Here are Thursday’s biggest calls on Wall Street: Wolfe reinstates Exxon as outperform Wolfe reinstated coverage of the stock and said it sees more growth potential. “We resume coverage of ExxonMobil at outperform and a $146 PT. XOM is at the mid-point of a 2018-27 strategy that plans to double cash flow, with the bulk of growth still ahead.” Mizuho reiterates Amazon as a top pick Mizuho said it’s standing by the e-commerce giant ahead of earnings later this month. ” AMZN ad tracking modestly ahead of expectations, indicating strength for commerce. Bank of America reiterates Nvidia as buy Bank of America said it’s sticking with its buy rating on Nvidia and that investors should “focus on fundamentals.” “So we understand the rotation away from AI/data-center semis towards industrial/auto/consumer, but it’s not supported by fundamentals and is likely short-term positioning driven.” Goldman Sachs reiterates Apple as buy Goldman said it’s bullish heading into Apple earnings on Aug. 1. “Expect EPS beat with key debates surrounding iPhone demand, AI investment, Mac/iPad refresh, and valuation.” UBS initiates Frontier as buy UBS said the cable company is emerging as a “growing fiber provider.” “We are initiating on Frontier with a Buy rating and $33 PT.” Baird upgrades e.l.f. Beauty to outperform from neutral Baird said it sees an attractive entry point for the beauty supply company. “With healthy brand momentum (including positive FQ1 checks), ongoing distribution expansion, and significant international whitespace, ELF appears poised to sustain market share gains and premium earnings growth even in a choppier consumer backdrop.” Morgan Stanley upgrades Gap to overweight from equal weight Morgan Stanley said shares of Gap are compelling. “This, alongside room for positive EPS revisions in 2H ( & possibly long term), lead us to upgrade the stock to Overweight with a $29 price target.” Mizuho upgrades Toast to buy from neutral Mizuho said the restaurant tech company is well positioned. “We believe the premium is warranted given TOST’s improved profitability and gross profit growth prospects on the potential for lower processing costs in the medium term.” Citi upgrades VF Corp to buy from neutral Citi said the risk/reward is compelling for the owner of Vans and North Face. “We are upgrading VFC from Neutral to Buy.” Wells Fargo initiates Grocery Outlet Holding as overweight Wells called Grocery Outlet Holding a “defensive growth story.” “Choppy execution and poor sentiment yield an attractive entry point in this defensive, growth story.” BMO upgrades Allstate to outperform from market perform BMO said it sees growth potential for the insurance company. ” ALL’s growth risk/reward stars are better aligning today because the coast is much clearer.” TD Cowen upgrades Fortinet to buy from hold TD Cowen said it sees a slew of positive catalysts ahead for the cyber security company. “We are upgrading FTNT to Buy.” Deutsche reiterates Alphabet and Meta as buy Deutsche raised its price target on Meta to $525 from $500. The firm also raised its price target on Alphabet to $195 from $190. “Sentiment for the digital ad industry remains strong, with upcoming tailwinds from the political cycle as well as the Paris Summer Olympics. AI-based advertising tools continue to be the driver of growth, working to simplify, streamline, and optimize ad spend.” Benchmark initiates Winnebago as buy Benchmark said the RV manufacturer is an “industry outperformer.” ” WGO has modest leverage and ample liquidity.” Redburn Atlantic Equities initiates TKO as buy Redburn said it’s bullish on shares of the entertainment, sports and media company. “The battle between traditional and new media continues to drive up rights values in sports. With combat entertainment becoming more mainstream, TKO has leverage in its upcoming rights negotiations and we see upside to current valuations.” William Blair upgrades Block to outperform from market perform William Blair said it sees a re-rating for the payment tech company. “We see accelerating second half 2024 Square GPV [gross payment volume], gross profit, and EBITDA growth as driving a significant positive re-rating for Block.” Redburn Atlantic Equities downgrades CrowdStrike to sell from buy and Palo Alto Networks to neutral from buy Redburn downgraded several cyber security stocks on Thursday due to “elevated valuation.” “Early indicators of this include slowing dollar growth, declining insurance premiums and peak penetration. Market expectations are overly optimistic, driven by difficult-to-interpret pull-forward effects and potential deflationary pressures from Gen-AI. Elevated valuation multiples leave no room for disappointment. Consequently, we downgrade our prior top picks – CrowdStrike t o Sell and Palo Alto to Neutral.” Roth MKM reiterates AMC as sell Roth said it’s sticking with its sell rating on AMC. “We are raising our 2Q estimates following a late period box office rally. Sequential improvement is anticipated in 3Q and a return to y/y growth is forecast for 4Q.” Morgan Stanley reiterates Taiwan Semiconductor as overweight Morgan Stanley said it’s sticking with its overweight rating following the company’s earnings report. ” TSMC revised up its 2024 full year revenue to be slightly above 25% Y/Y in USD, better than our expectation of 25%.” JPMorgan reiterates Dollar Tree as overweight JPMorgan said the stock is “undervalued” following a meeting with company management. “We rate DLTR Overweight. Multi-year, we see DLTR returning to a double-digit EPS ‘compounder’ with top- and bottom-line drivers in place at the core DT banner and stabilization at the Family Dollar concept. UBS reiterates Chipotle as buy UBS said it’s bullish heading into earnings next week. “We continue to view CMG as well positioned for traffic momentum and sales outperformance through 2024 despite consumer spending pressure impacting the industry.” Cantor Fitzgerald initiates Impinj as overweight Cantor said the radio frequency solutions company is well positioned. “We initiate coverage of Impinj with an Overweight rating and $205 price target.”
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