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Listed below are Monday’s greatest calls on Wall Avenue: UBS reiterates Apple as purchase UBS mentioned that its survey checks present a “modest downtick” in iPhone demand. “Key takeaways from the survey pertaining to Apple are: 1) China iPhone buy intent was up ~600 bps YoY, reaching its highest stage in six years suggesting the iPhone 13 sequence is driving share features from native manufacturers. 2) Within the U.S., iPhone buy intent was down 400 bps YoY, the softest stage in two years” SocGen downgrades Chevron to carry from purchase SocGen downgraded Chevron primarily on valuation. “The inventory’s current substantial outperformance, in our view deserved, leaves the 12-month TSR (whole shareholder return) at solely 7.5% — therefore our downgrade from Purchase to Maintain. But, this stays one among our most financially resilient majors, as it’s capital environment friendly, investor pleasant, money generative — and for us, nonetheless a core holding in any portfolio.” Mizuho reiterates WeWork as purchase Mizuho mentioned it sees a number of optimistic catalysts forward for WeWork and that the work-sharing area firm is executing properly. “We proceed to anticipate sturdy execution and a number of other mini-catalysts forward, together with breakeven EBITDA by year-end.” Cowen initiates Hain Celestial as outperform Cowen mentioned that the meals and private merchandise firm is a “high-growth well being & wellness captain.” “The transition to a streamlined operator has yielded share development, margin enchancment, and a more healthy stability sheet — all of which successfully place Hain as a high-growth well being & wellness captain.” Financial institution of America reiterates Superior Micro Gadgets as a prime choose Financial institution of America mentioned that AMD is within the “early phases” of additional share features. “We preserve Purchase/a prime cloud compute choose on AMD forward of its Computex commerce present keynote (Could 23, Zen 4 unveil) and Analyst Day (June 9, new monetary mannequin).” UBS reiterates Nvidia as purchase UBS mentioned it is bullish heading into Nvidia earnings later this week. “We anticipate one other sturdy set of outcomes and see steering biased larger once more on the again of knowledge middle power and gaming unlikely to fall off sufficient fairly but to create the chance to numbers that many traders concern.” Piper Sandler downgrades Dow to impartial from chubby Piper mentioned that it sees provide and logistics issues for Dow. “Logistics proceed to be a significant downside. … Provide stays excessive within the absence of better export motion. This impacts the flexibility of producers to boost costs. The market is solely loosening so far as we are able to inform.” Citi downgrades Hewlett Packard to impartial from purchase Citi downgraded Hewlett Packard as a result of slowing PC demand. “We’re materially reducing our expectations for the PC market. Provide chain challenges, exacerbated by current lockdowns, mixed with the macro inflationary woes are more likely to mood PC unit demand.” Learn extra about this name right here. Citi downgrades Abercrombie & Fitch, Kohl’s, American Eagle Outfitters and Ralph Lauren to impartial from purchase and downgrades Hole to promote from impartial Citi downgraded a number of retail shares on Monday morning and mentioned it ought to be a “wake-up name” following final week’s disappointing retail earnings stories. “Following a 12 months (2021) when the retail stars have been all aligned, final week’s earnings stories represented a wake-up name for retail that confirmed the celebrities are actually misaligned for F22. On the demand facet, lack of stimulus and the burden of upper meals and gasoline costs are squeezing decrease earnings customers, resulting in a pullback in discretionary classes (like attire/dwelling). We’re downgrading ANF, AEO, KSS, and RL from Purchase to Impartial. We’re downgrading CRI from Purchase to Promote. We’re downgrading GPS and PLCE from Impartial to Promote.” Citi downgrades Corning to impartial from purchase Citi downgraded the glass firm as a result of a “weakening client demand backdrop.” “We’re downgrading Corning to Impartial from Purchase. We’re decreasing our estimates in glass substrate consumption given decrease PC and pill demand, coupled with decrease visibility in demand restoration for premium/massive dimension TVs.” JPMorgan initiates Porch Group as chubby JPMorgan initiated the skilled dwelling companies firm with an chubby score on Monday and says the inventory is properly positioned in a harder actual property market. “We predict PRCH’s B2B technique is differentiated and positions PRCH properly for sustained 30%+ development, even in a harder actual property market, with revenue turning optimistic in 2H23.” Learn extra about this name right here. Morgan Stanley upgrades Motorola Options to chubby from equal weight Morgan Stanley mentioned it sees upside potential for the telecom and software program firm. “Our $300 Bull case valuation on MSI is achievable on a two-year view and gives a 20% compound return. Close to time period, the inventory gives 15% upside potential and defensive earnings development; upgrading to OW.” SVB Securities initiates Eli Lilly as outperform SVB Securities mentioned in its initiation of the pharmaceutical firm that the market has underappreciated Eli Lilly ‘s weight problems drug. “We consider that consensus underappreciates the gross sales potential for Lilly’s recently-approved tirzepatide (model title Mounjaro) for diabetes and weight problems, and we anticipate upward estimate revisions to drive inventory outperformance.” Learn extra about this name right here. Goldman Sacks reiterates Amazon as purchase Goldman mentioned the e-commerce large was properly positioned to resist a harder financial atmosphere. ” AMZN (stays our prime choose for 2022) as we view this current EPS report as totally reflective of investor issues on each revenues & profitability into 2022 (with AMZN uncovered to a mess of broader secular development themes together with e-comm, promoting, cloud computing, media consumption & client subscription adoption).”
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