Listed here are Friday’s largest calls on Wall Road: Oppenheimer reiterates Netflix as outperform Oppenheimer raised its value goal on the inventory to $600 per share from $475. “We believe NFLX’s initiatives such as password sharing rules, advertising and optimizing subscriber plan choices will drive subscriber growth and average revenue per membership (ARM), therefore leading to higher revenue.” Goldman Sachs reiterates Monster as purchase Goldman stated the upcoming investor day will likely be a optimistic catalyst for the inventory. “We reiterate our Buy rating on MNST ahead of its upcoming Investor Meeting on 1/16 in NYC, which we believe will be a positive catalyst for the stock, especially considering mgmt will be in-person for the first time in the past several years and will spend time fielding investor questions.” RBC upgrades Pentair to outperform from sector carry out RBC stated the worst is behind the water remedy firm. “We are upgrading Pentair from Sector Perform to Outperform as (1) the worst of the post-COVID-tough pools comps and destocking appear to have passed; (2) self-help/transformational initiatives could drive an incremental +200 bps margin upside to 23% by 2025.” Barclays downgrades Snowflake to equal weight from obese Barclays stated the inventory’s valuation appears to be like full proper now. “For SNOW , we are not comfortable to push the current high multiple further as there is a lot of consumption recovery or new product contribution needed to deliver accelerating product growth.” RBC upgrades Regeneron to outperform from sector carry out RBC stated in its improve of Regeneron that it is “one of the most dynamic all-around stories in large-cap biotech.” “While shares have appreciated and we acknowledge some may prefer to wait for a pullback before stepping in, with these near-term overhangs removed and considerable room for additional fundamental upside, we believe this is as good a time as any to own one of the most dynamic all-around stories in large-cap biotech.” Berenberg upgrades Autoliv to purchase from maintain Berenberg stated the automotive security provider has a pretty threat/reward. “We believe that Autoliv will be well positioned in 2024 as its dominant (and growing) market position in passive safety should continue to allow it to deliver steady growth.” Financial institution of America reiterates Coinbase as underperform Financial institution of America stated the newly permitted bitcoin ETF may very well be a “threat” to Coinbase. “These ETFs could also represent a competitive threat to crypto exchanges such as COIN.” Baird reiterates Tesla as outperform Baird stated it is standing by its outperform score however that “disruptions in the Red Sea may lead to longer wait times as supply chains are rerouted.” “TSLA announced today that its Berlin gigafactory will suspend the majority of production from January 29-February 11 as a result of component shortages. The shortages are due to a change in shipping routes caused by the Red Sea armed conflict.” RBC upgrades Taylor Morrison to outperform from sector carry out RBC stated in its improve of the homebuilder that it has a pretty valuation. “We are upgrading TMHC to Outperform from Sector Perform and raising our PT to $57 (from $43) in conjunction with our 2024 Outlook.” Goldman Sachs initiates Rio Tinto as purchase Goldman stated the metals and mining firm has a sturdy steadiness sheet. “GLEN and RIO present the strongest balance sheets, coupled with strong cash flows with the most valuation upside.” Jefferies upgrades Worldwide Flavors to purchase from maintain Jefferies stated in its improve of the inventory that it is bullish on administration adjustments. “The CEO change, in our view, finally positions IFF for several years of sustainable structural improvement.” Financial institution of America reiterates Alphabet as purchase Financial institution of America stated it sees extra layoffs forward for Alphabet and that some jobs will likely be changed by AI. ” Alphabet has reportedly eliminated hundreds of positions from its core engineering division, Google Assistant (voice-operated virtual assistant), and hardware division that makes Pixel phone, Fitbit watches and Nest thermostat. … .Our Take: We think many of these jobs will be replaced by AI engineers.” Piper Sandler upgrades Twilio to obese from impartial Piper stated it now sees “material upside” for the inventory. “After 6 months of the stock digesting top-line estimates coming down, we are upgrading shares from Neutral to OW and raising our PT to $82 (prior $75). Our updated view is primarily based on: there is material upside potential to FCF estimates as Twilio has executed better on profitability initiatives.” Roth MKM upgrades Stay Nation to purchase from maintain Roth stated that “above trend growth” will continues for the live shows firm. “Positive secular demand for live events/concerts positions Live Nation well, in our view, for above trend growth over the next several years.” Truist reiterates Amazon as purchase Truist raised its value goal on the inventory to $180 per share from $176. “That said, we expect AMZN to come in at the very high-end of expectations on higher ecommerce and Ad revenue, supported by our Truist Card Data.” RBC downgrades Johnson Controls to underperform from sector carry out RBC stated in its downgrade of the shares that it sees “lukewarm” earnings progress. “We are downgrading JCI from Sector Perform to Underperform as we see (1) risks to its margin expansion targets, (2) lukewarm earnings growth, (3) potential spillover repercussions from the cyberattack, and (4) persistently low earnings quality.” Bernstein reiterates Apple as market carry out Bernstein stated the danger/reward stays “neutral to slightly negative” for Apple. “We see risk-reward as relatively neutral to slightly negative, given AAPL’s valuation remains elevated vs. peers and history, we are below consensus on FY 24 revenues and believe the company will likely struggle to grow in FY 24 amid a muted iPhone cycle.” Evercore ISI upgrades Ciena to outperform from in line Evercore stated the networking options firm is a “premium asset at a discount price.” “We are upgrading Ciena to Outperform as we think the recent earnings report has sufficiently reset expectations and enabled a path to beat and raise as we go through FY24.” Citi upgrades Qualcomm to purchase from impartial Citi stated in its improve of the inventory that it sees upside. “Our industry checks also indicated inventory replenishment in the wireless end market continues and we expect upside to Qualcomm print and guide and are raising numbers, rating, and launching a positive catalyst watch.” Barclays reiterates Walmart as obese Barclays stated Walmart continues to take share. “Industry trends through Dec. seem weak with consumables slowing (disinflation with no volume improvement) and gen merch underperforming. We think lower prices are needed. In the meantime, WMT is taking share, which should continue.” Barclays reiterates Nvidia as obese Barclays got here away from the Client Electronics Present noting AI is a “bright spot” for Nvidia. “AI is clearly a bright spot with NVDA and MRVL both sounding incrementally positive.” Financial institution of America names Warner Bros Uncover, Netflix and Spotify high picks. Financial institution of America named a number of media shares as high picks in 2024 on Friday. “For 2024, we are generally bullish on large-cap Media ( WBD, NFLX and SPOT ) and more cautious/neutral on Cable.
