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Top Analyst Recommendations: Nvidia, Apple, Nike, Home Depot, GM, Wells Fargo, Coinbase, and More on Thursday

Top Analyst Recommendations: Nvidia, Apple, Nike, Home Depot, GM, Wells Fargo, Coinbase, and More on Thursday

Piper Sandler Downgrades Apple to Neutral

Piper Sandler has downgraded Apple from overweight to neutral due to concerns about handset inventories. The firm believes that the broader handset environment in the first half of 2024 may impact Apple’s performance.

Morgan Stanley Upgrades Allstate to Overweight

Allstate has been upgraded by Morgan Stanley from equal weight to overweight. The firm believes that Allstate is underappreciated and sees it as a favorable investment in the current market environment.

Roth MKM Downgrades Mattel to Hold

Roth MKM has downgraded toy company Mattel from buy to hold. The firm believes that there is too much excess inventory on retail shelves, which may negatively impact the company’s results in the first half of the year.

Barclays Downgrades Bath & Body Works

Barclays has downgraded Bath & Body Works from overweight to equal weight. The firm cited concerns about driving top-line growth as the reason for the downgrade.

Bernstein Downgrades Analog Devices

Analog Devices has been downgraded by Bernstein from outperform to market perform primarily due to valuation concerns. While the company has a resilient profile, its valuations have expanded and may need to grow into the multiple.

Bernstein Names Nike a Best Idea

Nike has been named one of Bernstein’s best ideas for the next six months. The firm believes that Nike’s multi-year margin story is still intact and expects significant EPS growth over the next three years.

Bank of America Upgrades Tal Education

Bank of America has upgraded Tal Education from neutral to buy. The firm sees improving profitability for the China-based education company and has raised its non-GAAP EPS estimates.

KeyBanc Downgrades Sunrun

Sunrun has been downgraded by KeyBanc from overweight to sector weight. The firm made the downgrade based on recent valuation rebound.

Jefferies Upgrades Murphy USA

Gas station company Murphy USA has been upgraded by Jefferies from hold to buy. The firm believes that the company is well-positioned for multiple expansion.

Evercore ISI Upgrades Five Below

Evercore ISI has upgraded Five Below from in line to outperform. The firm sees rising spend intention and a sticky remodel boost as positive factors for the stock.

Mizuho Upgrades Emerson Electric

Mizuho has upgraded Emerson Electric from hold to buy. The firm sees it as a barbell play with exposure to both long and short cycles.

Piper Sandler Reiterates Nvidia as Overweight

Piper Sandler has reiterated Nvidia as its top large-cap pick. The firm believes that Nvidia’s competitive position as a full-stack compute supplier makes it favorable in the market.

TD Cowen Downgrades Pfizer

Pfizer has been downgraded by TD Cowen from outperform to market perform. The firm cites a lack of conviction in the stock’s outlook after a challenging 2023.

TD Cowen Upgrades Merck

Merck has been upgraded by TD Cowen from market perform to outperform. The firm finds the stock’s valuation compelling and expects greater near-term EPS visibility.

Wells Fargo Names Home Depot a Top Pick

Wells Fargo has named Home Depot as one of its top picks for 2024. The firm sees growth and recovery opportunities, margin recapture, and idiosyncratic professional opportunities for the stock.

Wells Fargo Downgrades Five Below and BJ’s

Wells Fargo has downgraded both Five Below and BJ’s from overweight to equal weight. The firm sees earnings risks in the industry for 2024.

Deutsche Bank Names General Electric and Boeing Top Picks

Deutsche Bank has named General Electric and Boeing as its best ideas in 2024. The firm believes these companies offer strong investment opportunities in the aerospace and defense sector.

Oppenheimer Downgrades PayPal

PayPal has been downgraded by Oppenheimer from outperform to market perform. The firm sees pressure on profits as a reason for the downgrade.

JPMorgan Upgrades American Express

American Express has been upgraded by JPMorgan from neutral to overweight. The firm considers it a safe haven investment amid deteriorating household balance sheets.

Goldman Sachs Upgrades Comerica

Comerica has been upgraded by Goldman Sachs from neutral to buy. The firm expects loan growth to return and sees several catalysts for the stock in 2024.

Goldman Sachs Names Wells Fargo a Top Pick

Wells Fargo has been named a top pick by Goldman Sachs. The firm sees potential market share gains for the banking giant.

Wolfe Upgrades General Motors

General Motors has been upgraded by Wolfe from peer perform to outperform. The firm believes that the company will generate strong earnings and cash flow in the near to medium-term.

Wolfe Downgrades Rivian

Rivian has been downgraded by Wolfe from outperform to peer perform. The firm cites product uncertainty as a reason for the downgrade.

Mizuho Reiterates Coinbase as Underperform

Mizuho is maintaining its underperform rating on Coinbase. The firm believes that the potential upside from a Bitcoin ETF may be less than what the stock indicates.

Stifel Downgrades Papa John’s

Papa John’s has been downgraded by Stifel from hold to sell. The firm believes that the stock is currently overvalued.

Wells Fargo Names Toll Brothers a Top Pick

Toll Brothers has been named a top pick by Wells Fargo for 2024. The firm sees opportunities for offense with lower rates and expects growth in average selling prices and gross margins for the industry.

Bank of America Upgrades Truist

Truist Financial has been upgraded by Bank of America from neutral to buy. The firm believes that the macro environment is becoming more manageable for the bank.

Wolfe Upgrades Verizon

Verizon has been upgraded by Wolfe from peer perform to outperform. The firm sees positive trends in deleveraging, execution, and revenue growth for the company.

Barclays Upgrades Dollar General

Dollar General has been upgraded by Barclays from equal weight to overweight. The firm expects margin improvement and sales recovery starting in the second or third quarter.

Barclays Upgrades Home Depot

Home Depot has been upgraded by Barclays from equal weight to overweight. The firm sees potential rate cuts as a positive factor for the stock and expects improving comps and earnings.

Piper Sandler Upgrades Micron

Micron has been upgraded by Piper Sandler from neutral to overweight. The firm sees pricing momentum for the stock and believes that it has significant upside potential.

Monness Crespi Hardt Downgrades Snowflake

Snowflake has been downgraded by Monness Crespi Hardt from neutral to sell. The firm believes that the stock is overvalued and vulnerable to selling pressure.

Hot Take: Mixed Bag of Upgrades and Downgrades on Wall Street

Wall Street analysts have released a series of upgrades and downgrades for various stocks. Piper Sandler downgraded Apple due to concerns about handset inventories, while Morgan Stanley upgraded Allstate, citing its underappreciated position in the market. Roth MKM downgraded Mattel due to excess inventory, and Barclays downgraded Bath & Body Works based on top-line concerns. Bernstein downgraded Analog Devices primarily due to valuation concerns but named Nike as one of its best ideas. Bank of America upgraded Tal Education, while KeyBanc downgraded Sunrun on valuation rebound. Jefferies upgraded Murphy USA, Evercore ISI upgraded Five Below, Mizuho upgraded Emerson Electric, Piper Sandler reiterated Nvidia as overweight, TD Cowen downgraded Pfizer, but upgraded Merck. Wells Fargo named Home Depot a top pick and downgraded Five Below and BJ’s. Deutsche Bank named General Electric and Boeing top picks, Oppenheimer downgraded PayPal, JPMorgan upgraded American Express, Goldman Sachs upgraded Comerica and named Wells Fargo a top pick. Wolfe upgraded General Motors but downgraded Rivian, Mizuho reiterated Coinbase as underperform

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Top Analyst Recommendations: Nvidia, Apple, Nike, Home Depot, GM, Wells Fargo, Coinbase, and More on Thursday