Here are Thursday’s biggest calls on Wall Street: Wells Fargo initiates Coinbase as underweight Wells said in its initiation of the crypto company that it sees too many headwinds for shares of Coinbase. “Challenged Environment Means Operating Results Will Remain Under Pressure > Read more about this call here. HSBC initiates JinkoSolar as buy HSBC noted the solar module producer has a “big first-mover advantage.” “A leading solar producer in shipments, overseas networks, and vertical integration. Jinko is leading the race to switch to a new technology and will also benefit from surging demand and lower poly prices Bank of America reiterates Harley-Davidson as top pick Bank of America said the motorcycle company is still seeing healthy consumer demand. “We believe HOG has seen no significant slowdown in the consumer, and recent dealer feedback includes ‘if you get us the bikes, we will sell them.'” Citi reiterates Alphabet as buy Citi said trends are improving for the search giant. “While we recognize the broader macro challenges, we believe 3Q ad trends have improved and with Alphabet focused on improving efficiencies & cutting expenses and shares trading at 16x our 2023E GAAP EPS, we reiterate our Buy rating and $140 target price.” Cowen initiates CyberArk as outperform Cowen said it sees “growth and profitability” for the company. “We view CYBR as well positioned to sustain over 20% rev growth and double-digit profitability in the coming years driven by 1) comprehensive identity security platform focused on intelligent privilege controls, 2) growth driven by displacements and greenfield opportunities, 3) shift to a subscription model resulting in a LT Rule of 40 company offering growth and profitability.” Truist initiates Rivian as buy Truist said the electric vehicle maker is a “diversified mobility tech powerhouse.” “While Rivian only just began delivering its first vehicles, the company has been strategically positioning, raising capital, and building out its vertically-integrated ecosystem for over a decade.” Read more about this call here. Piper Sandler reiterates Tesla as overweight Piper lowered its price target on shares of Tesla to $340 per share from $360, but said it sees no signs of eroding China market share. “Recently, there has been an up-tick in client questions regarding Tesla’s positioning in China, given mid-August pricing noise. We’ve also been fielding questions re: our expectations for Q3 deliveries. … Regarding topic #1: we see no evidence of market share erosion in China.” Stifel reiterates Marvell as buy Stifel said Marvell is one of the resilient stocks in the firm’s coverage. “Perhaps not 100% Immune to Macro, but Very, Very Resilient … and a Strong Share Gainer.” UBS upgrades Kraft Heinz to neutral from sell UBS said that downside risk is already priced into the stock. “We are upgrading KHC to Neutral, but maintaining our $34 PT. When we downgraded KHC to Sell we were concerned about the company’s ability to grow EBITDA in 2023 driven by sustained inflationary pressure coupled with our expectation for less price contribution.” Bank of America downgrades Apple to neutral from buy Bank of America said it sees a more balanced risk/reward and weaker consumer demand for the iPhone maker. “However, we see risk to this outperformance over the next year, as we expect material negative est. revisions driven by weaker consumer demand.” Read more about this call here. Citi reiterates Amazon as a top pick Citi said it’s bullish on Amazon’s announcement that it’s refreshing its connected home vision products lineup. “While we have come to expect updated Echo, Kindle readers, and Fire devices ahead of the all-important holiday season, we believe the most noteworthy of the announcements was the expansion of its smart-TV lineup with the Omni QLED Series.” Evercore ISI upgrades First Solar to outperform from in line Evercore said in its upgrade of the stock that it’s a key beneficiary of the Inflation Reduction Act. ” First solar is uniquely positioned, in our view, to benefit from both the push and pull of new supply and demand benefits afforded by the IRA.” Rosenblatt upgrades Apple to buy from neutral Rosenblatt said that its survey checks show consumers love the latest iPhone products. “We upgrade Apple to Buy from Neutral, and move our price target up $29 to $189. Our survey of over 1,100 U.S. adults was constructive, highlighting substantial interest in the company’s new iPhone 14 Pro Max and Ultra watch.” Read more about this call here . Goldman Sachs initiates Getty Images Holdings as neutral Goldman said the visual media company has a significant opportunity to grow revenues. “Differentiated content creator and marketplace with attractive growth initiatives.” Oppenheimer upgrades Wix.com to outperform from perform Oppenheimer said in its upgrade of the Israeli software company that it sees “meaningful shareholder value.” “We believe Wix has the potential to operate more efficiently to drive meaningful shareholder value. It was recently disclosed that Starboard established a ~9% stake on the premise that shares were “undervalued” and an ‘attractive investment opportunity.'” JPMorgan reiterates Exxon as overweight JPMorgan said it likes the company’s portfolio. “We think XOM has multiple rerating potential from its diversified portfolio, improved execution, portfolio management and return of capital.”
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