said the farm equipment company is a category leader. "We recognize farm equipment has moved into the midcycle territory and that farmer expense pressures/lower government subsidies will weigh on 2022 industry net farm income; however, Deere continues to distance itself from the rest of our Machinery coverage in embracing secular tailwinds around technology and sustainability." Read more about this call here. Barclays reiterates Apple as equal weight Barclays kept its equal weight rating on the tech giant and said it sees supply chains easing. "We are updating our monthly/quarterly tracker that focuses on the AAPL supply chain for February sales. … Regardless, we believe the results are a fairly good indicator of expectations of build activity for AAPL hardware in the March quarter. Based on suppliers' revenue trend and Street consensus, we think the Taiwanese supply chain data imply slightly stronger hardware revenues for AAPL for the March quarter." JPMorgan downgrades Chevron to underweight from neutral JPMorgan downgraded the oil and gas giant on valuation. "We downgrade to Underweight from Neutral. High quality global Oil Major, though valuation looks increasingly full. CVX is a high quality Oil Major, with primary exposure to Upstream and a smaller Downstream/Chemicals footprint than US peer XOM." Read more about this call here. Piper Sandler downgrades Oracle to underweight from neutral Piper Sandler downgraded Oracle after its earnings report on Thursday and said it sees free cash flow margins pressure. "Few companies have executed a cloud model transition without a hiccup, and the drag on FCF margins is well documented and could also temper multiple expansion going forward." Baird downgrades DocuSign to neutral from outperform Baird said there is reduced visibility for the electronic signature company. "Yesterday afternoon DOCU reported solid FQ4 results, though FQ1 and F23 revenue, billings and margin guidance disappointed, dropping shares further after hours." Deutsche Bank upgrades Keysight Technologies to buy from hold Deutsche Bank said that electronics test manufacturer Keysight is a "high quality" stock. "The company's vertical integration has helped mitigate margin headwinds relative to peers, and we continue to see room for additional margin improvements in FY22 onwards." UBS downgrades DTE Energy to neutral from buy UBS downgraded the diversified energy company mainly on valuation. " DTE is an industry leader in RNG with 22 sites in 8 states including California where new mandates require 72.8 bcf/year of gas utility purchases by 2030." Stifel upgrades Texas Roadhouse to buy from hold Stifel said in its upgrade of the steak restaurant that it sees a "fair" entry point. "We upgraded TXRH to Buy from Hold based on our view that the recent pullback in the stock provides a fair entry point for investors looking to hold a high-quality casual dining name. The stock has pulled back ~17% since the end of February and is trading close to two standard deviations below its three-year average pre-COVID P/E NTM multiple." Evercore ISI adding Qualtrics International to the best ideas list Evercore added the experience management company to the SMID-cap best ideas list and said it's a "category leader." "We understand that shares are likely to remain choppy in the near-term given the macro backdrop, but in our view, Qualtrics remains a differentiated SMID-cap story that can deliver consistent +30% revenue growth, solid operating leverage, and is a category leader in a space (Experience Management) that is still evolving but relevant to almost every enterprise." Morgan Stanley reiterates General Motors as equal weight Morgan Stanley kept its equal weight rating on the automaker and said the company's autonomous vehicle division, Cruise, is a "strategic" value. "While the market implied valuation of GM Cruise has understandably declined sharply in recent months, we believe GM Cruise represents important strategic and information value to GM. Saying that, we believe GM Cruise should remain within the GM umbrella until the business can demonstrate it can scale 'driver out' in multiple cities." Cowen reiterates Peloton as outperform Cowen kept its outperform rating on shares of the fitness company after it unveiled a new pricing model pilot. The firm said Peloton is "still in [the] early innings of long-term transition to connected fitness." "Underscoring the limited nature of PTON's pricing test, customers will need to sign up either in-store or at Peloton studios, and it will not be available online, where the company presumably consummates the vast majority of hardware sales." Bank of America upgrades XPO Logistics to buy from neutral Bank of America said in its upgrade of the shipper that the company's break-up plan should unlock value. "We raise our rating on XPO Logistics' shares to Buy from Neutral, and lift or PO to $96 from $70. We shift our valuation to a sum-of-the-parts (on EBITDA multiples/segment), from a P/E basis formerly, given its proposed break-up and asset spins.

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