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Here are Thursday’s biggest calls on Wall Street: BTIG upgrades Warby Parker to buy from neutral BTIG said the eyewear company it has the “right playbook.” “We are upgrading WRBY to Buy from Neutral and establishing a $17 price target, as our proprietary survey work shows significant untapped opportunity, and we believe the company has the right playbook in place to capitalize on this potential.” Goldman Sachs reiterates Amazon as buy Goldman said it’s standing by its buy rating ahead of earnings later this month. “We reiterate our Buy rating on AMZN and continue to point to the shares offering an attractive risk-reward within the eCommerce sub-sector and our broader coverage as we slightly lower our 12-month PT to $175 (from $180, on higher CapEx) but still see an attractive 2:1 upside/downside skew in the shares.” Citi reiterates Netflix as buy Citi said it’s standing by its buy rating on the stock heading into earnings next week. “First, the good news: Netflix continues to take share of video viewing and the ad tier still has significant upside potential. Second, the neutral news: We expect Netflix to report results in line with the Street on all key metrics. Third, the bad news: consensus estimates for 4Q23 and 2024 may need to come down for revenues and margins.” Barclays upgrades First Solar to overweight from equal weight Barclays said it sees a compelling entry point for the solar stock. “We upgrade FSLR to OW as we think the risk/reward at this price offers an attractive entry.” Read more about this call here. Morgan Stanley names Spotify as a top pick Morgan Stanley named Spotify as its new top pick and said the stock is well positioned for the long term. “When combined with our differentiated earnings outlook and an increasingly rational competitive environment, we reiterate our OW and elevate to our new Top Pick.” Read more about this call here. Morgan Stanley names Taiwan Semiconductor as a catalyst driven idea Morgan Stanley said it’s bullish heading into the semis company’s earnings report next week. “Any constructive commentary from TSMC with 3Q23 results about a cycle recovery could be a catalyst for the market.” JPMorgan reiterates Plug Power as overweight JPMorgan said the company’s recent guidance revision “could act as a clearing event ahead of multiple near-term catalysts.” “From a stock perspective, PLUG has been underperforming on what we think is a risk-off environment coupled with prior missed execution on fuel margins in particular, presumably related to hydrogen production delays, and perhaps due to the company not raising margin guidance.” RBC reiterates Zoom as outperform RBC said it’s standing by its outperform rating on shares of Zoom . “We remain optimistic on reaccelerating growth (with solid margins), while acknowledging a lack of near-term catalysts and a challenging outlook could keep investors sidelined for a few quarters.” BMO initiates Coursera as outperform BMO said it sees strong revenue growth for the education company. “We expect COUR’s robust revenue growth to continue through its flywheel approach and taking advantage of key secular drivers (upskilling, digital transformation, international).” JPMorgan adds e.l.f. Beauty to the focus list JPMorgan added the stock to its analyst focus list and said it sees a “growth opportunity.” “We are adding ELF to the Analyst Focus List as growth opportunity, as we believe worries about a deeper than anticipated deceleration (already embedded in guidance due to the tough comparison) seem exaggerated.” Bernstein upgrades Clorox to market perform from underperform Bernstein said in its upgrade of the stock that the bad news is already priced in. ” Clorox stock is down 22% over the past six weeks, under-performing the market by 19%pts. This move has been – for the most part – driven by the cyber-attack from which CLX suffered in mid-August, which has led to significant supply chain disruption, and out-of-stocks for CLX products.” Bank of America reiterates Ford as buy Bank of America said its standing by its buy rating on the stock despite the strike at Ford’s largest truck plant. “We see this move from the UAW as concerning given that Ford gave the largest concessions to the union among the Detroit Three. It is possible, however, that since Ford has been the most accommodating, the UAW might believe it can obtain additional concessions by increasing the pressure.” Bank of America reiterates Coinbase as underperform Bank of America said it standing by its underperform rating on the crypto company. “COIN shares in 3Q benefited from a sharp decline in short interest (today = ~14% of float vs ~30% in late June), but we see limited catalysts to drive a re-rating higher and believe top-line estimates could be cut following a potentially soft 3Q print.” Wells Fargo reiterates Microsoft as overweight Wells said it’s standing by its overweight rating on the stock ahead of earnings later this month. “Post our recent checks, we expect MSFT’ s upcoming FQ1 results will help support an ongoing stabilization narrative, but aren’t expecting meaningful upside to NT #s. We remain optimistic for AI-related tailwinds to more tangibly surface in 2H24/25.” Bank of America upgrades Target to buy from neutral Bank of America said it sees an attractive risk/reward for Target shares. ” TGT shares have declined 19-20% since the end of July (vs. the S & P down -5%) and with the stock trading at just 12x 2yr forward earnings, we believe the risk/reward outlook has improved and see catalysts that could drive upside to our modestly above-consensus EPS estimates as well as P/E multiple expansion.” Read more about this call here. Bank of America initiates MongoDB as buy Bank of America said in its initiation of the database company that MongoDB is “best-in-class.” “We believe that the stock’s premium valuation is justified given a long runway for share gains in the rapidly growing unstructured database market.” Truist upgrades Exxon to buy from hold Truist said it’s bullish on the company’s deal for Pioneer. “While we forecast moderate near-term incremental earnings/cash flow from Exxon acquiring Pioneer (PXD, Hold), we anticipate more pronounced longer-term benefits in ’25+ given the notably more productive proforma US inventory.” Seaport initiates Shopify as buy Seaport said in its initiation of the stock that it sees strong revenue growth. ” Shopify is transitioning towards becoming the software/payments ‘platform-of-choice’ for a much wider range of merchants than its traditional base of SMBs, including enterprise-sized customers.” RBC downgrades ResMed to sector perform to from outperform RBC said in its downgrade of ResMed that it sees slowing earnings growth. “With minimal EPS growth expected over the next few years (5% CAGR), financials likely to disappoint consensus numbers and GLP-1 fears unlikely to be countered in the short term, we downgrade to Sector Perform with a revised PT of $202.” Mizuho downgrades Beyond Meat to underperform from neutral Mizuho downgraded the alternative meat company over too much uncertainty. “We are downgrading BYND to Underperform (from Neutral) on category pressure, cash burn, & risk to ests, and reducing our PT on OTLY to $4 from $7.” DA Davidson upgrades Dynatrace to buy from hold DA said in its upgrade of the software company that it sees rising demand. “Over the past two quarters, there has been a notable uptick in developer activity related to Dynatrace. “
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