Here are Thursday's biggest analyst calls: Apple, Tesla, Amazon, Eli Lilly, Broadcom, Microsoft and more

Published Thu, Jun 22 20238:22 AM EDTUpdated Thu, Jun 22 202311:56 AM EDT

Here are Thursday's biggest calls on Wall Street. Wells Fargo reiterates Goldman Sachs as overweight Wells Fargo said it's standing by its overweight rating on the stock but trimmed its second-quarter estimates due to lower trading. "Better capital markets activity could be a catalyst for GS, and recent IPO activity gives some hope of a rebound." Bank of America upgrades XP to buy from neutral Bank of America said the Brazilian investment company's shares will re-rate higher. "As the largest independent broker in Brazil, XP' s earnings are poised to benefit from an easing cycle, while trading multiples have room to re-rate higher." Deutsche Bank upgrades Anheuser-Busch InBev to buy from hold Deutsche Bank said it sees "light at the end of the tunnel" for the Bud Light parent. "Nielsen data suggests ABI's US business is currently -12% with Bud Light -24% and the remainder of the portfolio -7%. However, analysis of distribution data suggests ABI is not losing shelf presence with sales velocity the primary driver of decline." Read more about this call here. JPMorgan reiterates Amazon as overweight JPMorgan Chase reiterated the stock as a top idea and said it sees a runway for more growth for Amazon Prime. " AMZN is working hard to increase the velocity of 1-Day & Same-Day delivery, w/2023 tracking toward the fastest Prime delivery speeds ever, and strong selection, great pricing, & faster delivery speeds likely drive stronger consideration & higher shopping frequency." Bernstein upgrades Kellogg to market perform from underperform Bernstein said the stock's valuation is getting more attractive. "We are upgrading Kellogg to Market-Perform with a TP of $62 based on 1) cheap current valuation, 2) relatively modest stranded cost estimates, and 3) a fair SOTP value post spin off that should take place at the end of this year." Morgan Stanley downgrades Tesla to equal weight from overweight Morgan Stanley downgraded the stock mainly on valuation. "While we move to equal weight, in our view, Tesla remains a 'must own' company in any EV portfolio." Read more about this call here. Loop reiterates Amazon as buy Loop raised its price target on the stock to $180 per share from $140 and said it sees further upside. " Amazon has been our top pick for the year and has performed very well to-date up nearly 50% compared to the S & P500 up 15%. We see further upside to the stock and have increasing conviction in fundamentals behind our investment thesis." Bank of America downgrades Dow to underperform from neutral Bank of America said in its downgrade of the chemical company that the demand recovery is "elusive." "We downgrade DOW to Underperform with a $55 PO, down from $64. Our anticipated demand recovery has remained elusive and is weighing negatively on prices." Deutsche Bank adds a catalyst call buy on Walgreens Deutsche Bank says it's bullish heading into earnings next week. "We are adding WBA's shares as a catalyst call Buy heading into next Tuesday's EPS print, with the F3Q results as our catalyst." B. Riley initiates Expedia as buy B. Riley said in its initiation of Expedia that it sees an "appealing risk/reward" for the travel website company. "We expect margins to continue improving in the coming years, benefiting from fixed-cost leverage and gains in operating and marketing efficiency." B. Riley initiates TripAdvisor as buy B. Riley said in its initiation of the stock that it sees margin expansion. " TripAdvisor's core revenue recovered to ~80% of 2019 levels in 2022, and segment revenue is expected to continue to show Y/Y growth in 2023, with the EBITDA margin remaining flat." Bank of America reiterates Eli Lilly as buy Bank of America said the biopharma company is still one of the firm's favorite ideas. "Lilly remains our favorite Biopharma name given its peer leading growth profile, anchored by tirzepatide and donanemab, as well as its promising early-stage pipeline." Raymond James reiterates Microsoft as outperform Raymond James said Microsoft is the firm's top artificial intelligence pick. "Among our coverage universe, MSFT likely emerges as one of the largest beneficiaries of AI, with the potential to positively touch every aspect of MSFT's vast portfolio, helping it maintain/widen share on markets it currently dominates, expanding customer acquisition across some of its higher growth initiatives and potentially disrupting profitable areas where it currently captures small share." Loop reiterates Apple as hold Loop said it's bullish on Apple' s foray into augmented realty but is staying cautious on the stock. "Given the fact Apple has done little more than display the Vision Pro at the company's recent Worldwide Developers Conference (WWDC), we believe the awareness of the headset, favorable view of the features, and initial buying intentions are surprisingly robust." Bank of America reiterates Broadcom as buy Bank of America raised its price target on AI beneficiary Broadcom to $1,050 per share from $950. "Our $1050 price objective for Broadcom is based on 23x CY24E EV/FCF, within its long-term 10x-30x range, given double-digit EPS growth and best-in-semis profitability, FCF generation, and returns." Morgan Stanley downgrades Alcoa to underweight from equal weight Morgan Stanley said it sees material downside for the metals company. "We see material downside to consensus estimates for Alcoa . As negative earnings revisions materialize, we believe the stock will face downward pressure and underperform." Read more about this call here. Citi adds a positive catalyst watch on Boston Scientific Citi said it's bullish ahead of the medtech company's trial study on catheter products. "However, even first-generation PFA (pulsed field ablation) catheters may provide compelling value propositions, and upcoming iterations should move it further. In an analysis of the products and the data, we believe near-term BSX stands to benefit the most, but a rising tide should raise all boats (and benefit patients)." Piper Sandler reiterates Planet Fitness as overweight Piper Sandler said Planet Fitness has qualities similar to Ulta. "We view PLNT similarly to ULTA given the bigger box format, broader price-point offering (Black Card for consumers willing to spend a bit more and standard membership for the more price conscious consumers), which creates opportunity to be a trade-down beneficiary, as well as strong loyalty among guests."