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Here’s the biggest voice on Wall Street Thursday: Piper Sandler downgrades Apple from overweight to neutral Piper cited concerns about device inventory in downgrading the stock. “Given updated outlook on the broader mobile environment for 1H 2024, we downgrade AAPL to neutral.” Morgan Stanley upgrades Allstate from equal weight to overweight Morgan Stanley upgrades Allstate’s rating to overweight. He said Allstate is undervalued. “An undervalued story in a favorable market environment. Upgraded to overweight.” Ross MKM downgrades Mattel from buy to hold He said Ross had too much excess inventory in downgrading the toy company. “In our view, Mattel ended 2023 with excess inventory on retail shelves, which will again weigh on first-half results.” Barclays overruns Bath & Body Works Downgraded from weight to equal weight Barclays said it had top-line concerns when downgrading the stock. “Given concerns about sales growth, we downgrade BBWI to EW.” Bernstein downgraded Analog Devices, primarily due to market performance that outperformed Analog, which Bernstein downgraded, in terms of valuation. “While the company is likely to be more resilient than its peers in potential downside scenarios and has a near-bottom profile, valuations have expanded significantly and the stock and earnings should double. Bernstein names Nike as best idea Bernstein said Nike is one of the company’s top choices for the next six months. “Meanwhile, the multi-year margin story remains intact, with us modeling up to 20% EPS growth over the next three years.” Bank of America rates Tal Education neutral Bank of America said it expects the China-based education company’s profitability to improve. “We upgrade TAL from Neutral to Buy; lift non-GAAP EPS 59-381% for FY24-26, primarily due to higher assumptions for K-12 non-educational instruction growth.” KeyBanc lowers Sunrun’s rating from overweight to sector weight KeyBanc downgrades the solar company’s rating on valuation. “Due to recent valuation recovery, we downgrade RUN to SW.” Jefferies upgrades Murphy USA from hold to buy I’m in a great position,” he said. “After extensive analysis of the C-store industry, we are upgrading MUSA to Hold and Buy from PT, at $425 versus $375 previously.” Evercore ISI Upgrades Five Below, Inline Achieving Outperforming Evercore said in upgrading the stock that it is “defying gravity and delivering growth.” “We are upgrading FIVE due to increased spending intent due to research work and persistent reinforcement of modifications…” Mizuho Upgrades Emerson Electric to Buy from Hold Mizuho says this is a “barbell play” in upgrading the stock. ”. “We upgrade EMR as a barbell play (long/short cycle exposure).” Piper Sandler reiterated his overweight position on NVIDIA, with Piper saying the stock remains the company’s top large-cap stock. Says. “We continue to support NVDA in this end market given its competitive position as a premier full-stack computing supplier.” TD Cowen Downgrades Pfizer from Market Perform to Outperform TD In downgrading the stock, he said there was a “lack of confidence” in the outlook. “After a very difficult 2023, a lot of pessimism appears to be reflected in PFE stock.” TD Cowen upgrades Merck to outperform market; TD says stock has compelling valuation says. “While MRK offers near-term EPS visibility and solid news flow, the stock is only an average performer in 2023 and sells at a below-average P/E multiple.” Wells Fargo , named Home Depot a top stock. Wells said the stock is a top pick for 2024, saying, “This is the most promising stock for 2024.” Wells Fargo downgrades Five Below and BJ’s from overweight to equal weight He said Wells on Thursday downgraded Five Below and BJ’s and views them as having earnings risk. “In our view, the industry faces uncertain performance in 2024 and will start the year slightly below consensus for many companies.” Deutsche Bank leads General Electric and Boeing Deutsche Bank named GE and Boeing as the best ideas for 2024. “Our top ideas, BA, GE, and CR, are the top three ideas in the broad A&D sector.”Oppenheimer downgrades PayPal to outperform market said it sees its profits coming under pressure. “Sustained profitability pressures require us to lower the stock price on performance considerations.” JPMorgan upgrades American Express from neutral to overweight He said it was a “safe asset.” “AXP – Upgrades to Overweight (from Neutral) as a safe haven from deteriorating household balance sheets.” Goldman Sachs upgrades Comerica to Buy from Neutral He says Goldman is upgrading the stock’s rating. At the time, he said he expected loan growth to return. “Additionally, we are upgrading Comerica to Buy as we see several catalysts in the stock price heading into 2024, including that NII is under pressure but as deposit pressure eases. We should start to see an impact and ultimately benefit from lower federal interest rates and loan growth should return as optimization is complete and middle market customers begin borrowing in stages. ” Goldman Sachs names Wells Fargo as top candidate Goldman said it expects banking giant Wells Fargo to grow its market share. “We are constructive with WFC towards a better NII.” [net interest income]Given conservative operating assumptions and best-in-class deposit repricing, Wolf upgrades General Motors to outperform peers. “We believe investors are underestimating the returns.” The strength of GM’s cash flows in the near to medium term, and the competitive advantage they will provide in the medium to long term. It’s a cost advantage,” Wolf said, who downgraded Rivian from outperform to equal perform. He downgraded the stock citing product uncertainty. “We continue to believe in RIVN’s long-term strategy and we have been encouraged by their (recent) strong production and cost execution. Investors will need more insight into the demand for the company’s R1 platform to look further into the future.”Mizuho reiterated that Coinbase is underperforming; The company said it would maintain its rating. “The potential upside for COIN returns from Bitcoin ETFs may be much smaller than what the stock price indicates.” Stifel downgrades Papa John’s stock from hold to sell. Stifel: He said the stock is “overcooked” at the moment. PZZA is sold from hold and maintains $65 price target.” Wells Fargo names Toll Brothers top pick Wells says the stock is a top pick for 2024. For attack. However, the rest of the group could also perform with no YoY growth in Street ASP and 100 bps YoY growth in GM.” Bank of America Upgrades Trust Company to Neutral Acquisition Bank of America When the United States upgraded its bank ratings, it stated that macroeconomic growth was as follows. “We raise our rating on Trust Financial (TFC) from Neutral to Buy and raise the PO to $43, implying a 17% upside (the stock’s dividend yield is also 5.7%). ” Wolf upgraded Verizon to Outperform from earlier. In raising the stock price, Peer Perform Wolf said the price multiple “looks more likely to go up than down,” adding, “At the corporate level, VZ has an established trend of deleveraging, with signs of improving execution. 67% of revenue is in growth businesses.” Barclays upgrades Dollar General from equal weight to overweight, saying it’s seeing margin movement.” DG (Upgraded from EW to OW): Efforts to clear inventory combined with store-level investments We believe this will boost sales and the potential for sales recovery. Barclays upgrades Home Depot from equal weight to overweight He says Barclays likes the company’s stock to be affected by interest rate cuts. “Other cyclical stocks may offer more upside, but HD offers exposure to the possibility of rate cuts, and the returns are not too high and all we really need to do is hit the numbers. Proprietary leading indicators support improved performance from FY24 to FY25.” Piper Sandler upgrades Micron from Neutral to Overweight; Piper sees momentum in Micron’s stock pricing. Stated. “If earnings peak, we believe the book value could reach a high of $50 to $60 per share and the stock price could reach a multiple of 2.5x to 3.0x.” Mones Crespi Hurd downgrades Snowflake from neutral to sell In downgrading the stock, Mones said the company is overvalued. “Snowflake has rebounded sharply over the past few months, benefiting from a booming tech market in the final quarter of 2023 and riding the tailwind of an unprecedented AI hype cycle. “overvalued and susceptible to sell-off” pressure.
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