Apple, Nvidia, Ralph Lauren, Amazon
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Listed here are Monday’s greatest calls on Wall Avenue: UBS reiterates Apple as purchase UBS stated 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 collection is driving share positive factors from native manufacturers. 2) Within the US, 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 latest 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 in all our most financially resilient majors, as it’s capital-efficient, investor-friendly, cash-generative – and for us, nonetheless a core holding in any portfolio.” Mizuho reiterates WeWork as purchase Mizuho stated it sees a number of constructive catalysts forward for WeWork and that the work sharing area firm is executing effectively. “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 stated 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 steadiness 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 stated that AMD is within the “early levels” of additional share positive factors. “We keep Purchase/a prime cloud compute choose on AMD forward of its Computex tradeshow keynote (Might-23, Zen 4 unveil) and Analyst Day (Jun-9, new monetary mannequin).” UBS reiterates Nvidia as purchase UBS stated it is bullish heading into Nvidia earnings later this week. “We anticipate one other sturdy set of outcomes and see steering biased increased once more on the again of information middle power and gaming unlikely to fall off sufficient fairly but to create the chance to numbers that many buyers worry.” Piper Sandler downgrades Dow to impartial from obese Piper stated 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 will inform.” Citi downgrades Hewlett Packard to impartial from purchase Citi downgraded Hewlett Packard attributable to slowing PC demand. “We’re materially reducing our expectations for the PC market. Provide chain challenges, exacerbated by latest lockdowns, mixed with the macro inflationary woes are prone 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 stated it ought to be a “wake-up name” following final week’s disappointing retail earnings studies. “Following a 12 months (2021) when the retail stars had been all aligned, final week’s earnings studies represented a wake-up name for retail that confirmed the celebrities at the moment are misaligned for F22. On the demand aspect, lack of stimulus and the burden of upper meals and gas costs are squeezing decrease earnings shoppers, 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 attributable to 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/giant measurement TVs.” JPMorgan initiates Porch Group as obese JPMorgan initiated the skilled dwelling providers firm with an obese ranking on Monday and says the inventory is effectively positioned in a more durable actual property market. “We predict PRCH’s B2B technique is differentiated and positions PRCH effectively for sustained 30%+ development, even in a more durable actual property market, with revenue turning constructive in 2H23.” Learn extra about this name right here. Morgan Stanley upgrades Motorola Options to obese from equal weight Morgan Stanley stated it sees upside potential for the telecom and software program firm. “Our $300 Bull case valuation on MSI is achievable on a 2-year view and provides a 20% compound return. Close to time period, the inventory provides 15% upside potential and defensive earnings development; upgrading to OW.” SVB Securities initiates Eli Lilly as outperform SVB Securities stated in its initiation of the pharmaceutical firm that the market is underappreciated Eli Lilly ‘s weight problems drug. “We imagine 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 stated the e-commerce big was effectively positioned to resist a more durable financial atmosphere. ” AMZN –(stays our prime choose for 2022) as we view this latest EPS report as totally reflective of investor considerations on each revenues & profitability into 2022 (with AMZN uncovered to a large number of broader secular development themes incl. eComm, promoting, cloud computing, media consumption & client subscription adoption).”
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