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Here are Friday’s biggest calls on Wall Street: Goldman Sachs reiterates Apple as buy The firm said it’s sticking with the stock after its solid earnings report on Thursday. “With AAPL achieving another record iPhone and all devices installed base, and the upcoming Apple Intelligence features being rolled out in the next few months (October 2024, December 2024, April 2025), we continue to expect a step-up in normalized iPhone sales and AAPL earnings power in F2025/26.” Citi reiterates Amazon as buy Citi said the e-commerce giant has “multiple catalysts for growth” following earnings on Thursday. “We emerge from Amazon’s 3Q24 results incrementally confident that the company can invest in growth while delivering significant margin expansion.” Gordon Haskett upgrades Uber to buy from hold The firm said investors should buy the dip in Uber following earnings on Thursday. “The shares have come under pressure due to slowing growth concerns; however, with the majority of the slowdown in the Mobility segment attributable to tough comparisons, we think concerns are overblown and investors are putting too much focus on near-term dynamics.” Goldman Sachs initiates Penguin Solutions as buy Goldman called Penguin a “high performance hardware solutions for enterprise AI at an attractive valuation.” “We initiate coverage of Penguin Solutions (PENG) with a Buy rating and 12-month target price of $21.” Wells Fargo downgrades Estee Lauder to equal weight from overweight Wells downgraded the stock following a disappointing earnings report on Thursday. “This isn’t about the stock being down or even lingering Asia weakness per se. Rather, we think EL may not fully grasp its core issue, which is solving industry-worst op deleverage, instead saying it’ll spend.” KeyBanc upgrades Atlassian to overweight from sector weight KeyBanc upgraded the software company following earnings. “Atlassian posted very solid F1Q Cloud growth of 31%, coming in meaningfully above consensus of 27.2%, largely driven by better than expected paid seat expansions and migration activity.” Goldman Sachs adds Evercore to the conviction buy list Goldman added the investment banking firm to its top ideas list. “We add Evercore (EVR), Meritage Homes (MTH), and Suncor Energy (SU) to the US Conviction List, while removing Enphase (ENPH), Kinder Morgan (KMI), and SLB (SLB).” Morgan Stanley reiterates Arista as overweight Morgan Stanley said the network equipment company is well positioned heading into earnings next week. “Continue to favor ANET for ability to benefit from networking / Ethernet growth potential with AI.” Bank of America reiterates Nvidia as buy The firm said in an analysis of Presidential election outcomes on the semis industry that Nvidia is well positioned in the “race to Artificial General Intelligence” no matter who is in the White House. “We see TAM [total addressable market] to reach $280bn by CY27E and NVDA to maintain 75%+ share over time.” Bank of America reiterates Datadog as buy The firm said it’s sticking with the stock ahead of earnings next week. “We expect strong Datadog (DDOG) results on Thursday 11/7, but believe the bar is also high.” Citi upgrades YPF to buy from neutral The firm said the Argentinean oil and gas company has a slew of positive catalysts ahead. “The Argentinean government is YPF’s controlling shareholder, owning 51.01% of its total capital.’ UBS reiterates Intel as neutral UBS said it’s seeing “slow progress” following the company’s earnings report on Thursday. “Viewed through a lens of low expectations, Intel’s guidance was solid and commentary on its traditional CPU {central processing unit] markets was reasonably constructive. Broadly, though, there was not enough here to sway the debate.” Mizuho upgrades Idacorp to outperform from neutral Mizuho said shares of the electric power generation company are undervalued. “We are upgrading shares of IDA to Outperform from Neutral following their impressive 3Q update on 10/31.” CFRA reiterates Berkshire Hathaway as buy The firm said it’s bullish heading into the company’s earnings report on Saturday. CFRA also raised its price target on the stock to $525 per share from $512. “CFRA believes Berkshire’s insurance-centric diversified revenue and earnings model is a positive for the shares.” Jefferies upgrades Xcel Energy to buy from hold The firm said in its upgrade of Xcel that it sees accelerating growth for the energy company. “Our investment thesis includes; 1) increased EPS CAGR guidance to 6-8% from 5-7% indicates confidence; 2) making strides on wildfire mitigation and de-risking efforts; 3) attractive risk-adjusted rate base CAGR to 9.4% from 9.0% with over $10Bn of upside potential.”
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