Here are Tuesday's biggest analyst calls of the day: Apple, Amazon, Tesla, Microsoft, Rivian & more

Published Tue, Oct 25 20228:41 AM EDTUpdated Tue, Oct 25 202212:59 PM EDT

Here are Tuesday's biggest calls on Wall Street: Piper Sandler initiates Deckers as overweight Piper said it's bullish on the company's Hoka shoe brand. "We initiate Overweight on DECK due to momentum at HOKA, solid FCF and capital return to shareholders, and near-term tail winds for UGG." Piper Sandler upgrades Planet Fitness to overweight from neutral Piper said estimates for the fitness and gym company are too low. "We upgrade shares of PLNT to OW and lower our PT slightly to $70 (32x 2023E EPS) given a number of drivers that suggest 2023 estimates look too low." Read more about this call here . Bernstein reiterates Tesla as underperform Bernstein said it's concerned about China competition for Tesla. "We worry over time that the anticipated forthcoming surge in competition in U.S. could have the same impact that it has had in China, and that Tesla may be forced to trade off growth vs. margins." Mizuho reiterates Rivian as buy Mizuho said Rivian is best positioned with China concerns and potential EV slowdowns globally. "We see RIVN best positioned with 1) its low China exposure, 2) its R1T/S benefiting from being in the largest, fastest-growing SUV/pickup truck segments, and 3) a large EDV delivery truck pipeline with Amazon." Morgan Stanley reiterates Tesla as overweight Morgan Stanley lowered its price target on Tesla to $330 per share from $350 and said it's changing estimates to account for "unexpected headwinds." "We had expected Tesla to miss consensus expectations in 3Q due to input cost inflation and other disruption. This didn't happen. ... However, given the highly volatile economic environment, we want to make room for unexpected headwinds into 4Q as well as into FY23." Read more about this call here. William Blair reiterates Microsoft as a top pick William Blair said the tech giant is well positioned heading into earnings on Tuesday. "Notwithstanding slowing PC demand, Microsoft is still well aligned with customer prioritization on cloud and security, as well as cost-conscious customers looking to rationalize spending through bundles and suites." UBS initiates Stem as buy UBS said the energy company is "levered" to the Inflation Reduction Act. " STEM is the market leader in the rapidly growing commercial storage market. STEM's high operating leverage business model is positioned to be a key beneficiary of the 30% stand-alone storage tax credit in the Inflation Reduction (IRA), in our view." Credit Suisse reiterates Ferrari as a top pick Credit Suisse said it continues to be impressed by Ferrari's management. "After our September meetings with the company, we're very impressed with the new CEO's strategy to grow while maintaining scarcity and defining what a pinnacle driving experience is as the brand transitions to the electric age." Credit Suisse downgrades Arista to neutral from outperform Credit Suisse said in its downgrade of the computer networking company that it sees data center industry dynamics challenges ahead. "The big risk we see to ANET is buy-side expectations for 2023E revenue growth of 20%+ versus sell-side expectations of ~15%, suggesting anything below 20% is likely to be received negatively by shareholders from a guidance perspective." Jefferies upgrades Waste Management to buy from hold Jefferies said in its upgrade of the stock that it sees "favorable" industry pricing. "Our Buy rating is based on our belief that as the largest waste player in North America, WM will be a significant beneficiary of the favorable industry pricing environment." Read more about this call here. Mizuho initiates Upstart as underperform Mizuho said it sees more "pain" ahead for the consumer-lending company. "Our scenario analysis suggests that if funding remains challenged, UPST may need to use warehouse/own-balance sheet lending to breakeven, which may not be well received by investors. Jefferies initiates UPS as buy Jefferies said UPS is a "best-in-class" operator. "Best-in-class operator and margins; Own for quality and ability to navigate weaker macro given pricing power and network investments." Bank of America upgrades Hibbett Sports to buy from neutral Bank of America said in its upgrade of the sporting goods company that it sees "better pricing and a resilient consumer." "We upgrade HIBB to Buy (from Neutral) and raise our PO to $75 given: potential F2H same-store sales upside given better availability of high heat classic footwear from Nike vs. significant out of stocks last year, a better launch calendar, delayed Back-to-School, and on time receipts of holiday inventory." Read more about this call here . Bank of America reiterates Amazon as buy Bank of America said the company is in a "strong" position heading into earnings later this week. "Inflation and recession risk cloud the near-term revenue and margin trajectory, but AMZN remains our top 12-month FANG stock given share gains, large TAM, some potential downside support and ability to benefit from eventual risk on trade given strong position in still growing Cloud/eCommerce markets." JPMorgan reiterates Apple as outperform JPMorgan said it has "resilient expectations" heading into Apple earnings later this week. "We see a positive setup for the shares into the earnings print despite expectations for a more limited outperformance compared to sell-side expectations, as further confirmation in recent months of worsening consumer spending trends is driving buy-side expectations to be materially more challenged heading into the print." Wells Fargo upgrades Ross to overweight from equal weight Wells said in its upgrade of the discount clothing company that it sees the "negative revision cycle ending." "Following last month's naming of BURL as a 'Top Pick' in the space, we follow that up with today's deep dive into the industry's key drivers of upside next year, laying out the bull case on off-price and likewise upgrading ROST to OW as we see their negative revision cycle ending." Read more about this call here . Wells Fargo reiterates Coinbase as underweight Wells says it sees a "mixed bag" going into Coinbase earnings on Nov. 3. "While shares could move higher near term (COIN is low multiple, plus there's potential 'upside' from interest income), no change to our view: retail degradation/competition matter. We also view interest income as low quality; we're Underweight.