Here are Friday's biggest analyst calls of the day: Disney, Apple, Tesla, Amazon, Joby & more

Published Fri, Mar 25 20228:30 AM EDTUpdated Fri, Mar 25 20229:05 AM EDT

Here are Friday's biggest calls on Wall Street: Evercore ISI reiterates Apple as outperform Evercore ISI said in a note on Friday that its bull case for Apple has the stock going to $300, as the company continues to execute on many of its key growth initiatives. "Our UPSIDE narrative pegs EPS at $10.00+, driven by monetization of the install base (services + wearables growth), modest GM (gross margin) expansion, buybacks, new product introductions, and limited contribution from iPhones. Our bull case value of $300 assumes earnings grow to $10.00+ in FY26." Evercore ISI reiterates Amazon as outperform Evercore said it sees several underappreciated "elements" of the e-commerce giant, like its brand revenue advertising opportunity and grocery opportunity. "The Market May Underappreciate AMZN' s Shipping Elasticity Opportunity. ... The Market May Underappreciate AMZN's Brand Advertising Revenue Opportunity." Read more about this call here. Barclays reiterates Tesla as underweight Barclays said shares of Tesla are still overvalued, but that it's positive heading into the company's March quarter delivery numbers. "While we continue to have our doubts around its trillion dollar valuation, having EV capacity and chips supplies in this environment is clearly a positive - we expect a delivery and EPS beat. UBS reiterates Meta Platforms as buy UBS noted it "higher monetization" from Meta's video service Reels. "We think that Instagram newsfeed changes combined with Reels monetization stands to drive a meaningful bump to time spent on the platform overall and ultimately lead to higher monetization at scale." Jefferies downgrades Honest Company to hold from buy Jefferies said Honest's lack of growth is a letdown. "We are stepping to the sidelines, downgrading to Hold, to reevaluate the model & recast valuation. Post-IPO, the model has only moved down, despite the biz having promising potential. Guide to 'flat' growth for 2022 is a letdown for a growth stock." Morgan Stanley reiterates Joby as overweight Morgan Stanley said that momentum is improving for the aerospace company, but that it still sees a long road ahead. " Joby continues to progress on their path to aircraft certification with meaningful steps forward in the certification and manufacturing process, along with strides in pushing the flight envelope of the aircraft. Bank of America reiterates Marvell and Nvidia as buy Bank of America said it sees "high strategic value" in stocks like Nvidia and Marvell. "We have high conviction these stocks are levered to the right end-markets with solid demand visibility and consistent execution. NVDA , MRVL , AVGO, AMD are favored stocks levered to cloud/AI/enterprise/telco capex – areas of demand resiliency plus supply-chain prioritization." Read more about this call here. Bank of America downgrades Fortinet to neutral from buy Bank of America said in its downgrade of the stock that it sees little valuation upside for the cybersecurity company. "We are downgrading FTNT from Buy to Neutral as we believe the stock's valuation already reflects the strong results, and therefore expect the stock to do worse than other Buy rated stocks in our coverage universe." MKM reiterates Peloton as neutral MKM said it sees shares of the fitness company as "range-bound" for the foreseeable future. "We continue to have a positive L-T bias as the new CEO has a tremendous track record of creating shareholder value and, arguably, at-home connected fitness should see a larger market opportunity in the 'new normal,' with PTON among the long-term winners with leading brand/market share. Near-term, we expect shares to remain range-bound driven by macro factors and micro factors." Argus downgrades Carnival to hold from buy Argus said in its downgrade of the cruise company that it doesn't see any near-term upside catalysts amid a "slow recovery." "Downgrading to HOLD on weaker near-term outlook. We think that Carnival's prospects have deteriorated amid the slow recovery from the Omicron surge and rapidly rising fuel costs." Read more about this call here. Bernstein upgrades Teva to outperform from market perform Bernstein said in its upgrade of the pharmaceutical company that it finally sees a "confluence" of positive news coming for the stock. " Teva has been a long-suffering name in our coverage, now six years since the peak of the generic business. Over the past few years, it has paid down +$9B in debt and stabilized its earnings with FCF of ~$2B. Still today, it trades close to the trough at $8.11. Read more about this call here . Wells Fargo reiterates Disney as overweight Wells said Friday that it sees more upside in Disney's Parks business. "Looking at peer businesses and operating performance we see scope for both revenues and margins to track higher than our current model/consensus." Wells Fargo initiates REE Automotive as underweight Wells said the electric vehicle company is burning too much cash and overestimated its total addressable market. "One, we see the total addressable market (TAM) by 2030 as much smaller than the $700B the company estimates. REE' s customers need the sophistication to make their own body, limiting the market to a few automakers & upfitters."

Signage is seen on the Joby Aviation Air Taxi outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 11, 2021.

Andrew Kelly | Reuters

Here are Friday's biggest calls on Wall Street: