Here are Wednesday's biggest analyst calls: Tesla, Apple, Coinbase, Shopify, Pinterest, Nvidia & more
Here are the biggest calls on Wall Street on Wednesday: Piper Sandler reiterates Nvidia as overweight Piper said it's bullish on the stock heading into earnings Wednesday after the bell. "Overall, we are bullish going into the January quarter results and April quarter guide for NVDA." Bernstein reiterates Tesla as underperform Bernstein said it remains skeptical that Tesla's investor day on March 1 will be a key catalyst for the stock. "We believe that the most important issue for Tesla going into its analyst day is the status of its next-gen, lower cost vehicle platform." DA Davidson upgrades Shopify to buy from hold DA Davidson said shares of the e-commerce platform for online stores have a compelling entry point. "We are upgrading shares of Shopify to BUY from Neutral, as we believe the > 20% selloff post earnings has created an attractive entry point." UBS downgrades Logitech to sell from neutral UBS said it's concerned about reduced visibility for the multinational computer company. "We did various industry analysis and expert calls and conclude the environment for Logitech is getting incrementally tougher." Read more about this call here. JPMorgan downgrades Dillard's to underweight from neutral JPMorgan downgraded the department store company after its earnings report Tuesday, noting it sees a "moderating gross profit profile." "On cadence - DDS management cited 'weaker sales at the beginning of the quarter and during the Holiday season' relative to "stronger January sales compared to the prior year fourth quarter.'" Bank of America reiterates Coinbase as underperform Bank of America said it sees too many headwinds for Coinbase shares after the company's earnings report Tuesday. "Overall, the boost from higher rates to interest income is helping stabilize the top line (albeit representing lower quality revenue) while OpEx controls have helped stem losses. That said, we think COIN continues to face meaningful headwinds (regulatory, competitive, lack of revenue diversity) that keep us cautious." Citi upgrades Alcoa to buy from neutral Citi said in its upgrade of the mining and metals company that it sees "aluminum as the next leg of the China reopening trade." "We acknowledge AA's limited FCF but expect the stock to outperform as the default North America exposure to aluminum. Our long-term view remains positive, with aluminum one of our favored exposures in metals." Read more about this call here . Oppenheimer reiterates Target as outperform Oppenheimer said investors should buy the dip heading into Target earnings on Feb. 28. "Following meaningful outperformance year to date, coupled with our expectations for another Street reset, we would be positioned to take advantage of any weakness vs. chasing recent strength." Oppenheimer names Walmart a top pick Oppenheimer named Walmart a top pick after its earnings report on Tuesday citing "favorable fundamental views" of the company. "We view the underlying health of the business as stronger than what we envisioned pre-print with larger share gains in grocery, healthy momentum from alternative revenue streams, and more discipline on the capex front." Morgan Stanley reiterates Home Depot and Walmart as overweight Morgan Stanley said it's standing by its overweight ratings on shares of Home Depot and Walmart after the company's reported earnings on Tuesday. The firm did lower its price target on shares of Home Depot to $340 per share from $360. Morgan Stanley also trimmed its price target on Walmart to $160 per share from $161. "Between WMT / HD, a few parallels (wage investments, inventory progress) but more contrasts (guidance conservatism, tone on consumer, traffic/ticket)." Loop reiterates Pinterest as buy Loop says the bullish thesis for Pinterest shares "remains intact." "We think Pinterest is demonstrating its differentiation against entertainment-driven social media platforms." Morgan Stanley reiterates Apple as overweight Morgan Stanley said the tech giant remains underowned among large-cap institutional investors. "However, Apple's underownership spread remains among the widest (behind MSFT) in our large cap technology coverage, a reflection of 1) the significant weighting Apple has in market indices, and 2) concerns about slowing growth as consumers pull back on spending for technology goods following the pandemic." Morgan Stanley reiterates Salesforce as overweight Morgan Stanley said expectations are "low" and "mixed" ahead of the company's earnings report. "With focus squarely on activist intentions intra-quarter, Q4 EPS should provide greater clarity on the intended path forward from Salesforce ." Evercore ISI downgrading Occidental Petroleum to underperform from in line Evercore said in its downgrade of Occidental that it sees too many negative catalysts for the stock. "Pref redemption quells shareholder return. Overhang should persist over near/mid-term. Less crude leverage than perceived." Atlantic Equities downgrades AIG to neutral from overweight Atlantic Equities downgraded the insurer due to slowing growth. "We are downgrading AIG to Neutral reflecting slowing premium growth, ongoing issues in Personal P & C, negative operating leverage, recent share price outperformance and a less attractive valuation." Goldman Sachs reiterates Palo Alto Networks as buy Goldman said it's standing by its buy rating on the stock after Palo Alto's earnings report on Tuesday. The bank added that it sees a "breadth of growth drivers" across "cloud and A.I." "Palo Alto's results and commentary illustrate the breadth of its platform, with several new large deal and product cycle disclosures." Raymond James upgrades Masimo to outperform from market perform Raymond James said in its upgrade of the global med tech company that it likes its "optionality." "We are raising MASI to Outperform. No other company in our coverage offers as many paths to incremental value creation, leaving us to believe that neutral is not the right side to be on. We expect estimates to trend higher and, under this scenario, we believe the stock will outperform." MoffettNathanson reiterates Meta as outperform Moffett said it's intrigued by Meta's strategy of a "combination of slowing top-line growth and increasing expenses." "Nevertheless, there appears to be growing conviction that the spike in CAPEX tied to the emergence of short-form video content powered by AI might start to level off – as the company has promised – in the near term."
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