Here are Friday’s biggest calls on Wall Street: CFRA upgrades Seagate to buy from hold CFRA upgraded Seagate after its earnings report and said it sees a cloud demand recovery. “Despite macro concerns, we see IT hardware budgets recovering off lows on secular growth drivers. Initial signs of cloud stabilization provide optimism, but broader demand recovery is still gradual given economic uncertainty.” Oppenheimer reiterates Apple as outperform Oppenheimer said it’s bullish on Apple’s future in gaming. “We believe Apple management is committing to building Apple hardware as the best HD gaming platform.” Bank of America reiterates Alphabet as buy Bank of America raised its price target on the stock to $175 per share from $166. “We see Alphabet as well positioned long term with leading AI technology to apply to search, YouTube and Cloud businesses. Bank of America reiterates Apple as buy Bank of America said it’s standing by its buy rating Apple. “We maintain our Buy rating on Apple given positive estimate revisions, margin expansion and growth in Services. Apple was recently added to the US1 List at BofA. JPMorgan reiterates Tesla as underweight JPMorgan lowered its price target on the stock to $130 per share from $135 after the company’s earnings report on Wednesday. ” Tesla profit expectations have fallen, but even after Thursdays sell-off, the stock to us seems in comparison to have hardly noticed, suggesting plenty of further downside potential.” TD Cowen upgrades American Airlines to outperform from market perform TD said shares of the airlines are getting its “mojo” back. “We are upgrading shares of American Airlines Group to Outperform and increasing our PT to $21.” UBS downgrades Humana to neutral from buy UBS said in its downgrade of the health insurance company that Humana shares are too volatile right now. “Given the volatility in the company’s near-term results and management’s own commentary suggesting an extended time frame for recovery to normalized margins, we believe the shares will tend to trade at a mid-teens forward multiple from here.” Needham downgrades Intel to hold from buy Needham said it sees too many challenges ahead for Intel after its earnings report on Thursday. “We are downgrading INTC shares to Hold following an unexpected EPS reset, GM headwinds and challenges still faced in the core data center segment.” Oppenheimer upgrades Coinbase to outperform from perform Oppenheimer said it sees multiple catalysts ahead for the crypto company. “We are upgrading COIN from Perform to Outperform, and initiating a PT of $160. Our upgrade is based on our thesis that 1) either COIN will prevail in SEC lawsuit or the court will dismiss it; 2) Spot Bitcoin ETF is a net positive.” Deutsche Bank upgrades Snap to buy from hold Deutsche said shares are undervalued. “We are upgrading SNAP to Buy from Hold. We see a clear, strong catalyst path towards upwards revenue and EBITDA revisions supported by: a) Snapchat+ creating incremental revenue, b) the ad platform rebuild yielding strong performance results and driving growing advertiser adoption.” Oppenheimer upgrades Bread Financial to outperform from perform Oppenheimer said the stock is “undervalued.” “We usually stay away from transition stories during tough economic times, but BFH’s valuation and near-rightsized capital metrics are very enticing.” JPMorgan downgrades Dow to neutral from overweight JPMorgan said in its downgrade of the chemical company that it sees “constrained” cash flow. ” Dow’s cash flow is ample to fund current cash requirements, but is constrained to do more than that.” Bank of America reiterates Amazon as buy Bank of America said Amazon is “well positioned.” “With drivers for AWS acceleration and margin upside in place, we think the stock is well positioned into 2024 at just 2.4x 2025E P/S, near the middle of its historical range of 0.8-4.0x since 2010.” Piper Sandler downgrades US Bancorp to neutral from overweight Piper downgraded the stock mainly on valuation. “However, we are lowering our rating on USB from OW to Neutral. We still think extraordinarily highly of this company. But with last year’s capital-related idiosyncrasies having worked themselves out well, and with the shares at a premium to peers, we see fewer company-specific catalysts to cause the stock to outperform peers.” UBS downgrades Archer-Daniels Midland to neutral from buy UBS said in its downgrade of Archer-Daniels Midland that margins are degrading. “We are downgrading to Neutral with Price Target of $51/shr (no upside). We see downside to street earnings driven by 1) No growth in Nutrition segment; 2) Soy crush driving Yoy Decline in Crush earnings.” RBC downgrades Northrop Grumman to sector perform from outperform RBC downgraded the stock after its earnings earnings and says upside is limited. “We are downgrading our recommendation on NOC from Outperform to Sector Perform, and we are lowering our price target to $450.” Goldman Sachs upgrades Asur to buy from sell Goldman said in its upgrade of Asur that the Mexico airport company is a “structural growth story.” “We upgrade the stock to Buy as we believe it offers: i) a structural growth story with a challenging short term at least partly priced in; ii) undemanding valuation on our estimates (stocks are currently ~30% below the multiple implied by the correlation with 10y rates in Mexico).” Goldman Sachs reiterates Jabil as buy Goldman reinstated coverage of the electronics company with a buy and says it sees “reduced volatility” for Jabil. “Rising exposure to fast growing and more profitable end markets; Reinstate at Buy.” Wedbush reiterates Tesla as outperform Wedbush said it’s standing by Tesla, but removed the stock from its best ideas list. “We are removing TSLA from the Wedbush Best Ideas List (BIL) due to our investment price discipline. Evercore ISI reiterates Pinterest as outperform Evercore said it’s standing by its outperform rating on the stock after a “series of channel checks.” “We are materially raising estimates and our PT (from $45 to $50) on PINS and reiterating our Outperform (our #1 SMiD Cap Long) in the wake of our proprietary tracking and analysis of its Amazon partnership and a series of channel checks.”
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