Here are Monday's biggest analyst calls of the day: Tesla, Apple, JPMorgan, Nio, Amazon, & more

Published Mon, Apr 4 20228:42 AM EDTUpdated Mon, Apr 4 202210:01 AM EDT

Here are Monday's biggest calls on Wall Street: Morgan Stanley names TSMC a catalyst driven idea Morgan Stanley said it's bullish heading into the semiconductor company's earnings report later this month. "We expect TSMC' s 2Q guidance to beat current Street consensus despite semi inventory correction concerns. Reiterate OW on TSMC into the prints." Morgan Stanley reiterates Amazon as overweight Morgan Stanley said that it will take years for Amazon workers to unionize, and that it will push the company faster towards automation. "While Further Unionization is a Risk, Material Union Movements Will Take Time (Years), Face Challenges and (If They Really Gained Momentum) Could Lead to a Faster Shift Toward Automation." Goldman Sachs reiterates Tesla as buy Goldman Sachs said Tesla has "executed well" after the electric vehicle maker released its first quarter delivery numbers . "We believe the company executed well amidst ongoing supply chain challenges and factory shutdowns." UBS upgrades Nio to buy from neutral UBS said in its upgrade of the China electric vehicle company that investors should buy the dip. "UBS Evidence Lab's EV consumer survey reveals NIO' s improving brand recognition, providing a basis for new products' strong sales volumes, in our view." UBS reiterates Apple as buy UBS said that its survey checks show that Apple "Services [is] a key differentiator in the smartphone market." "Key takeaways include: 1) iPhone upgrades and retention remain sticky as 81% of US iPhone users upgraded from a prior iPhone, a 400 bps YoY increase. 2) iPhone handset age increased in all regions on average to 2.3 years, up from 2.1 years." Citi downgrades Quest Diagnostics to neutral from buy Citi downgraded the stock due to uncertainty around the company's post-pandemic model. "We are downgrading DGX to Neutral due primarily to concerns around the margin outlook in 2022 and 2023 on the heels of higher internal investments, heightened labor pressures, and potential for reimbursement cuts as the COVID PHE (Public Health Emergency) gradually rolls off along with concurrent volume declines." Evercore ISI downgrading Hologic to in line from outperform Evercore said in its downgrade of the health technology company that supply chain issues don't seem to be improving. "We are downgrading HOLX shares to In Line with an $80 PT due to 3 reasons: 1) Our last year's U/G on improved topline has largely played out. 2) Supply chain / chip shortage situation does not seem to be improving; and 3) Valuation implies modest upside." Bank of America reiterates Spotify as buy Bank of America said Spotify's upcoming analyst event should serve as a positive catalyst for the stock. "We remain bullish on the long term potential of SPOT, which we think should benefit from an inflection in advertising and several new market launches." Citi reiterates AT & T as buy Citi said in a note to clients that the stock has room for multiple expansion in the years ahead. "The likelihood that better EBITDA growth and margin performance could take until at least the 2H22 is a risk to our thesis and the absence of forward EBITDA progress could sustain an elevated valuation discount for AT & T relative to its large-cap communications competitors." Loop downgrades Crox to hold from buy Loop said in its downgrade of Crox that it's waiting for more clarity on the stock. "We'd rather wait on the sidelines for clarity on normalized growth and margin rates." Goldman Sachs downgrades Baxter to sell from neutral Goldman said in its downgrade of the health-care company that it sees too many macro concerns. "Conversely, we are downgrading BAX from Neutral to Sell due to its over-indexing to headwind variables and numbers being at risk." Goldman Sachs upgrades Logitech to buy from neutral Goldman said that Logitech's valuation is attractive. "We note strong recent execution and that the company has provided an outlook for growth in the coming fiscal year." Read more about this call here. Goldman Sachs upgrades Leslie's to buy from neutral Goldman said that it sees a "sustainable higher gross margin in the long and short term" for the pool company. "We upgrade LESL to Buy given: a) likely continued top line growth driven by ongoing maintenance of a larger pool base, management execution in Pro and M & A, and a lift from strong migration trends, b)evidence of elevated demand v. pre-pandemic levels based on app downloads and Google search interest.' Wells Fargo upgrades Ollie's to overweight from equal weight Wells said in its upgrade of the discount retailer that it sees momentum turning positive in the quarters ahead. "We are upgrading OLLI to Overweight, as we believe the stock could be on the cusp of a meaningful move higher. The story has admittedly been ugly, but we expect momentum to turn positive in the coming quarters." Read more about this call here. Goldman Sachs names JPMorgan a top pick into earnings Goldman named the banking giant as a top pick ahead of the company's earnings on April 13, noting it sees JPMorgan's fixed income business outperforming expectations. "Heading into EPS, we prefer Buy-rated JPM, where we are 2% above the Street on fee income on expectations of relative strength from their FICC (fixed income clearing corp.) franchise (which we see as holding up better than Equities in general)." Loop reiterates Disney as buy Loop lowered its price target on Disney to $165 per share from $190, but said the company's Parks business is "more than a re-opening play." "The repricing of the domestic parks leads to domestic operating income potential of $6.5+ billion over the next few years (barring a recession) vs. a prior peak of $4.4 billion in F2019." Bank of America reiterates Palo Alto Networks as buy Bank of America raised its price target on Palo Alto Networks to $675 per share from $565, saying it sees the stock's valuation growing to "service-as-a-software- like valuation levels." "As Cloud/Software growth continues to accelerate and outpace the legacy parts of the business, we believe the stock's valuation should eventually grow to SaaS-like valuation levels.' Wells Fargo reiterates Morgan Stanley as equal weight Wells lowered its price target on shares of the investment bank to $94 per share from $104, noting it has too many questions about the company's recent deals. "We are lowering our estimates and price target to reflect quarterly trends and ongoing questions about recent deals. Our concerns can be categorized as A, B, C, D, E: asset flow sustainability, bond market outflows can hurt MS , cutting estimates, deposit beta that is higher than peer and E*TRADE customer engagement." Read more about this call here. Wells Fargo reiterates JPMorgan as equal weight Wells Fargo lowered its price target on shares of JPMorgan to $150 per share from $180 and says it sees "higher card loss rates" and "reduced buybacks." "We are lowering our 2022E-2025E estimates by 5% (avg.) reflecting a combination of seasonal factors (IB, trading, asset values) and medium-term considerations, incl. non-US exposures and activity levels, higher card loss rates." Read more about this call here .

A woman walks past JPMorgan Chase & Co's international headquarters on Park Avenue in New York.

Andrew Burton | Reuters

Here are Monday's biggest calls on Wall Street:

NEXT PRO TALK

7 Days Remaining

Wed, June 1 2022 - 12:00pm

CNBC Pro Talks: Top internet stock analyst Mark Mahaney gives insight and investment ideas for this tumultuous market

More In Street Calls

Home services stock Porch Group could nearly triple from current levels, Compass Point says

Samantha Subin15 min ago

Buy this exchange operator to defend 'against the bear,' Oppenheimer says

Samantha Subinan hour ago

Here are Tuesday's biggest analyst calls of the day: Apple, Roblox, DoorDash, Netflix, Disney & more

Michael Bloom