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Wall Street’s Biggest Calls: Goldman Sachs Reiterates Constellation Brands as Buy, Deutsche Bank Stands by Wells Fargo, Citi Bullish on Meta, and More

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Biggest Calls on Wall Street

Goldman Sachs reiterates Constellation Brands as buy

Goldman Sachs reaffirms its recommendation to buy Constellation Brands, citing several positive factors that could benefit the beverage and alcohol company. They base their Buy rating on a new analysis of distribution and anticipate positive outcomes from STZ’s upcoming quarterly results and Investor Day events.

Deutsche Bank reiterates Wells Fargo as buy

Deutsche Bank maintains its buy rating on Wells Fargo, highlighting the stock’s strong performance relative to the broader bank group. They attribute this success to various factors such as addressing regulatory issues, surpassing net interest income guidance, effective cost control, and a favorable capital position.

Citi adds a positive catalyst watch on Meta

Citi expresses optimism about Meta’s upcoming Connect event and includes it on their list of positive catalysts. They anticipate hearing more details about Meta’s GenAI plans and expect strong earnings for the third quarter.

BTIG initiates Instacart as neutral

BTIG begins coverage of Instacart with a neutral rating primarily due to valuation concerns. They believe the current stock price adequately reflects the company’s modest growth prospects and the competitive challenges it faces in the industry.

Raymond James initiates Ralph Lauren as outperform

Raymond James starts coverage on Ralph Lauren with an outperform rating, emphasizing the company’s success in strengthening its direct-to-consumer business. They commend Ralph Lauren for elevating its brand, optimizing wholesale distribution, and improving gross margin.

Bank of America reiterates Apple as neutral

Bank of America’s analysis suggests that wireless carrier incentives do not significantly drive iPhone unit demand for Apple. They explain that these incentives make iPhones more affordable by combining financing with telecom services, but they do not have a substantial impact on overall demand.

CFRA downgrade Boeing to hold from buy

CFRA downgrades Boeing due to concerns about delivery issues and delays. Despite this downgrade, they still believe in the long-term potential of aircraft demand and anticipate significant opportunities for Boeing in the future.

Wells Fargo upgrades Charter to overweight from equal weight

Wells Fargo upgrades Charter Communications, stating that the worst phase for cable companies is behind them. They anticipate EBITDA acceleration driven by factors such as mobile roll-to-pay, rural growth, and video services.

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UBS initiates Squarespace as buy

UBS initiates coverage on Squarespace with a buy rating, highlighting the company’s potential for durable revenue growth. They anticipate positive estimate revisions as Squarespace expands into international markets and sells higher-priced subscriptions.

Oppenheimer reiterates Netflix as outperform

Oppenheimer maintains its outperform rating on Netflix despite lowering its price target. They cite positive revenue outlook despite reduced margin expectations based on comments from Netflix’s CFO at a competitor conference.

Morgan Stanley reiterates Exxon as overweight

Morgan Stanley raises its price target for Exxon and believes there is upside potential compared to consensus estimates. They emphasize the growth of Exxon’s downstream and chemicals business, projecting a threefold increase in earnings by 2027.

Jefferies upgrades Yum China to buy from hold

Jefferies upgrades Yum China, expecting robust unit growth in the future. They consider Yum China’s three-year plan to operate 20,000 stores by 2026 and the significant cash return as positive factors for investors.

Susquehanna initiates Arm as neutral

Susquehanna initiates coverage on Arm as neutral, primarily based on valuation concerns. They believe the stock is currently fairly valued and provide investors with two perspectives on the company.

Canaccord downgrades Deere to hold from buy

Canaccord downgrades Deere, anticipating a slowdown in unit growth for agricultural equipment. They decide to move to the sidelines as they observe normalization in dealer inventories.

HSBC initiates Walmart as buy

HSBC initiates coverage on Walmart with a buy rating, highlighting the company’s competitive advantages. They emphasize Walmart’s large customer base, extensive store footprint, and successful online-to-offline strategy.

HSBC initiates Procter & Gamble as buy

HSBC initiates coverage on Procter & Gamble with a buy rating, emphasizing the company’s robust free-cash flow. They commend Procter & Gamble for its strong capabilities and market share leadership in various categories.

Bernstein upgrades Wayfair to market perform from underperform

Bernstein upgrades Wayfair, making a tactical call on the stock. They anticipate improved revenue growth and positive margin trends, expecting positive revisions in EBITDA estimates for 2024.

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