Here are Thursday’s biggest calls on Wall Street: Barclays reiterates Apple as equal weight Barclays said it sees “upside to consensus” heading into Apple earnings on Thursday. “We expect upside to Consensus for Sep-Q revenue and earnings with still resilient iPhone 14 Pro demand and Mac strength, offsetting escalating FX, Services/TAC weakness and other macro headwinds.” MoffettNathanson upgrades ServiceNow to outperform from market perform Moffett said in its upgrade of the cloud-computing software company that “megacap investors have a new home.” ” ServiceNow’s September results are a welcome change after the disappointing results from Microsoft and we expect them to help drive broader software higher Barclays upgrades Pinduoduo to overweight from equal weight Barclay said it likes the Chinese ag-tech company’s array of branded products. “Despite the fact PDD provides quite limited disclosures, we have been impressed by its recent progress in adding more brands to its platform in China and gaining early traction with its efforts in the U.S.” Morgan Stanley downgrades Meta to equal weight from overweight Morgan Stanley said in its downgrade of Facebook parent Meta after its earnings report on Wednesday that it sees “execution uncertainty and lower free cash flow.” “We see META’s $69bn of capex over 2 years and AI-driven data center build as a sign of structurally higher capital intensity.” Read more about this call here. Goldman Sachs reiterates Boeing as buy Goldman said it sees “a lot upside” in shares of Boeing. “As Boeing drives a turnaround, quarterly updates can be mixed. But our mid-cycle free cash estimates have not moved much through this trough period; and continue to imply a lot of upside in the stock over time.” Read more about this call here. Bank of America reiterates Harley-Davidson as buy Bank of America is bullish on shares of the motorcycle company after its third-quarter earnings report. ” HOG remains a top pick as per unit profitability continues to improve. 3Q EPS upside as shipments remain strong.” HSBC upgrades Ferrari to buy from hold HSBC said in its upgrade of the luxury auto company that it sees flawless execution. “Earnings momentum, upside to consensus and relative resilience to business cycles make Ferrari an interesting proposition.” UBS downgrades Seagate to neutral from buy UBS said it sees too many risks for the the memory-data storage company. “Restructuring will help re-inject some earnings power, but STX also has unique exposure to the China surveillance market which potentially may have a risk of some sort of restrictions down the road.” Cowen initiates Coinbase as outperform Cowen lowered estimates on the crypto trading platform company, but said it’s staying bullish on the stock heading into earnings in early November. ” Coinbase represents a pure play on the increasingly broad-based and nascent crypto economy. We think this is a company that is built to last through the vagaries of crypto asset cycles.” Jefferies reiterates Amazon as buy Jefferies said it’s standing by its buy rating heading into earnings on Thursday afternoon, noting that the stock’s valuation “appears to reflect elevated macro uncertainty.” “We expect an acceleration in Net Sales growth driven by easing comps in Core Retail and impressive backlog growth in AWS. We believe investors are looking for evidence that 3Q is the low point for Op Income margin, as AMZN makes further progress on cost discipline in light of inflationary pressures.” Credit Suisse reiterates AMC as underperform Credit Suisse said the movie theater chain needs “structural shifts” to reach profitability and that there are too many headwinds. “With little visibility as to the extent any of these might be achieved near to mid-term, we maintain our Underperform rating.” JPMorgan downgrades VF Corp. to underweight from neutral JPMorgan said it sees too many headwinds for shares of VF Corp. “Mixed 2Q w/ 2H Cut & Extended Turn Timeline — Downgrade to Underweight w/ $29 Price Target.” Morgan Stanley reiterates Tesla as overweight Morgan Stanley said in a note to clients on Thursday that it thinks internal combustible engines will be around longer than investors think. “While we remain bullish on EV adoption longer term, this side of 2030 we believe the world will continue to rely on ICE vehicles far more than what is appreciated by investors. Many investors will disagree.” Bank of America reiterates Ford as buy Bank of America said it likes the automaker’s execution after its third-quarter earnings report on Wednesday. ” Ford is aggressively repositioning its business model by leveraging the combined strength of its Ford Blue and Ford Pro businesses to fund its fast-growing Model e business along with vital connected technology. Because of this and solid near-term execution, we reiterate our Buy rating.”
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