Bernstein Initiates Howmet Aerospace as Outperform
Bernstein is bullish on shares of Howmet Aerospace, initiating coverage with an “Outperform” rating and a target price of $67. Despite the stock’s strong performance in 2023, Bernstein sees more upside for the aerospace company.
Bank of America Reiterates Nvidia as Buy
Bank of America maintains its buy rating on Nvidia. The bank believes that Nvidia’s solid free cash flow generation provides options to address concerns and potentially increase its trading multiple back to its historical range.
Stifel Upgrades Elanco to Buy from Hold
Stifel upgrades Elanco to a buy rating, stating that the animal health company’s growth potential is just getting started and could last for several years.
Jefferies Initiates IBM as Hold
Jefferies initiates coverage on IBM with a hold rating, stating that the upside for the company’s shares is limited. IBM’s revenue growth is below that of its software peers while operating at lower margins.
UBS Upgrades Boot Barn to Buy from Neutral
UBS believes that Boot Barn is undervalued and upgrades the stock from neutral to buy. The market has not fully appreciated Boot Barn as a growth company, but UBS expects this perception to change by the end of the year.
JPMorgan Upgrades Kymera to Overweight from Neutral
JPMorgan upgrades Kymera to overweight, citing the biotech company’s “best-in-class” pipeline potential. Kymera’s pipeline expansion initiatives offer promising oral medicines for various inflammatory disease indications.
RBC Initiates Snowflake as Outperform
RBC initiates coverage on Snowflake with an outperform rating and a price target of $230. The bank is bullish on Snowflake’s long-term growth opportunity and believes there is potential for upside to consensus estimates.
KBW Reiterates Coinbase as Underperform
KBW maintains its underperform rating on Coinbase, stating that the approval of a spot bitcoin exchange-traded fund by the SEC is too uncertain for the company’s shares. The direct revenue opportunity from such an approval is modest, but the indirect impacts are harder to measure.
Stifel Names Wynn, Royal Caribbean, and Bowlero Top Picks
Stifel identifies Wynn Resorts, Royal Caribbean Group, and Bowlero Corporation as its top picks for 2024. Owning these stocks allows investors to capture the upside opportunity in Macau, Las Vegas Strip, and the cruise industry.
Bank of America Reiterates Sunrun as Buy
Bank of America maintains its buy rating on Sunrun, a solar company. The next milestone for Sunrun will likely be achieving its sustainable cash generation target by the end of 2024.
Morgan Stanley Reiterates Apple as Overweight
Morgan Stanley stands by its overweight rating on Apple. Survey checks show strong App Store growth, surpassing the bank’s forecast and indicating upside potential in Apple’s services segment.
UBS Names Boeing a Top Pick
UBS likes Boeing shares in 2024. The bank expects a fourth-quarter free cash flow beat, in-line guidance for 2024, positive updates on China delivery timing, and further discussion of MAX rates above 50 per month.
BTIG Downgrades PayPal to Neutral from Buy
BTIG downgrades PayPal to neutral, expressing concerns about the company’s ability to achieve consistent and profitable revenue growth in the near term. BTIG sees returning to growth as a multiyear initiative.
Needham Adds On Holding to Conviction List
Needham adds On Holding to its conviction list, considering the shoe company a top pick for 2024.
Deutsche Bank Reiterates Costco as Buy
Deutsche Bank reaffirms its buy rating on Costco. The bank’s survey checks indicate that Costco remains a “best-in-class” retailer, with a high membership rate among respondents.
Bank of America Initiates Knife River as Buy
Bank of America initiates coverage on Knife River with a buy rating. Despite a 70% increase in the stock price since the spin-off, Knife River continues to trade at a discount compared to peers and recent transactions in the construction materials industry.
Jefferies Downgrades Palantir to Underperform from Hold
Jefferies downgrades Palantir to underperform, describing the stock as “overhyped AI.” The downgrade reflects concerns about Palantir’s valuation.
Barclays Upgrades Leidos Holdings to Overweight
Barclays upgrades Leidos Holdings to overweight, anticipating accelerating growth for the engineering company. The bank expects recent bookings strength, a CEO change, and reorganization efforts to drive growth.
Stephens Reiterates Chipotle as Overweight
Stephens maintains its overweight stance on Chipotle Mexican Grill and names it as its best idea for 2024. The bank remains optimistic about Chipotle’s prospects.
Bank of America Names Salesforce, Microsoft, and ServiceNow as Top Picks
Bank of America identifies Salesforce, Microsoft, and ServiceNow as its top ideas for 2024. The bank highlights the growth potential of these companies in their respective markets.
Bank of America Names Exxon and Chevron Top Picks
Bank of America selects Exxon and Chevron as its top picks for 2024. The bank sees significant value in these oil giants, particularly with recent mergers and acquisitions.
Needham Names DoorDash a Top Pick
Needham considers DoorDash a top pick for 2024. The company has performed well post-pandemic, driven by increased adoption of DashPass and strong bookings growth.
Wells Fargo Upgrades Carnival to Overweight
Wells Fargo upgrades Carnival to overweight, citing solid demand with two-thirds of the fiscal year 2024 business already booked. The bank sees potential for deleveraging and views the stock favorably after a 10% pullback.
Oppenheimer Downgrades McDonald’s to Perform
Oppenheimer downgrades McDonald’s from outperform to perform, citing a lack of catalysts for the stock at the moment. The bank does not anticipate significant changes to the consensus model.
UBS Reiterates CrowdStrike as Buy
UBS reaffirms its buy rating on CrowdStrike, considering it one of the best-positioned stocks in the cybersecurity industry. The bank raises its price target to $300.
Hot Take: Wall Street’s Calls for 2024
Wall Street analysts have made several calls on various stocks for 2024. The recommendations range from initiating coverage with outperform or buy ratings to downgrading stocks due to concerns. Key picks include Howmet Aerospace, Nvidia, Elanco, and Boot Barn. Analysts highlight the growth potential, pipeline expansion, and undervaluation of these companies. Other notable picks include Wynn Resorts, Royal Caribbean Group, and Bowlero as top choices for capturing the upside opportunity in the respective industries. The recommendations cover a wide range of sectors, including technology, healthcare, retail, and energy.
By
By
By
By