Here are Wednesday’s biggest calls on Wall Street: Evercore ISI reiterates Tesla as in line Evercore said it was very cautious ahead of Tesla’s earnings on Wednesday after the bell. “Hard to see a clear near-term catalyst (up or down) in the print given that the Auto core metrics appear to be in line with the gross margin of ’17-17.5%’. ” JPMorgan Adds Qualcomm and HP Inc to Priority List JPMorgan added HP Inc to priority list and said it was a high value idea. The company also added Qualcomm to the priority list and says it’s a great idea for growth. “Put Qualcomm on analyst list as a growth idea and Positive Catalyst Watch for upcoming results. … .Add HPQ to analyst list as a value idea.” JPMorgan moves Cisco from neutral to overweight JPMorgan said the stock was attractively valued. “Upgrade Cisco to Overweight due to limited further decline in company spend and low cost valuation.” JPMorgan adds Charles Schwab to priority list JPMorgan added the stock to its priority list after its earnings report and said it saw “improving fundamentals.” “We add Schwab stock to our analyst priority list with a compelling upside (~44%) given improving fundamentals and our forecast for an increase in Adjusted EPS of $3.32 in 2023E at $6.00 in 2025E.” Bank of America upgrades bluebird bio to buy from neutral Bank of America said it sees an attractive entry point for the biotech company. “Move to Buy: Positioned to Lead in the Attractive Sickle Cell Gene Therapy Market.” Bank of America reiterates Amazon as buy Bank of America said it is heading for Amazon earnings later this month. “We believe further multiple expansion is possible, driven by accelerating AWS growth and improving retail margins. Jefferies Reiterates Meta As Buy Jefferies Said Bullish ahead of Meta earnings on July 26. “We are positive on META fundamentals as we expect a Q2 turnover pace and Q3 turnover guidance likely calls for accelerating growth from lows. easier comps. “its intrinsic value at its current price.” Citi initiates Republic Services as a purchase Citi initiated the waste management company with a purchase and said it sees benefits. An expense and placeholders for ’24’/25.” JPMorgan Downgrades Cinemark to Overweight Neutral JPMorgan downgraded the movie company due to concerns over Hollywood strikes. “Our previous CNK upgrade in January was largely based on an increase in films offering a higher domestic box office. While we believe the industry has demonstrated its ability to operate at approximately $8.5-9.0 billion in gross revenue, we believe further improvements will require broader releases. lead contamination in cables. “We see a significant new risk to AT&T from a Wall Street Journal investigation into the possible environmental effects of the lead-coated copper cables the company has used for many decades.” JPMorgan downgrades Joby to an underweight in JPMorgan, neutral, said investors should wait for a better entry point. “Furthermore, with Archer at least close to Joby in terms of certification, in our view, we are seeing a relative outperformance of ACHR over JOBY, the latter of which we now rate at UW.” JPMorgan Adds DuPont to Priority List JPMorgan said the stock is “a high-quality late-cycle leverage play that is mispriced.” of the past, but qualifies more as a diversified materials technology company, where end-market leverage matters most, and it should trade more in the EE/MI direction, like 3M of the past , pre-PFAS.” Guggenheim initiates Texas Roadhouse, as a buyer Guggenheim said when the restaurant opened it had “best-in-class returns and a differentiated operating model.” “We believe the key competitive differentiator for Texas Roadhouse versus its full-service peers is its value proposition.” Bank of America reiterates Microsoft as buy Bank of America raised share price target to $405 per share against $340 and said it was a “top tier AI game.” “We reiterate our Buy rating and consider Microsoft a top pick and increase our PO to $405 ( 38x C24E FCF) starting at $340 (instead of 32x) given our vision of Microsoft as a leader in AI in software. Bank of America reiterates Apple as neutral Bank of America raised its share price target to $210 per share from $190 and said it was cautious ahead of Apple’s earnings on Aug. 3 . offset somewhat by services resilience (better App Store growth, strong subscriptions) and FX trends (1% headwind) which are better than forecast 4% headwind. Bank of America Reiterates ServiceNow as Top Pick Bank of America reiterated ServiceNow as a top idea and said channel audits showed “broad strength” in the second quarter. “Our calls with nearly a dozen partners suggested healthy business activity in the second quarter, with perhaps a slight increase from last quarter as macro pressure eased.” Bank of America Reiterates Block as Buy Bank of America said shares of the company formerly known as Square are undervalued. “We’re bullish on SQ’s full-fledged dual-sided ecosystem (Square and Cash App). Stocks underperformed in 22 months due to macro issues, but we believe the stock isn’t getting enough credit. for the overall resilience the business has shown to date as well as its opex discipline.” JPMorgan reiterates Spotify as overweight JPMorgan raised its price target on the stock to $190 per share from $160 and said it was bullish ahead of earnings next week. “We reiterate our overweight rating on SPOT, as we expect continued solid growth in MAU (monthly average users) and subscriber growth, podcast earnings in late 2023 or early 2024, growing market contribution, increased cost discipline, gross margin expansion and positive operating and net income in the coming quarters.”
Wednesday’s biggest analyst calls on Wall Street
