Here are Friday's biggest analyst calls of the day: Snap, Tesla, Alphabet, Gap, Wynn, Apple & more

Published Fri, Apr 1 20228:35 AM EDT

Here are Friday's biggest calls on Wall Street: Stifel downgrades Poshmark to hold from buy Stifel said the social commerce marketplace has too many "growth challenges." "While Poshmark has several attractive attributes , we are taking a neutral view on shares as the company faces numerous growth challenges that may limit share price appreciation relative to other eCommerce ideas despite its current low statistical valuation." JPMorgan removes Apple from the focus list JPMorgan removed the tech giant from its focus list, saying it needs more "clarity" on the "magnitude" of the consumer spending pullback. "we believe its apt to moderate our near-term bullishness for shares of AAPL and QCOM, which we have had on the Analyst Focus List, as we look for clarity on the magnitude of the Consumer spending pull-back, and instead pivot to adding our top-picks in Networking Equipment, Arista and Ciena, to the Analyst Focus List as we expect strong resiliency in spending from both Telecom customers towards their networks, as well as from cloud companies towards building infrastructure to support workload migration to the cloud." Read more about this call here. Citi adds Edward Lifesciences to the focus list Citi added the medical tech company to its focus list, noting it's time to buy the dip. "It has been a tough year so far for growth stocks like EW, which is down 9.6% YTD versus the S & P 500's 3.4% decline. While the fundamentals of the business remain favorable in our opinion, shares have been dragged down due to a variety of influences including rising interest rates, pandemic uncertainty, staffing challenges, inflation, supply chain disruptions, etc." Piper Sandler reiterates Snap as overweight Piper reiterated its overweight rating on shares of Snap and said it sees a "compelling pocket of user growth opportunity." "Our analysis is a bottom-up estimate of SNAP' s addressable users. It suggests compelling pockets of user growth opportunity exist in nations like Mexico, Brazil, Italy and Spain." JPMorgan upgrades Comerica to overweight from neutral JPMorgan said in its upgrade of the bank that it favors stocks with "asset sensitivity." "With that said, with rising rates a key catalyst, we favor asset sensitivity and, as a result, are upgrading CMA (to OW) and downgrade BKU (to Neutral)." Credit Suisse upgrades Tellurian to outperform from neutral Credit Suisse said that it's bullish on the demand for liquified natural gas for Tellurian. "Third, LNG prices remain high and may be structurally higher for the foreseeable future." Read more about this call here. Goldman Sachs reiterates Alphabet as buy Goldman said that it's cautious on revenue growth ahead of the internet giant's quarterly report later this month. "Overall ( & similar to our other digital ad coverage), we expect revenue growth to decelerate sequentially in Q2'22 before reaccelerating in 2H22 amidst easier YoY comps." Goldman Sachs reiterates Tesla as buy Goldman said in a note to clients on Friday that it's cautious heading into Tesla's delivery numbers this weekend. "Overall, while we believe that demand is very strong and indicators suggest that shipments had been tracking up modestly qoq and ahead of the Street, the shutdown of Giga Shanghai during the last week of the quarter and the related logistics challenges in China imply to us that there could be some slight downside to our 315K delivery estimate and that deliveries could end up being in line to modestly above the Street." Baird downgrades Walgreens to neutral from outperform Baird said in its downgrade of the stock that it's "too complicated at present." "We remain committed believers that WBA is taking appropriate steps for a better future. However, this is not a tape that pays for level of difficulty or long-term aspirations." Read more about this call here. Citi upgrades Wynn to buy from neutral Citi said it's bullish on Wynn' s commitment to premium mass gaming — which caters to players who typically "plays higher than a typical 'high limit' player." "We upgrade Wynn Resorts from Neutral to Buy with a reduced TP of US$96.50 (previously US$98). We like Wynn for its increasing dedication to Premium Mass in Macau." Bernstein names JD.com a top pick Bernstein named the China internet company a top pick, saying its growth is resilient. "We've decided to put JD back as our new sector top pick. We expect the company's growth to remain resilient – Q1 has sounded solid despite Omicron challenges, and we expect the company to continue to outgrow peers in the subsequent quarters." Bernstein names Constellation Brands a top pick Bernstein named the beverage company as a top pick and said it continues to gain share. "Our top-pick is now Constellation (TP $275, 18% upside). Its Mexican imports continue to perform strongly and gain share." Barclays downgrades Urban Outfitters and American Eagle Outfitters to equal weight from overweight, downgrades Wayfair and Gap to underweight from equal weight Barclays downgraded several retail stocks on Friday morning, saying it sees a "product recession risk." "We downgrade AEO and URBN to Equal Weight; GPS and W to Underweight. We downgrade four frontline (direct-to-consumer) e-/retailers who we believe are exposed to Frontline Retail inventory risk, fashion risk, demand/spending risk, and/or 'product recession' risk." Oppenheimer reiterates Papa John's as outperform Oppenheimer said in a note to clients on Friday that investors should buy the dip in shares of the pizza chain. " PZZA' s first quarter pull-back of -21% (vs S & P's -5%) creates a top-pick buying opportunity based on our updated work. We believe the buy-side bar has been overly reduced on sales concerns and commodity cost increases." Oppenheimer reiterates Roku as outperform Oppenheimer said that Roku's stock is relatively insulated from European economic weakness. "While we are now more cautious on '22E active account growth, we see ROKU as among the most insulated stocks to European economic weakness." Goldman Sachs downgrades Dell to neutral from buy Goldman said in its downgrade of the stock that "fundamental risk offsets attractive valuation." "We continue to believe DELL remains inexpensive compared to its peers, but we see increasing fundamental headwinds hindering this value unlock." Read more about this call here. Bank of America names Target a top second-quarter pick Bank of America named Target a top stock for the second quarter, noting the retailer is gaining share in the food and beverage space. "TGTs' stores as hub strategy is working, as average sales per store have increased ~30% over the last two years and TGT stores fulfilled > 95% of 2021 sales. Same-day services continue to lead digital growth, making TGT competitive to both Brick & Mortar retailers as well as Amazon."

A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City.

Lucas Jackson | Reuters

Here are Friday's biggest calls on Wall Street: