Here are Friday's biggest analyst calls: Amazon, Dell, Apple, Chevron, Broadcom, Tesla and more

Published Fri, Sep 1 20238:24 AM EDTUpdated Fri, Sep 1 20231:26 PM EDT

Here are the biggest calls on Wall Street on Friday: Morgan Stanley reiterates Apple as overweight Morgan Stanley is standing by its overweight rating on Apple but is cautious on the company's China exposure. "For the companies where China exposure is disclosed or can be estimated, AAPL, LOGI, HPQ, and DELL have the highest percentage of sales coming from China, at 10-20% of total revenue, whereas CDW, SMRT, and SNPO have the lowest exposure to China." Morgan Stanley names Dell a top pick Morgan Stanley said Dell is its new top pick in place of Apple after the company's earnings report Thursday. " DELL is now our Top IT HW [hardware] Pick given several catalysts plus better execution/cost mgmt and most importantly, DELL emerging as our 1st Gen AI winner." Read more about this call here . Bank of America reiterates Amazon as buy Bank of America is bullish on the company's partnership with Shopify. "While economics of the deal are not disclosed, and the deal could support merchants signing more deals with Shopify versus using some of Amazon's marketplace functionality, we see this deal as Amazon executing on our Logistics-as-a-Service (LaaS) thesis, in conjunction with Amazon Shipping recently re-launching." Citi initiates Camping World as buy Citi said in its initiation of the stock that it's a "long-term macro-independent market share story." "However, our top pick in the RV space is Camping World Holdings, Inc. (CWH), which we initiated coverage on earlier today with a Buy rating and $32 price target, due to its long-term macro-independent market share story." JPMorgan upgrades Vale to overweight from neutral JPMorgan said shares of the metals and mining company are cheap. " Vale has de-rated and we believe it is now cheap. Vales shares have had a poor YTD performance." Read more about this call here. Bank of America reiterates Tesla as neutral Bank of America is positive on the debut of Tesla's Model 3 in China on Friday. "In our view, considering the higher starting price, TSLA's new sedan's (Model 3) initial sales volume in China may not be as high as we had previously expected; nevertheless, we are still positive on TSLA China's Model 3 sales as some consumers have been waiting for the upgraded products." UBS reiterates Broadcom as buy UBS said in a note Friday that Broadcom is a "prime" AI beneficiary. "With revenue for the base business remaining relatively stable despite the challenging demand environment (essentially a soft landing playing out for AVGO) , incremental growth in the near term is being driven almost entirely by the uplift in the AI business." Evercore ISI adds a tactical outperform on Illumina Evercore ISI said a new CEO hire is a positive catalyst for the biotech company. "We are adding ILMN to our TAP (tactical, actionable, positioning) Outperform list as we see the next catalyst as being a new CEO hire." Needham reiterates Veeco Instruments as buy Needham said a turnaround is on for the capital equipment supplier. "We rate the stock a Buy and encourage investors to take a fresh look at VECO as we believe the company will look very different as the strategic turnaround progresses." Goldman Sachs reiterates Chevron as buy Goldman Sachs said shares of Chevron are attractive. "Our positive view on the stock is predicated on (1) leading capital returns proﬁle, (2) inﬂecting Upstream operations and FCF generation driven by improving Tengiz and Permian volumes." Loop downgrades Dollar General to hold from buy Loop downgraded the stock after its disappointing earnings report Thursday. "While Dollar General has historically been a 'Steady Eddie' in the retail industry, we note the inconsistent results appear to coincide with a change in senior leadership, with the new management team now squarely in the proverbial 'penalty box.'" Baird downgrades PagerDuty to neutral from outperform Baird said shares are in the penalty box after Thursday's disappointing earnings report. "Heading into the quarter we noted PD could remain in the penalty box after surprisingly disappointing Q1'24 results." Canaccord initiates Confluent as buy Canaccord said shares of the software company are attractively priced. " Confluent stands out in a rapidly growing, highly fragmented data streaming landscape." Citi upgrades Aramark to buy from neutral Citi said shares of the food and uniform company are attractive. "After a long period of focus on margin improvements, Aramark has a new CEO and CFO and is offering the prospects of improved topline performance, with 2025 targets of > $20bn at 7-7.5% margins, supported by a sharp acceleration in new business wins." Raymond James initiates Ferguson as outperform Raymond James is bullish on shares of the plumbing supply company. " Ferguson is a well-positioned 'high-touch/high-service' wholesale/industrial distributor, with leading market share positioning and related scale advantages across generally fragmented, complementary, and growing industries." UBS reiterates FedEx as buy UBS raised its price target on FedEx to $312 per share from $272 and is bullish heading into earnings later this month. "We expect upside 1Q EPS boosted by positive developments since June." Wedbush upgrades Papa John's to outperform from neutral Wedbush, in an upgrade of Papa John's , called the stock cheap. "Given our expectation for an improved near- to medium term SSS growth trajectory, the potential for margin expansion from recent lows, and annualized system sales growth over the medium- to longer-term that compares favorably with peers, we believe an in-line multiple is appropriate."