Oppenheimer reiterates Netflix as outperform
According to Oppenheimer, Netflix’s initiatives such as password sharing rules, advertising, and optimizing subscriber plan choices will drive subscriber growth and average revenue per membership (ARM), leading to higher revenue. As a result, Oppenheimer has raised its price target on Netflix stock to $600 per share from $475.
Goldman Sachs reiterates Monster as buy
Goldman Sachs believes that the upcoming investor day will be a positive catalyst for Monster stock. They expect management to field investor questions in person for the first time in several years. Goldman Sachs has reiterated its Buy rating on Monster ahead of the event.
RBC upgrades Pentair to outperform
RBC has upgraded Pentair from Sector Perform to Outperform. They believe that the worst is behind the water treatment company, with post-COVID pool comps and destocking no longer an issue. RBC also expects self-help and transformational initiatives to drive an additional margin upside by 2025.
Barclays downgrades Snowflake to equal weight
Barclays has downgraded Snowflake from overweight to equal weight due to concerns about the stock’s valuation. They believe that further consumption recovery or new product contributions are needed for accelerating product growth.
RBC upgrades Regeneron to outperform
RBC considers Regeneron “one of the most dynamic all-around stories in large-cap biotech.” Despite acknowledging that some investors may prefer to wait for a pullback, RBC believes that now is a good time to own Regeneron due to the removal of near-term overhangs and potential fundamental upside.
Berenberg upgrades Autoliv to buy
Berenberg has upgraded Autoliv from hold to buy, citing the automotive safety supplier’s attractive risk/reward profile. They expect Autoliv’s dominant market position in passive safety to continue driving steady growth.
Bank of America reiterates Coinbase as underperform
Bank of America sees the newly approved bitcoin ETF as a potential threat to Coinbase. They believe that these ETFs could represent a competitive challenge for crypto exchanges like Coinbase.
Baird reiterates Tesla as outperform
Baird is standing by its outperform rating on Tesla, despite disruptions in the supply chain caused by the Red Sea armed conflict. They expect longer wait times due to rerouted supply chains but maintain a positive outlook on the stock.
RBC upgrades Taylor Morrison to outperform
RBC has upgraded homebuilder Taylor Morrison to Outperform and raised its price target. They find the company’s valuation attractive and have a positive outlook for its performance in 2024.
Goldman Sachs initiates Rio Tinto as buy
Goldman Sachs has initiated coverage on metals and mining company Rio Tinto with a Buy rating. They believe that Rio Tinto has a robust balance sheet and strong cash flows, which provide significant upside potential.
Jefferies upgrades International Flavors to buy
Jefferies has upgraded International Flavors from hold to buy, citing bullishness on management changes. The CEO change positions the company for sustainable structural improvement in the coming years.
Bank of America reiterates Alphabet as buy
Bank of America expects more layoffs at Alphabet, with some jobs being replaced by AI. They believe that Alphabet has eliminated positions in its core engineering division, Google Assistant, and hardware division.
Piper Sandler upgrades Twilio to overweight
Piper Sandler has upgraded Twilio from neutral to overweight and raised its price target. They believe that there is significant upside potential for the stock as Twilio has executed better on profitability initiatives.
Roth MKM upgrades Live Nation to buy
Roth MKM has upgraded Live Nation from hold to buy, expecting above-trend growth for the concerts company. They believe that positive secular demand for live events and concerts will drive growth in the coming years.
Truist reiterates Amazon as buy
Truist has reiterated its Buy rating on Amazon and raised its price target. They expect Amazon to perform well due to higher e-commerce and advertising revenue.
RBC downgrades Johnson Controls to underperform
RBC has downgraded Johnson Controls from Sector Perform to Underperform. They see risks to the company’s margin expansion targets and lukewarm earnings growth, as well as potential repercussions from a cyberattack.
Bernstein reiterates Apple as market perform
Bernstein maintains a market perform rating on Apple, seeing the risk/reward as relatively neutral to slightly negative. They believe that Apple’s valuation remains elevated compared to peers and history.
Evercore ISI upgrades Ciena to outperform
Evercore ISI has upgraded Ciena from in line to outperform. They expect Ciena’s recent earnings report to enable a path for beating expectations and raising guidance in the future.
Citi upgrades Qualcomm to buy
Citi has upgraded Qualcomm from neutral to buy, citing upside potential. They expect inventory replenishment in the wireless end market and anticipate Qualcomm to exceed expectations in its upcoming report.
Barclays reiterates Walmart as overweight
Barclays has reiterated its overweight rating on Walmart, noting that the company continues to take market share. They believe that lower prices may be needed in the industry, but Walmart’s competitive position remains strong.
Barclays reiterates Nvidia as overweight
Barclays has reconfirmed its overweight rating on Nvidia. They see AI as a bright spot for Nvidia and note positive developments at the recent Consumer Electronics Show.
Bank of America names Warner Bros, Netflix, and Spotify top picks
Bank of America has named Warner Bros, Netflix, and Spotify as top picks in 2024. They are generally bullish on large-cap media stocks and more cautious on cable stocks.
Hot Take: Bank of America’s Top Picks for 2024
Bank of America has selected Warner Bros, Netflix, and Spotify as their top picks for 2024. These media stocks are expected to perform well in the coming year. However, they are more cautious about cable stocks. It will be interesting to see how these companies fare in the rapidly changing media landscape.
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