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Monday's Top Analyst Calls: Apple, Nvidia, Tesla, Amazon, Chevron, Walmart, Adobe & More

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Monday's Biggest Calls on Wall Street

Goldman Sachs Upgrades Chevron

Goldman Sachs has upgraded Chevron from Neutral to Buy due to the oil and gas giant's leading capital returns, anticipated cash flow inflection in 2024, and volume increase in 2025. This upgrade is also based on Chevron's relative valuation, particularly in 2025.

Bernstein Reiterates Nvidia as Outperform

Bernstein is standing by its outperform rating on Nvidia, stating that the company and other AI infrastructure hardware vendors offer the most near-term upside potential. However, Bernstein also cautions that there is a risk of an overbuild in this sector.

Morgan Stanley Names Keurig Dr Pepper a Top Pick

Morgan Stanley has chosen Keurig Dr Pepper as its top pick in the beverage sector. The bank notes that Keurig Dr Pepper has experienced significant stock outperformance recently and expects continued growth for the company.

Jefferies Downgrades Carvana

Jefferies has downgraded Carvana to underperform, citing concerns about the viability of the used car seller's business model. The bank states that there could be a rough road ahead for Carvana.

TD Cowen Upgrades GoodRX

TD Cowen has upgraded GoodRX to outperform, highlighting the company's partnership with pharmacy benefit managers as a game changer. The bank believes that these partnerships will generate a new long-term revenue stream and integrate GoodRX into the health care ecosystem.

Piper Sandler Reiterates Apple as Overweight

Piper Sandler has reiterated its overweight rating on Apple and raised its price target on the stock. The bank believes that Apple is well-positioned and that concerns about the company's performance in China are exaggerated.

Morgan Stanley Reiterates Walmart as Overweight

Morgan Stanley continues to recommend Walmart as overweight, noting that the company's membership program Walmart+ is continuing to grow and gain new members.

JPMorgan Downgrades Penske

JPMorgan has downgraded Penske to underweight, stating that the transportation company's earnings are starting to normalize. Despite strong performance in the past, Penske faces challenges ahead.

Bank of America Upgrades Hasbro

Bank of America has upgraded Hasbro from Neutral to Buy ahead of the company's second-quarter earnings call. The bank expects strong earnings due to high demand for The Lord of the Rings Magic set.

Deutsche Bank Upgrades New York Community Banc

Deutsche Bank has upgraded New York Community Banc to buy, citing the bank's strong execution and growth opportunities. The bank expects solid earnings growth for New York Community Banc.

Jefferies Downgrades Ford

Jefferies has downgraded Ford to hold due to worsening electric vehicle losses and concerns about the company's strategy.

RBC Downgrades CSX

RBC has downgraded CSX to sector perform mainly on valuation. Despite the company's strong performance, RBC believes that the stock is currently overvalued.

Oppenheimer Downgrades General Electric

Oppenheimer has downgraded General Electric based on valuation. The bank notes that General Electric has delivered strong results, but the stock has reached its target multiples.

Bernstein Downgrades Southwest

Bernstein has downgraded Southwest to market perform, stating that it has lost confidence in the company's earnings trajectory. The bank does not see a clear path to margin recovery in the near term.

Evercore ISI Reiterates Amazon as Outperform

Evercore ISI is standing by its outperform rating on Amazon, stating that the stock has an attractive set-up based on its Triple Trough Thesis. The bank expects continued growth for the company.

Piper Sandler Upgrades Sweetgreen

Piper Sandler has upgraded Sweetgreen to overweight, expecting a meaningful improvement in sentiment for the fast-casual restaurant company in the coming months.

Piper Sandler Upgrades Wayfair

Piper Sandler has also upgraded Wayfair to overweight, noting that the company is on the cusp of driving sustained EBITDA profitability.

Credit Suisse Downgrades UPS

Credit Suisse has downgraded UPS to neutral due to concerns about recent labor wage increases. The bank expects these wage increases to negatively impact UPS earnings in the future.

Morgan Stanley Downgrades Salesforce

Morgan Stanley has downgraded Salesforce to equal weight, stating that positive catalysts for the stock are now in the rear-view mirror. The bank remains confident in Salesforce's long-term opportunity but believes that near-term growth may be limited.

Morgan Stanley Upgrades Adobe

Morgan Stanley has upgraded Adobe to overweight, citing the company's potential for mid/high-teens EPS growth over the next three years. The bank sees generative AI driving creativity and expects the stock to outperform.

Barclays Reiterates Tesla

Barclays continues to recommend Tesla as equal weight, emphasizing that the company should not be dismissed in the battle for electric vehicle trucks. Despite the dominance of the Detroit 3 in the pickup market, competition from Tesla and Rivian should not be underestimated.

Conclusion: Evaluating Wall Street Calls for New Businesses

The recent Wall Street calls, including upgrades, downgrades, and reiterations, provide valuable insights into the market sentiment and potential impact on various businesses. For new businesses entering or operating in these sectors, these calls can serve as a guide to navigate the competitive landscape. Here are a few key takeaways:

1. Industry-Specific Analysis:
  • Understanding the specific factors attributed to each rating is crucial. For example, companies like Keurig Dr Pepper and Wayfair have received optimistic upgrades, signaling potential growth opportunities, while Ford and UPS face challenges due to concerns about their strategies or labor wage increases.
  • Monitoring industry trends and dynamics is essential to evaluate the context and implications of these ratings. Opportunities in AI infrastructure hardware, sustainable fast-casual dining, and electric vehicle markets are highlighted in several calls.
2. Financial Performance and Valuations:
  • Assessing factors like projected earnings growth, cash flow inflection, and relative valuations in the context of future potential can help new businesses prioritize growth areas and potential investment opportunities.
  • However, it is important to conduct independent research and take a comprehensive view beyond single ratings, considering the outlook of the broader market and competitors.
3. Long-Term Growth Outlook:
  • Evaluating factors driving long-term growth, such as generative AI, market dominance, or sustained profitability, can assist new businesses in aligning their strategies with market trends.
  • Understanding the risks associated with overbuilding, margin recovery, or limited near-term growth can provide businesses with a realistic perspective for planning and mitigating potential challenges.
In summary, the Wall Street calls provide valuable insights into market sentiment and potential opportunities and challenges for new businesses. Analyzing industry-specific factors, financial assessments, and long-term growth outlooks can help businesses make informed decisions and develop strategies that align with market dynamics. However, it is crucial to use these calls as one piece of the puzzle and conduct comprehensive research and analysis to form a complete view of the market and make well-informed business decisions. Article First Published at: https://www.cnbc.com/2023/07/31/mondays-top-wall-street-analyst-calls-include-apple-nvidia.html

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