Here are Monday's biggest analyst calls of the day: Tesla, Dish, FedEx, Match, Rivian, WeWork & more
Here are Monday's biggest calls on Wall Street: Morgan Stanley reiterates Tesla as overweight Morgan Stanley said that Tesla's energy infrastructure is "underappreciated." "We believe Tesla 's role in building out U.S. and West European renewable energy infrastructure is underappreciated." Mizuho names BellRing Brands a top pick Mizuho named the nutrition food company a top pick and said it sees "growth enhanced by visibility." "Adding BRBR to Top Picks: FQ2 provided surprising visibility and confirmed capacity expansion on track. We believe it places a floor under numbers, sentiment and valuation." Read more about this call here . Mizuho reiterates WeWork as buy Mizuho said it's bullish heading into WeWork' s earnings report later this month. "In 1Q, we anticipate management highlighting 1) even further revenue visibility, and 2) cost control. We also see several catalysts ahead and note in our bull case for the potential of shares to double over the next two years." Wolfe downgrades Novartis to peer perform from outperform Wolfe said it sees a more balanced risk/reward for the pharmaceutical company. "After the recent move up in share price — not reflecting unique accomplishments of Novartis per se, but rather, the defensive rally in large pharma — now is a decent time to reallocate into other names where there are more obvious sources of upside." JPMorgan downgrades Dish to neutral from overweight JPMorgan said that it sees "weaker-than-expected PayTV and wireless results" for Dish. "While we had remained skeptical on the long-term path to profit in wireless for Dish, we had been hopeful that pending market launches and an analyst day could clarify the path to a wireless business with real financial value that justified the underlying spectrum value." Credit Suisse upgrades Dish to outperform from neutral Credit Suisse said in its upgrade of Dish that it sees "sufficient upside" for the company. "After reassessing competition, cost of capital, execution, duration risk and acknowledging macro risk, we maintain our $45 TP, and therefore see more than sufficient upside for an Outperform rating and upgrade from our previous Neutral." Read more about this call here . Morgan Stanley upgrades Progressive to equal weight from underweight Morgan Stanley that the bad news for the insurance company is "in the rearview." "Best-in-class pricing analytics put the bulk of PGR' s major rate increases behind it, unlike peers, who still need more rate." Goldman Sachs initiates Rivian as neutral Goldman said it's cautiously optimistic heading into the electric vehicle company's earnings later this week. "We expect one area of investor focus to be on Rivian' s production outlook and its manufacturing ramp progress. We believe the company has made strides in 1Q22 as it produced 2,552 vehicles vs. 1,015 in 2021." Citi reiterates FedEx as buy Citi said that it sees the company with an outsized opportunity to take an even bigger role in e-commerce in the future. " FedEx could become e-commerce's universal shopping cart by augmenting ShopRunner's hundreds of merchant partners to thousands, and building a base of millions of subscribers that would get free expedited shipping." Wells Fargo upgrades Match to overweight from equal weight Wells said that shares are "compelling" current levels. " MTCH produced a solid 1Q22 despite headwinds but guided 2Q revenue 4%/5% below the Street (at range midpts.) and now expects FY22 revenue growth toward the lower end of existing guide range of 15%-20%, with the outlook hemmed in by FX, the macro and app store policy changes." Read more about this call here . Cowen upgrades Cigna to outperform from market perform Cowen said in a note to clients that it sees several catalysts for the health-care company's shares to move higher. " Cigna' s P/E has represented deep value (currently 10.7x forward) since the 2018 Express Scripts acquisition. EPS has compounded 12% annually, yet the stock has underperformed the managed-care sector +31% to +124% since." Truist downgrades Virgin Galactic to hold from buy Truist said in its downgrade of Virgin Galactic that it sees a lack of operational catalysts and cash burn. "The combination of supply chain delays, timing risk, slide out of comm'l flights to 1Q23, a lack of operational catalysts and rising interest rates drive our downgrade rationale." Read more about this call here. Guggenheim reiterates Amazon as buy Guggenheim said that the e-commerce giant has so much market share opportunity that it's well positioned even if demand slows. "AMZN remains our most actionable Buy-rated name in the short term, as it seems to be closer to headwinds reversing and has market share opportunity to accelerate volume even if underlying demand slows, reversing recent margin issues. Evercore ISI adds Planet Fitness to the tactical outperform list Evercore added the fitness company to its tactical outperform list ahead of earnings tomorrow, noting it sees a "significant" beat. "Tactically, we like PLNT for its ability to potentially benefit from an inflation trade down (consumers moving from their $40-$80 gyms to Planet Fitness' $10-$25/mo. membership) and also for the shift-to-Experiences-from-Things trade which we think will gain even more steam over the summer." Read more about this call here . Argus downgrades Domino's to hold from buy Argus said that it's concerned about a lack of drivers for the company and rising costs. " DPZ is being hurt this year by driver shortages and higher costs for labor and pizza ingredients." Deutsche Bank reiterates Starbucks as buy Deutsche lowered its price target on Starbucks to $103 from $116 per share, but said it sees signs of momentum occurring. "the U.S. business continues to exhibit positive momentum, with three-year stacked SSS (same-store-sales) trends holding firm sequentially, despite the negative impact from omicron." Morgan Stanley reiterates Home Depot and Walmart as overweight Morgan Stanley said that it's bullish heading into Home Depot and Walmart earnings next week. "Sales/margin trends for retailers broadly and for the Mega Caps reporting Q1 next week aren't as bad as their recent stock performance suggests." Cowen reiterates Peloton as outperform Cowen said in a note to clients that the fitness company has "challenges" but that it's standing by the stock heading into Tuesday's earnings report. "We expect seq. declines in net adds, units sold, and rev., as PTON cuts marketing to gauge organic demand. We'll look for an update on recent restructurings, expected to drive $800MM in savings by FY24. Our rev. est. is +3.7% vs. cons & EBITDA loss est. is in line."
The New York Stock Exchange welcomes WeWork, Inc. (NYSE: WE), today, Thursday, October 21, 2021, in celebration of its listing. To honor the occasion, Sandeep Mathrani, CEO, and Marcelo Claure, Chairman, joined by NYSE President Stacey Cunningham, ring The Opening Bell®.
Here are Monday's biggest calls on Wall Street:
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