Here are Friday's biggest calls on Wall Street: Piper Sandler upgrades Boot Barn to overweight from neutral Piper sees "strong margin expansion" for the company. "We are upgrading shares of BOOT to OW and raising our PT to $121 based on a variety of factors including: (1) Healthy rural economies; (2) An emerging Western-themed fashion trend; (3) Accelerating annual unit growth to ~12%, as we map out store potential of 750+." RBC downgrades Ball Corp to sector perform from outperform RBC said it can't ignore inflationary concerns for the can maker. "While we still like the beverage can space, we cannot ignore the challenges not in BLL' s control over the next several quarters." Canaccord downgrades Virgin Galactic to hold from buy Canaccord said it sees a "supply chain crunch" and "bottleneck delays" for Virgin Galactic . "Management announced during the Q1/22 earnings call that the company has delayed the start of passenger operations until Q1/23." Read more about this call here. Stifel downgrades Hanesbrands to hold from buy Stifel said it sees an "unfavorable" risk/reward for Hanesbrands. "Considering constraints on balance sheet optionality, breakout inflation in input costs, pressure to mass channel consumer spending capacity and unfavorable change to leverage profile, we see the risk reward profile unfavorable until visibility to capacity for profit improvement in FY23 is more tangible." Piper Sandler downgrades Wayfair to neutral from overweight Piper said Wayfair shares are just "too tough to defend" right now. "While we acknowledge tardiness to the rating change we can no longer defend shares due to the following: (1) Sales outlook and market share dynamics uncertain; (2) EBITDA losses for 2022 could be meaningful." Read more about this call here. JPMorgan downgrades FuboTV to underweight from neutral JPMorgan said the streaming company is facing "medium-term solvency questions." " FUBO shares have dropped sharply in 2022 due to, in our view, 1) waning enthusiasm around streaming and sports betting — particularly given the current macro backdrop." Read more about this call here. Bank of America reiterates Lucid Group as buy Bank of America said in a note on Friday that the electric vehicle maker remains a "competitive threat" after the company's solid earnings report. "As a reminder, our Buy rating on LCID is predicated on our view that the company is one of the most attractive among the universe of start-up electric vehicle (EV) automakers and also a relative competitive threat to the universe of incumbent automakers." Piper Sandler downgrades Vimeo to neutral from overweight Piper said the video-hosting company is revenue challenged. "We'd look to get more constructive when (1) VMEO has greater visibility on self-serve demand trends and (2) sales-assisted is a more meaningful portion of mix. Ultimately, this name needs to grow revenue at or above 30% annually at a 20%+ EBITDA margin." JPMorgan downgrades Corteva to neutral from overweight JPMorgan said that it's concerned about higher commodity costs for Corteva . "Higher grain prices tend to lead to improved corn and soy pricing, and conversely lower grain prices tend to lead to diminished positive pricing effects. However, higher commodity costs and sharp declines in the value of the Euro and the Turkish Lira are likely to penalize financial returns in 2022 and in 2023." Cowen reiterates Target and Walmart as outperform Cowen said in a note to clients on Friday that it's bullish on both big-box retailers heading into earnings later this month, but added that Walmart has the advantage as grocery trends "appear robust." "Our surveys suggest strong grocery momentum at WMT which could yield upside to comps as Cowen models +2.5% vs. Street's +1.8%. Meanwhile, at TGT, we expect robust comps and model +0.8% vs. Street's +0.4%, but have more caution on margins." CFRA downgrades eBay to hold from buy CFRA downgraded eBay after its earnings report earlier this week, citing it sees downside fundamental risk. "We cut our target by $11 to $55 due to: 1) decent 1Q21 results, though consensus seemed to have built-in significant bad news, with revenue down 18% Y/Y and EPS $0.04 lower Y/Y to $1.05."
A Target store location in New York, April 11, 2022.
Scott Mlyn | CNBC
Here are Friday's biggest calls on Wall Street:
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