Listed below are Wednesday’s largest calls on Wall Road: Barclays reiterates Tesla as equal weight Barclays lowered its value goal on Tesla to $180 per share from $225 and mentioned it sees a unfavorable catalyst heading into earnings. “Facing an investment thesis pivot and a sea of uncertainty, this Tesla call is extra highly anticipated; expect negative catalyst.” Mizuho initiates Royal Caribbean as purchase Mizuho mentioned the cruise firm has a “differentiated” providing. ” RCL has a unique mix of quality ship assets, as well as differentiated destinations, the combination of which drives upside potential to estimates.” Citi upgrades Hancock Whitney to purchase from impartial Citi mentioned the regional financial institution holding firm is undervalued. “With the market unfairly pricing in a dour credit outlook across the regional bank space, we are stepping off the sidelines and upgrading HWC to Buy.” Raymond James initiates GE Vernova as outperform Raymond James mentioned it is bullish on shares of the inventory. “Combining strengths across a broad spectrum of conventional and renewable generation, as well as grid technology, Vernova is involved in practically everything. Diversification has both advantages and drawbacks.” HSBC upgrades Danaher to purchase from maintain HSBC mentioned in its improve of the life sciences firm that it sees a “biotech funding recovery.” “We upgrade Danaher to Buy from Hold as a quality proxy for the Biotech funding recovery.” Wells Fargo upgrades Omnicom to obese from equal weight Wells mentioned it is bullish on shares of the media firm. “We also think OMC can rerate as, in our experience, Agency data points become themes and those themes impact the multiples.” Loop reiterates Apple as maintain Loop mentioned China remains to be a serious challenge for Apple. “Issues remain in China and globally frankly. In China, AAPL has been heavily discounting iPhones, and we are seeing a similar aggressive discount program in several other Asian locales.” Wells Fargo reiterates Microsoft as obese Wells raised its value goal on the inventory to $480 per share from $460. “Also continue to see MSFT as the best way to play AI, another 2H catalyst.” TD Cowen upgrades Elf Magnificence to purchase from maintain TD Cowen mentioned it sees strong income progress for the wonder firm. ” ELF could double revenues over the next 3 years, yielding low-to-mid 20s annual growth rate through digital community marketing leadership, awareness flywheel, skincare & international expansion.” Jefferies downgrades City Outfitters to underperform from purchase Jefferies mentioned in its downgrade of the inventory that it sees slowing site visitors. “We have some concern regarding URBN’ s near-term positioning due to slowing foot traffic data, promotional headwinds, and increased competition.” Barclays reiterates Broadcom as obese Barclays raised its value goal on Broadcom to $1,500 per share from $1,405. “Ultimately we come away with a valuable second opinion on the future of AI and a greater appreciation for the company’s many ways to win.” Morgan Stanley reiterates Nvidia as obese Morgan Stanley mentioned it is bullish heading into earnings in late Could. ” NVDA continues to see strong spending trends in AI, with upward revisions in demand from some of the newer customers such as Tesla and various sovereigns.” Wells Fargo reiterates Goldman Sachs as obese Wells mentioned it offers a “gold star” to Goldman popping out of earnings. “Overall capital markets revenue was up 14% YoY (best of top 5 U.S. banks), driven by higher IB [investment banking] and trading.” Maxim initiates Apple as purchase Maxim mentioned shares of Apple are pretty valued. “We are initiating coverage of Apple ( AAPL) with a Hold rating and $178 12-month price target based on applying the average forward P/E multiple of 25.9 from a comparable list of big-tech companies to our FY25 EPS estimate of $6.89.” Maxim initiates Amazon as purchase Maxim mentioned it is bullish on shares of the e-commerce large. “We are initiating coverage of Amazon (AMZN) with a Buy and 12-month $218 price target based on applying a 17.5x EV/EBITDA multiple to our 2025 forecast.” Truist upgrades Strategic Training to purchase from maintain Truist mentioned the tutorial providers firm is in a horny sector. “We are upgrading Strategic Education (STRA) to Buy from Hold and increasing our PT to$125 from $110.” Morgan Stanley upgrades Antero Sources to obese from equal weight Morgan Stanley mentioned the hydrocarbon exploration firm has “attractive leverage to rising gas prices.” “With this note, we upgrade Antero Resources to Overweight as we see the company providing attractive leverage to rising gas prices and leading exposure to the growing LNG fairway in the Gulf Coast.” Raymond James upgrades Commerce Bancshares to outperform from market carry out Raymond James upgraded the regional financial institution following its earnings report. “We are upgrading CBSH shares to Outperform from Market Perform following the release of impressive 1Q results that led us to raise our EPS estimates.” Guggenheim upgrades Group 1 Automotive to purchase from impartial Guggenheim mentioned traders can purchase the dip on the auto dealership firm. “Upgrading GPI to BUY from NEUTRAL, best positioned dealer to navigate current landscape somehow trading at lowest multiple.” Benchmark initiates Canoo as purchase Benchmark mentioned the electrical automobile firm has the flexibility to “fund growth.” “We are initiating coverage of GOEV with a Buy rating and $5 target price.” Loop reiterates Netflix as purchase Loop mentioned it is bullish heading into earnings on Thursday. “We believe NFLX’s improving engagement is primarily due to an easing competitive environment as traditional media companies have raised prices, scaled back content investment, and resumed licensing content to NFLX.” Jefferies initiates Nuvalent as purchase Jefferies mentioned the biotech firm is “best-in-class.” ” NUVL leverages strong expertise in structure-based chemistry and deep understanding of unmet pts needs to develop potentially ;best-in-class’ small molecule targeted cancer therapy.” Truist reiterates Amazon as purchase Truist raised its value goal on the inventory to $216 per share from $195. “We remain constructive on AMZN ahead of 1Q24 earnings slated for 4/30, expecting a beat based on 1) our tracking of NA sales using the Truist Card Data; 2) positive checks into the ads business.”
