Here are Friday’s biggest calls on Wall Street: TD Cowen reiterates Match as outperform TD Cowen lowered its price target on the stock to $63 per share from $66, but says it still sees share upside. “Our Tinder scenario analysis suggests 24% share upside from current levels if Tinder revenue grows 7% annually vs. our current ~10% CAGR from ’23E-32E, including more muted total MTCH margin expansion over time.” Citi reiterates Live Nation as buy Citi raised its price target on the stock to $110 per share from $89 and said Live Nation shares are at a compelling entry point. “As such, we see prevailing equity values as an attractive entry point since some recession risks may be priced into the equity.” Goldman Sachs initiates Pacific Biosciences as buy Goldman initiated the biotech company with a buy on Friday and said shares of Pacific Bioscience s are at inflection point. “We believe the market is at an inflection point for long read sequencing to become a more ubiquitous tool for the overall sequencing market.” Jefferies reiterates Snowflake as buy Jefferies raised it price target on the stock to $205 per share from $180 and said it’s “one of the dominant data clouds with AI tailwinds.” ” Snowflake is an early beneficiary of the cloud data warehousing space, and we see rapid growth sustainability on rising penetration among enterprises and potential expansion in the product offering to address adjacent workloads.” Jefferies upgrades Carnival to buy from hold Jefferies said it sees a “confluence of positive dynamics” for Carnival. “Despite the strong YTD performance, we believe the journey from a good trade to long-term investment case remains ahead.” Deutsche Bank upgrades Scorpio Tankers to buy from hold Deutsche Bank said in its upgrade of Scorpio that “tanker demand will likely increase this summer and into 3Q23 as refinery maintenance winds downs and as we enter the seasonally-stronger driving period.” “While tanker market conditions have eased off the winter peaks, rates remain at historically strong levels and the medium-term outlook remains positive. Citi initiates Apple as buy Citi said it sees further upside for the tech giant, slapping a Street high $240 price target. “While the stock is up 46% YTD vs the S & P 500 up 14% as Apple is navigating the macro slowdown and inflationary pressure on consumer spending by consistently gaining share from Android phones, we see ~30% further upside potential from current levels.” Read more about this call here. Citi initiates Dell as buy Citi said the computer maker is gaining share. “We like Dell’s leading share in commercial PCs, return to normalized FCF margins which could drive an uptick in shareholder returns, reduction in core debt leverage, along with the potential for inclusion in the SP500 index an incremental catalyst.” Read more about this call here. Bank of America reiterates Virgin Galactic as underperform Bank of America said its standing by its underperform rating after the company’s commercial flight on Thursday “as we continue to believe only operating one spacecraft and mothership is a risk in the event that either is taken out of service.” “On June 29, 2023, Virgin Galactic’s (NYSE: SPCE) Galactic 01 mission succeeded in delivering six passengers, including members of the Italian Air Force, beyond the edge of space.” Daiwa upgrades Nvidia to outperform from hold Daiwa said in its upgrade of the stock that “generative AI will be lasting.” “Post our recent tech tour and checks, we have a higher level of confidence that Nvidia’s commanding position for AI, and Generative AI, will be difficult to replicate near term by the competitors such as AMD, Intel and others. Why? AI benefits most from a full scale solution.” Goldman Sachs reiterates Nike as buy Goldman said it’s standing by shares of Nike after the company’s earnings report on Thursday. ” NKE delivered a solid F4Q23 revenue result, with stronger DTC growth and momentum in Greater China driving the outperformance. However, we note that this was offset by weaker than expected F4Q margins and a below-consensus F1Q guide.” Read more about this call here. BMO upgrades FirstService to outperform from market perform BMO said in its upgrade of the property management company that it’s “well-positioned against the prospect of weakening macro.” “Well-positioned for long-term growth. FirstService Residential (FSR) and FirstService Brands (FSB) provide essential property services in large, fragmented markets, where its businesses have leading yet modest shares.” Stephens initiates Occidental Petroleum as overweight Stephens said Occidental is “uniquely positioned.” “With a comprehensive carbon capture utilization and sequestration (CCUS) strategy that integrates its upstream, midstream, and chemical businesses, OXY is uniquely positioned within the E & P sector to capitalize on emerging opportunities in low carbon markets.” Bank of America reiterates SolarEdge as buy Bank of America raised its price target on the stock to $396 per share from $379 and says the story “looks even better.” “With IRA benefit clarity on the follow, we continue to prefer this diversified structural growth story, we reiterate Buy, as SEDG’s 2023 looks even better. Read more about this call here . B. Riley upgrades Enphase to buy from neutral B. Riley said shares of the solar company are attractive. ” ENPH is down 53% from its December high of $336, bringing valuation to a more digestible level and providing an attractive entry point for long-term investors, in our view.” Bank of America reiterates T-Mobile as buy Bank of America said the stock is “undervalued.” “We view TMUS as the best performing and easiest to understand story in the group. At current levels we believe TMUS is undervalued.” Stifel initiates Southwestern Energy as buy Stifel said the natural gas exploration company has an “attractive setup.” “Accelerating free cash flows, coupled with efficiency gains, create a compelling rate of change story.” DA Davidson upgrades Lazydays and Camping World to buy from neutral DA said in its upgrade of Lazydays and Camping World that RV sales are on the rise again. “We are upgrading shares of CWH and LAZY to BUY from Neutral, as we are taking a more favorable view on RV retailers after our most recent RV industry checks. We believe both dealership chains are outperforming the broader RV industry on inventory health, profitability and used RV sales.”
