Wells Fargo Initiates Freshpet as Overweight
According to Wells Fargo, Freshpet, an online pet food company, has significant earnings per share (EPS) leverage. The company believes that Freshpet has a long distribution runway and that EPS leverage will improve over time.
Deutsche Bank Names Applied Materials a Top 2024 Pick
Deutsche Bank considers Applied Materials to be a cheap stock. Despite its shares being up by 52% year-to-date, the bank believes that Applied Materials remains the least expensive among large-caps due to concerns about lagging-edge investments in China.
Stifel Initiates Alcon as Buy
Stifel finds shares of eye-product company Alcon attractive. They believe that Alcon is a core holding with sustainable mid single-digit sales growth and potential for margin expansion.
Wolfe Initiates Take-Two Interactive as Outperform
Wolfe is bullish on shares of Take-Two Interactive. They anticipate increased revenue growth and margin expansion fueled by core franchise growth, such as the release of Grand Theft Auto VI, and a stable mobile business.
TD Cowen Names Walmart a Top 2024 Pick
TD Cowen views Walmart as a retail-tech leader and predicts that strategic investments in Walmart+, e-commerce marketplace, and digital advertising will drive higher margins for the big-box retailer.
JPMorgan Upgrades Amalgamated Financial to Overweight from Neutral
JPMorgan sees upside for banking company Amalgamated Financial due to the management delivering on its financial targets. Although growth moderated in 2023, JPMorgan believes that Amalgamated Financial’s valuation discount has widened again, making it an attractive investment.
RBC Upgrades Amgen to Outperform from Sector Perform
RBC believes that pharma giant Amgen has pipeline optionality, leading them to upgrade the stock to Outperform. They anticipate new growth opportunities, a diversifying commercial portfolio, and emerging clarity on out-year growth drivers.
Goldman Names Target a Top Pick in 2024
According to Goldman Sachs, Target is a top idea for 2024. They expect market share gains and improved operating margins for the retailer due to strong merchandising and various strategic initiatives.
JPMorgan Upgrades Rio Tinto to Overweight from Neutral
JPMorgan considers metals and mining company Rio Tinto to be best in class. They have an overweight rating on the stock, reflecting their positive outlook for the iron ore market.
Citi Downgrades Macy’s to Sell from Neutral
Citi is skeptical about a potential buyout deal for Macy’s, leading them to downgrade the stock to Sell. They believe that a deal materializing is unlikely.
Goldman Sachs Upgrades Sprouts to Buy from Sell
Goldman Sachs admits that their previous Sell rating on grocery store chain Sprouts was wrong. The firm has observed better-than-expected execution by Sprouts amid its transformation focusing on health enthusiasts.
Goldman Sachs Upgrades PVH to Buy from Neutral
Goldman Sachs sees improving execution for PVH and expects additional support from investments in brand, innovation, and marketplace management. They believe there is ongoing upside potential for PVH into 2024/2025.
UBS Reiterates Apple as Neutral
UBS remains cautious about Apple’s Vision Pro launch. Although the mixed reality headset could potentially launch earlier than expected, UBS believes its financial impact will be limited.
Raymond James Reiterates Coinbase as Underperform
Raymond James maintains its underperform rating on shares of Coinbase. They note that revenue and adjusted EBITDA expectations for 2024 have declined significantly since June 2021.
Goldman Sachs Upgrades Ralph Lauren to Neutral from Sell
Goldman Sachs acknowledges that there are headwinds facing Ralph Lauren but notes that margins are improving. They highlight the decline in wholesale revenues and timing shifts as factors affecting the company’s performance.
Argus Upgrades Humana to Buy from Hold
Argus upgraded Humana after the company called off its merger with Cigna. They believe there is potential for share price appreciation.
Cantor Fitzgerald Initiates FuboTV as Buy
Cantor Fitzgerald is bullish on streaming TV service FuboTV. They view it as a disruptive player in the traditional cable and broadcast Pay-TV providers market.
Morgan Stanley Upgrades Hewlett Packard to Overweight from Equal Weight
Morgan Stanley believes that Hewlett Packard is underappreciated and considers it a cyclical stock with strong operational efficiency.
JPMorgan Upgrades Martin Marietta and Vulcan to Overweight from Neutral
JPMorgan has become more bullish on the metals and mining sector, upgrading Martin Marietta and Vulcan Materials to overweight. They anticipate an average 10% upside for the space.
JMP Upgrades Zillow to Market Outperform from Market Perform
JMP sees modest share gains for Zillow Group and expects the company to benefit from normalizing existing home transactions. They have increased their top- and bottom-line estimates for Zillow.
JPMorgan Upgrades Henry Schein to Overweight from Neutral
JPMorgan believes that concerns about share losses for dental company Henry Schein are overdone. They see potential for the company to work through overhangs in 2024.
JPMorgan Upgrades Sempra to Overweight from Neutral
JPMorgan considers energy company Sempra’s leverage in Texas to be underappreciated. They believe that Sempra is well-positioned to capitalize on increasing levels of system investment need in the state.
Bank of America Initiates Crocs as Buy
Bank of America views Crocs as a rebound story with a broken multiple. They believe that the company has strong momentum and anticipate potential upside.
Bank of America Upgrades Quest Diagnostics to Buy from Neutral
Bank of America sees growth at a reasonable price for diagnostics company Quest Diagnostics. They have raised their price target and upgraded the stock due to positive expectations for 2024.
Piper Sandler Upgrades HubSpot to Outperform from Neutral
Piper Sandler is optimistic about software company HubSpot, citing improving website traffic and positive data from their CIO survey. They have raised their estimates for 2024.
JPMorgan Downgrades Comerica to Neutral from Overweight
JPMorgan has downgraded bank Comerica on valuation grounds. They believe that Comerica is slightly worse positioned than its peers if the Fed cuts rates in 2024.
Barclays Downgrades Airbnb to Underweight from Neutral
Barclays has downgraded Airbnb due to indications of plateauing short-term rental demand and increasing competition from hotel peers. They still acknowledge Airbnb’s market leadership in alternative accommodations.
William Blair Initiates Boeing as Outperform
William Blair has initiated coverage on Boeing with an outperform rating. They believe that the company’s production rates will continue to trend higher.
B. Riley Initiates Traeger as
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