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Here are the biggest voices on Wall Street on Tuesday: Oppenheimer Co. launches pinstripes after outperforming Oppenheimer Co., which started the bowling company, said the company has “robust unit economics.” “PNST offers an intriguing and more speculative investment opportunity within the attractive ‘Etatainment’ category.” Raymond James launches CrowdStrike and outperforms Raymond James has launched a cybersecurity company and said the company’s “rare blend” of recurring revenue is poised for further upside. “We see a rare combination of strong recurring revenue growth at scale and margin expansion, and we believe CrowdStrike deserves to trade at a premium to its security software competitors.” Mizuho Acquires Accenture Mizuho has begun acquiring IT companies, saying Accenture is “significant exposure to a rapidly growing market.” “We expect IT spending to recover over the next two years, with growth accelerating from FY24 to FY25.” JP Morgan launches Light & Wonder with outperformance JP Morgan overperforms Australian gambling company He started with a weight and said there was momentum in earnings. “We begin coverage of Light & Wonder with an Overweight rating and a December 24 price target of $98.” Evercore ISI reiterates that Meta is an outperformer, with Evercore looking ahead to earnings later this week. He said he is bullish on the meta. “META says he remains one of the top longs for 24 years.” Evercore ISI reiterates that Amazon is outperforming Evercore said it will be bullish on Amazon’s earnings later this week. “Contrary to conservative expectations, the odds are much higher.” Morgan Stanley launches Instacart with an equal weight rating Morgan Stanley launches Instacart with an equal weight rating based primarily on valuation. “CART is strong but needs more growth or profits.” Morgan Stanley upgrades Bank of America, Goldman Sachs from equal weight to overweight, Citi from underweight to overweight Morgan Stanley On Tuesday, it upgraded several banks and said it was becoming more bullish. “Rating changes: Bank of America (BAC) upgraded from EW to OW, Citigroup (C) upgraded from UW to OW, Goldman Sachs (GS) upgraded from EW to OW, BNY Mellon ( Northern Trust (NTRS) downgraded from EW to UW due to valuation Raymond James downgrades Advanced Micro Devices to outperform from strong buy Raymond James He downgraded the stock primarily due to valuation. “We are raising our expectations and are raising PT from $190 to $195,” but called AMD from “strong buy” to “outperform on valuation.” Bank of America Adds Salesforce to US1 List Bank of America Adds Stock to Top Picks List UBS Upgrades Spotify to Buy from Neutral UBS Upgrades Spotify to Buy from Neutral He said he has seen “earnings expansion” in Spotify stock, giving him “increased confidence.” Oppenheimer Downgrades Five Below’s Results from Outperform His Oppenheimer downgraded the stock, saying the company’s “growth engine is…” [is] “Having said that, given the already increasing business, a growing unit base, fewer retrofit opportunities and stronger reinvestment requirements, FIVE’s fundamental growth We’re starting to worry that the dynamics are slowing down, at least to some degree.” Margin. “Oppenheimer upgrades Sensata to Outperform from Perform. Oppenheimer has upgraded the sensor solutions company and says it expects a lot of new business in the coming years.” We upgraded ST stock to Outperform. , introduced a PT of $50, targets approximately 10.5 times 25E adjusted EPS, and has an FCF yield of 7.5%.” UBS reiterates McDonald’s as a buy. “The fourth quarter results (2/5) will remain strong, but we expect US SSSS to slow down.” [same-store sales] Wells Fargo downgrades Western Alliance from overweight to equal weight Wells said the risks and rewards were already priced in when it downgraded regional banks. Morgan Stanley Reiterates Amazon Overweight Morgan Stanley said in a note Tuesday that it supports Amazon stock, but in several ways. “We believe management teams need to focus on three areas: 1) a stronger grocery strategy, 2) AWS regaining cloud pole position, and 3) return on equity/share buybacks. Baird reiterates that Tesla will outperform Baird said he is on standby. “TSLA has a number of projects underway that have the potential to contribute to long-term growth,” the electric vehicle giant said Monday after reviewing its annual 10-K filing. “While we continue to believe that ramp-up and new product introductions will provide a steady pace of catalyst going forward,” JPMorgan reiterated Boeing as overweight and said it supports Boeing heading into Wednesday’s earnings. We look forward to holding an earnings conference call for members of Congress.” BTIG upgrades Square to acquisition from a neutral company In upgrading the stock, BTIG said it sees opportunities for rapid growth. We upgrade Block (SQ) to Buy based on the company’s recent coverage assumptions, as the company’s growth opportunities coupled with management’s focus on earnings mean it trades at approximately 17x FY24E EV/Adjusted EBITDA. Jefferies Downgrades Masimo from Buy to Hold Jefferies said in a note that the worst is looming on the horizon for the global medical technology company. However, he said he downgraded the stock primarily due to valuation. “Overall, after a difficult 23 years that included multiple downward revisions, we believe the worst is behind MASI.” Citi begins Olema Oncology as a buy.Citi on Tuesday gave Olema a buy rating. said the biotech company has upside potential. “Next Generation Endocrine Therapies with Potential to Spread Multiple Breast Cancer Lineages, Buy/Start at High Risk, TP $20.” Bank of America Reiterates Uber Acquisition Bank of America Targets Price of 1 Share The price has been raised from $68 to $73. “Going forward, we see Uber offering one of the best 3-5 year growth profiles in the internet space, with margins increasing from 3.5% of bookings to 7.5% on bookings. Possible booking growth and 30% EBITDA growth.” Seaport Downgrades Netflix to Neutral from Buy Seaport downgraded the stock primarily based on valuation. “We lower our recommendation on NFLX stock from Buy to Neutral due to its rapid recent rise to the $576 PT.”
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