Here are Tuesday’s biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight as top pick. “Telsey reiterates Amazon is outperforming Telsey said the e-commerce giant is well positioned to gain market share.” Overall, we believe Amazon should continue to gain market share by leveraging its Prime member base, small business relationships, technological lead, and retail consolidation. Bernstein Reiterates Apple as Market Performance Bernstein said he is “ambivalent” for Apple shares to enter earnings next month. “We are ambivalent on the stock and ultimately view the risk-reward on AAPL as neutral to slightly negative.” Loop launches GlobalFoundries as a buyer Loop launched the semiconductor maker with a buy and said it was well positioned to benefit from growth in s automotive and smart device markets. “We are launching GlobalFoundries coverage with a BUY rating. We believe GFS is uniquely positioned to benefit from the secular growth of key semi-finished end markets (Autos, IoT, DC and Smart Devices), aided by their purpose-built technologies. JPMorgan launches Okta, Palo Alto Networks and CrowdStrike as overweight JPMorgan launched several cybersecurity companies on Tuesday and said “accelerating tailwinds in the cybersecurity market are driving demand.” “We are launching into the security software industry with overweight ratings on PANW, FTNT, CRWD, S and OKTA, underweight ratings on VRNS and QLYS, and neutral ratings on CYBR, TENB, ZS, CHKP , DPR and NABL.” KeyBanc puts Lyft overweight relative to industry weight KeyBanc said its investigative checks show rideshare data appears stable. “When we add this to aggressive cost-cutting action in recent quarters and an ongoing recovery along the West Coast, we see a significant opportunity for Lyft’s EBITDA improvement going into 2023. ” Read more about this call here. Bernstein downgrades Advanced Micro to market performance from outperform Bernstein expressed concern about the deteriorating PC market. “And our belief that AMD would prove relatively more immune to channel degradation has unfortunately been proven incorrect, and in recent months we’ve become more wary of potential PC dynamics, both given market outlook and exacerbated by Intel’s semi-destructive behavior of late, they are using both price and capacity as a strategic weapon, continuing to outperform even amid broader industry outages.” Read more about this call here. Oppenheimer launches Target as it outperforms Oppenheimer said Target is well positioned for long-term gains. “Longer term, we believe the business is well positioned to continue to gain market share, driven by digital efforts, store investments, merchandising success on the exclusive brand front, liquidations of competitors over time, partnerships with other brands/retailers, and traction with grocery store efforts.” UBS downgrades Sealed Air to neutral after purchase UBS said it expects little growth for the business. “We are downgrading SEE to Neutral and reducing estimates on expectations of weaker market growth and a slower recovery from automation.” JPMorgan moves Blackstone from neutral to overweight JPMorgan said the alternative asset management firm was “best in class”. “we see a commercial franchise still intact and positioned for stronger growth in the medium term, a real estate franchise with such good performance that we expect to grow even if the asset class loses popularity, and an insurance operation which adds layers of revenue/earnings growth via investments in credit and mortgage debt for multiple years.” Atlantic Equities reiterates Warner Brothers Discovery as it outperforms Atlantic Equities said it expects the stock to rise 80%. “The cord-cutting is undeniably accelerating and we currently estimate that US pay-TV subscribers are declining at a rate of 7% per year. However, we believe the new Warner Bros. Discovery merger may partially offset this by negotiating new distribution agreements.” Mizuho Reiterates Coinbase as Underperformer Mizuho says he stands by his sell rating on Coinbase shares and his investigative audits show that “despite January’s Bitcoin rally, retail investors continue to shy away from crypto “. “With participation rates 50 to 100 times higher than institutions, retail transaction revenue accounted for 83% of total COIN revenue in 2021.” UBS names BJ’s, Costco and Walmart among top picks for 2023 UBS said it expects “non-traditional chains to outperform supermarkets in the coming year.” “BJ and COST have recently seen record membership renewals and premium membership penetrations, suggesting that customers are turning to their offerings to maximize their buying power. Additionally, COST likely has a fee hike membership on the horizon and BJ traditionally trails on this front one year WMT’s investments in fresh quality, private label and pricing position it well to capture more market share across the revenue spectrum Morgan Stanley moves Marathon Oil from neutral to overweight Morgan Stanley said Marathon Oil has “leading FCF and shareholder returns. “The increase in the recently closed Ensign transaction helps offset some of the impacts of lower commodity prices, supporting FCF and shareholder returns. Baird downgrades Peloton to neutral from overweight Baird said in his stock downgrade that he is taking a more cautious stance. “PTON has been an extremely tough call, down substantially from early 2021 highs, as rising demand and poor execution have become clearer.” Bernstein Downgrades Lululemon for Underperforming Market Bernstein said in his Lululemon downgrade that the company has a “reset” coming up. “Now, without more pent-up demand, a more cautious consumer outlook and negative margin mix changes, earnings growth will slow significantly and we expect the multiple to follow.” Read more about this call here. Piper Sandler Reiterates Overweight Tesla Piper said her audits show Tesla’s delivery wait times have not increased significantly. “We note that waiting times have increased very slightly in Germany over the weekend, which is the first increase for many months, but beyond that we have not noticed any major inflection. waiting times.” Morgan Stanley Reiterates Ford Is Overweight Morgan Stanley said he saw an opportunity for Ford to “flex his self-help muscle.” “Deteriorating auto industry conditions for 2023 (lower price/mix, higher rates, broken tech bets) require a fresh look at structural costs and the ability to finance loss-making projects. We see an opportunity for Ford to exercise his self-help muscles.” Wells Fargo Reiterates Overweight Disney Wells said he liked Disney’s setup in earnings on Feb. 8. a higher share price.” Wells Fargo launches Chipotle and Starbucks as overweight Wells said both stocks are pulled to a rally. “Our SBUX ests are above the street up to 25 behind the domestic back-to-office gains, a revival of NT China and an underappreciated white space; CMG sentiment looks mixed, short interest is up, P/E is -30% from historical; we see LT growth levers and exaggerated traffic fears.” Read more about this call here.
