Here are Friday’s biggest calls on Wall Street: Citi reiterates GM as a top pick Citi said it sees “growth and resilience” heading into an investor day next week. “We continue to view GM’s Nov 17th Investor Day as a potential positive catalyst, as it could provide much-needed clarity across two key fronts: Growth & Resilience.” Benchmark reiterates Carvana as hold Benchmark said it sees too much risk to recommend the stock right now. ” Carvana’s brand recognition, in our view, is a competitive advantage and its ability to leverage the latest technology positions the company as a premium name.” UBS upgrades Werner to buy from neutral UBS said it sees upside for several trucking company names. “We are upgrading three truckload names to Buy from Neutral including HTLD, WERN , and SNDR and reiterating our Buy on KNX. The truckload stocks move slightly ahead of spot rates and our analysis indicates we are close to a bottom in rates. As spot rates stabilize we expect P/E valuation to support upside for the truckload names.” Morgan Stanley reiterates Apple as overweight Morgan Stanley said the wait for some of Apple’s iPhones continue to rise. “iPhone 14 Pro/Pro Max lead times have risen to record highs as COVID restrictions disrupt supply, although we don’t believe the situation has worsened since Monday.” Bank of America reiterates Amazon as buy Bank of America said reports of a cost cutting review at Amazon are a “positive.” “We have noted a shift in cost focus for the FANG group after disappointing 3Q results, with Meta’s recent headcount reduction the most notable cost action.” JPMorgan downgrades Intel to underweight from overweight JPMorgan said in its double downgrade of the stock that a turnaround could take years. “It is important to note that our rating on INTC is a relative call vs the group, for which see a positive move over the next 12-18 months and where we see INTC participating, but we think at a slower pace due to a combination of competitive pressures, questions on the ability to execute, and macro headwinds.” Read more about this call here . Raymond James downgrades Figs to outperform from strong buy Raymond James said in its downgrade of the health care apparel company that the “bad news is out of the bag.” ” FIGS reported a 3Q beat on revenue, GM%, and EBITDA%, but lowered the ’22 guide (revenue +18%y/y vs +22-26% prior) and EBITDA% ~16% (16-18% prior).” UBS reiterates Ralph Lauren as buy UBS said Ralph Lauren is an “attractive turnaround stock.” “We view RL as a strong turnaround stock. We believe the stock will outperform over the NTM (next twelve months) due to EPS beats and P/E expansion.” Read more about this call here. Wedbush adds IMAX to the best ideas list Wedbush said the big screen movie company is well positioned. “We are adding IMAX to Wedbush’s Best Ideas List. We view IMAX as 1) the best way to play the upcoming theatrical rebound, 2) the best positioned to gain from consumers’ ongoing shift toward premium theatrical amenities.” JPMorgan reiterates Silvergate as overweight JPMorgan said the crypto company’s exposure to FTX is overblown. “With that said, however, we see the sell-off in SI shares as a dramatic overreaction due to the speculation (largely being posted on Twitter) around the potential impacts to Silvergate from the recent market turmoil.” Citi opens a negative catalyst watch on Foot Locker Citi said it’s concerned that there will be no Yeezy products in the company’s stores which will be a headwind for the stock. “Our checks suggest there will be no Yeezy product in stores in 4Q (FL stores boxed up the products and sent them back to Adidas). That means FL is going into the all-important holiday qtr (when the highest proportion of Yeezy/Jordan launch activity takes place) with significantly fewer Jordan Retros and no Yeezys.” Deutsche Bank names Walmart and BJ’s as top picks Deutsche said it sees “further upside ahead” heading into earnings next week. “While the shares of WMT, TGT, BJ, and DLTR have enjoyed solid gains over the last three months – outperforming the SPX by 12 points – we see further upside ahead as we think there will be more evidence supporting the bull cases into 2023.” Read more about this call here . Piper Sandler reiterates Nvidia as outperform Piper said investors should buy the stock heading into earnings next week. “We are buyers of NVDA into the print next week and believe that the January quarter guidance will see a resumption of growth for the data center business.” JPMorgan reiterates Netflix as overweight JPMorgan said it has “increased conviction” in shares of the streaming giant. “We continue to like NFLX shares & have increased conviction in the company’s ability to accelerate revenue growth, expand operating margins, & increase FCF, partly driven by the launch of advertising & paid sharing.” Deutsche Bank upgrades Walgreens to buy from hold Deutsche Bank said it’s feeling more bullish after a meeting with company management. “We are upgrading WBA shares to Buy as we recently hosted a meeting with senior management at Walgreens (CEO, CFO, head of pharmacy), where investors’ focus was squarely on the recently announced Summit/Village MD acquisition deal, and the company’s transition to a healthcare services company.” Read more about this call here. JPMorgan initiates GoDaddy as buy JPMorgan said in its initiation of the internet domain name company that it sees a sizeable market ahead for GoDaddy. “These companies provide cloud-based tools for website building and e-commerce on a global scale.” Jefferies initiates Roku as buy Jefferies said it sees too much ad market uncertainty. “We initiate ROKU with a Hold rating. We appreciate the flywheel of OS, ad network, and its own channel + in early innings of linear ad dollars shifting to CTV.” Read more about this call here. Piper Sandler downgrades Occidental to neutral from outperform Piper said in its downgrade of the stock that it sees better upside elsewhere. “Post recent performance, we downgrade OXY to Neutral, as we see greater upside elsewhere.” Bank of America downgrades Lumentum to neutral from buy Bank of America said in its downgrade of the telecommunications equipment company that margin headwinds are mounting. “Long-term, we acknowledge LITE remains in position to benefit from datacom and telecom upgrades towards advanced, high-speed 400G/800G+ transmission solutions.” UBS downgrades GSK to sell from neutral UBS said in its downgrade of the pharmaceutical company that it sees an “unattractive earnings scenario.” “At face value GSK trades on c9x ’23E PE for near double-digit EPS CAGR to ’26. Compared to the EU peer group that may not seem demanding, but we think it is.” Piper Sandler reiterates Coinbase as overweight Piper said Coinbase is still well positioned for the long term. ” COIN is strategically well positioned and a solid balance sheet should help them weather a prolonged ‘crypto winter.'” Bank of America downgrades Applovin to neutral from buy Bank of America said in its downgrade of the software company that it sees no near-term catalysts. “We downgrade APP to Neutral from Buy with a new $17 PO (down from $35 previously), as we do not see near-term catalysts despite the stock’s low valuation.
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