Here are Friday’s biggest calls on Wall Street: KeyBanc reiterates Apple as overweight KeyBanc said Apple shares remain attractive. “We recommend owning AAPL. Our KFLD (KeyBanc First Look Data) shows indexed spend was +2.0% m/m in August, compared to the three-year average of +1.0%. positive, quarterly data seems to follow +15% where September should be strong given the extra week of iPhone a/a sales.” Morgan Stanley Reiterates Tesla Is Overweight Morgan Stanley said it sees a major boost in Tesla’s revenue thanks to the Cut Inflation Act. “We estimate that Tesla will manufacture >3.1mm EVs in the US by 2030. Assuming an IRA boost of $10,000 per unit could be worth >$30 billion to the company, nearly a 50% upside potential from our $65 billion FY30 automatic EBIT.” Jefferies downgrades International Paper for underperforming Jefferies said in its downgrade of the paper company that a drop in the price of containerboard is “imminent.” “We are downgrading IP and PKG to underperform and also reducing estimates for WRK, to reflect the massive glut of containerboard inventory, with our controls indicating a sharp deceleration in orders and large-scale downtime taken even by the smallest actors.” MKM Launches CrowdStrike as Buyer MKM said the cybersecurity company is in a “class of its own”. “We believe CrowdStrike has one of the most comprehensive cloud-native platforms in the industry.” Citi reiterates Netflix buying Citi raised its price target on Netflix to $305 per share from $275 and said the streaming giant is the best way to stream videos on demand. “We expect SVOD sentiment to improve and maintain our buy rating on Netflix and Disney. But Netflix is our preferred way to express our optimistic view on SVOD.” JPMorgan downgrades FedEx to neutral after overweight JPMorgan downgraded FedEx after its disappointing earnings report on Thursday. “More concerning is that the results likely had a significant tailwind from the fuel surcharges similar to F4Q22, masking the underlying weakness in the F1Q23 results and the F2Q23 guide; fuel ) during the quarter. Read more about that call here. Morgan Stanley moves Alcoa from equal weight to overweight Morgan Stanley said it saw “deep value” in the mining company. “Despite strong balance sheets and valuations cheap at spot prices – even, in some cases, weaker commodity forecasts – we only selectively improve mining stocks, those where we see deep value and/or auto stories. -support amid continued macro/China recovery uncertainties.” Needham launches Snowflake as Buy Needham said at its cloud company launch that Snowflake has “massive scale” . “The company benefits from its cloud-native data platform, which has (1) massive scale thanks to the latest cloud innovations, (2) great growing opportunity in a CY26 TAM that management estimates at $248 billion. ” Learn more about this call here. UBS Reiterates Amazon as Buy UBS said Amazon shares remain attractive. “We feel good on AMZN stocks, especially on retail growth/margins; less so on AWS. Between the census data and a possible 2nd Prime Day, we feel good on retail, in especially in North America.” Stifel launches Canoo as buyer Stifel said he sees a positive risk/reward for the electric vehicle automotive startup. “We are encouraged by GOEV’s focus on the most profitable automotive market segments, namely compact SUVs, pickup trucks and last mile delivery.” Bank of America downgrades Adobe to neutral after buying Bank of America said it was starting to have longer-term concerns about the stock. “We are moving on the sidelines of Adobe, and our timing is determined by the receipt of the second set of survey data focused on Adobe’s Creative Cloud, not the coming quarter. We have a more balanced view on Adobe based on the results of our survey and our feedback channel.” Learn more about this call here. Bank of America downgrades FedEx to neutral instead of buying Bank of America said in its downgrade from FedEx that it sees volumes plummeting. “The company attributed its failure to rising fixed costs as volume slowed (both internationally and in the U.S.), noting that macro trends worsened later in the quarter and that spending lagged behind deteriorating demand.” Deutsche Bank reiterates Tesla as buy Deutsche raised its price target on Tesla to $400 per share from $375 and said the automaker is well positioned for 2023. “We are increasing our 2023 gross margin estimates for Tesla and raise our price target to $400), as we analyze the significant potential cost benefits of the Berlin and Texas ramp-up and US Inflation Reduction Act battery production credits , following our recent visit to the Berlin factory.” UBS launches Baidu as a buyer UBS said during its launch of the Chinese technology company that it sees a positive risk-reward ratio. “We think Baidu’s risk-reward ratio looks attractive as investors place little value on its new cloud and car initiatives.”
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