Here are Wednesday's biggest analyst calls: Apple, Meta, Boeing, AMD, Carvana, Ford, Robinhood & more

Published Wed, Nov 1 20238:24 AM EDT

Here are the biggest calls on Wall Street on Wednesday: UBS reiterates Advanced Micro Devices as buy UBS said it's standing by its buy rating on the chipmaker after its earnings report on Tuesday. "Late cycle corrections in a few of AMD's peripheral businesses continue to mask a data center story that is gaining momentum - especially in AI." TD Cowen initiates Discover as outperform TD said concerns around regulatory issue are overdone and investors should buy the stock. "For DFS, we believe the company will work through the current regulatory issues without materially affecting growth and profitability, allowing the multiple to recover to historical averages." Piper Sandler initiates Polestar as outperform Piper said Polestar is an "intriguing" EV brand. "We are initiating coverage of PSNY with an Overweight rating and a DCF-based price target of $3. Valuations are under pressure for EV startups, and Polestar is no exception, but unlike many other stocks in this sector, we think PSNY warrants consideration." Goldman Sachs downgrades ZoomInfo Technologies as buy Goldman downgraded the stock after its "mixed" earnings report citing lower visibility. "We downgrade ZI to Neutral (from Buy) and lower our PT to $17 from $30, after mixed 3Q23 results (Revenue +1% vs Street, EPS +6%, uFCF -6%) and soft forward guidance." Bank of America upgrades Graphic Packaging to buy from neutral Bank of America said it sees a tactical opportunity to buy Graphic Packaging shares. "As we raise our forecasts on EBITDA to $1.809bn from a $1.772bn and given other factors in the setup, we move back to a Buy as some of the prior negative news flow we had been expecting (capacity, destocking, etc.) has been absorbed, in our view." Morgan Stanley upgrades Progressive to equal weight from underweight Morgan Stanley said it sees a "stronger" setup heading into 2024. "Quick turnaround on reserving, management's strong commitment to underwriting profit, and dissipating inflationary pressures lead us to believe that Progressive is positioned for profitable growth going into 2024." Bernstein upgrades Stellantis to outperform from market perform Bernstein upgraded the auto company after its agreement with the UAW. "With an end to union negotiations in sight, we move to upgrade Stellantis to Outperform. The company will face sector headwinds in '24, but its unique regional exposure and growth opportunities will help deliver more than €10b underlying annual FCF in '24 and '25." Barclays upgrades Ford and General Motors to overweight from equal weight Barclays said shares of the automakers are cheap. "Cheap not usually a reason to buy, but at this level it is; upgrade Ford and GM to OW, moving US Autos sector to Positive." Loop reiterates Meta as buy Loop said it's standing by its buy rating on Meta shares. "With a lower stock price on higher earnings outlook, valuation is about 10% lower than pre-earnings and now trades at a 5% discount to the S & P (ex cash). We continue to see a buying opportunity to own/ accumulate the stock at current levels." JPMorgan initiates Six Flags as underweight JPMorgan said it sees "deteriorating visibility to attendance" for the theme park company. "Six Flags (SIX) – Initiate at Underweight w/ $16 December 2024 Price Target: Near-term, we see downside risk to Consensus estimates over the next 18 months with our 3Q23 and FY24 EPS ~25% below the Street." Goldman Sachs adds Boeing to the conviction buy list Goldman added Boeing to its conviction buy list and says it sees an attractive entry point. "Early innings of a long-cycle recovery with lots of FCF generation." Morgan Stanley upgrades STMicroelectronics to overweight from equal weight Morgan Stanley said it's time to buy shares of the semiconductor company. "The rollover in autos/industrials is coming into view, but so too is underlying margin strength (ex. charges). We see margin troughs turning to robust recovery (2H24). As such, we upgrade our rating to Overweight and raise our target to €48 (prior €45)." Guggenheim upgrades NRG Energy to buy from neutral Guggenheim said it's getting confident in the energy company's management. " NRG : Steadfast Capital Return Commitment, Confidence in Management, and Clear Messaging Go a Long Way…. Upgrading to BUY." Cantor Fitzgerald initiates VinFast as buy Cantor said it's bullish on the EV company entering the U.S. " VinFast designs and manufactures electric vehicles (EVs), e-scooters, and ebuses that it sells directly to customers in the passenger and commercial markets across Asia, Europe, and North America." Loop upgrades Cirrus Logic to buy from hold Loop said it sees a "unique" opportunity for the semis company. "Upgrading CRUS to Buy from Hold and $100 PT as we see a unique opportunity emerging for both the company and investors." Deutsche Bank downgrades Paycom to hold from buy Deutsche downgraded the payroll software company after its disappointing earnings report. "We downgrade shares of Paycom to Hold and reduce our target price to $175 after the company reported disappointing 3Q results and forward guidance." UBS upgrades JD.com to buy from neutral UBS said shares of the Chinese retailer are attractive. " JD may underperform its peers until there is more visibility on the business transition, but we view its valuation as attractive at 8x 2024E PE with net cash roughly equal to 50% of its market cap. Upgrade from Neutral to Buy." UBS reiterates Apple as neutral UBS said its checks show Apple's iPhone wait times are lower. "Delivery wait times for the iPhone 15 Pro continue to fall relative to last week and are approximately a week shorter than that of the iPhone 14 Pro." JPMorgan downgrades BP to underweight from neutral JPMorgan downgraded BP after its disappointing earnings report. "Downgrade to UW as widened standard deviation to financial performance impairs risk/reward." Mizuho reiterates Robinhood as buy Mizuho said it's standing by its buy rating on "best-in-class" Robinhood. "We continue to believe HOOD is a best-in-class next-gen exchange. Buy PT $15." TD Cowen reiterates Carvana as market perform TD said it's cautious heading into the used car company's earnings report on Thursday. "We expect that CVNA will report a 3Q revenue decline of 20% y/y, as elevated rates and cost efficiency efforts continue to weigh on vehicle demand."