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Here are Friday’s biggest calls on Wall Street: Bank of America reiterates Nvidia as buy Bank of America said top pick Nvidia remains “compelling” heading into earnings on May 22. “In our view, valuation remains compelling, with NVDA stock currently trading around 29x CY25E [calendar year] PE [price earnings] on current consensus and lower on more bullish investor expectations, so towards lower-end of the 24x-48x historical next annual PE range.” Bank of America reiterates Marvell as buy Bank of America said it’s sticking with its buy rating heading into earnings on May 30. ” MRVL reports post-close on Thu, May-30. We expect results and outlook (for +6% QoQ sales growth, a return to QoQ growth) to be largely in line with consensus, but believe that could be sufficient to support the stock that has lagged behind other AI/compute peers.” Roth MKM initiates Ree Automotive as buy Roth MKM said it’s bullish on shares of the electric-vehicle company. “We believe REE shares retain significant upside potential as REE is positioned to serve billion-dollar markets, but the stock trades as a sub-$100m microcap.” Wells Fargo reiterates Netflix as overweight Wells said the “advertising opportunity is arriving” for Netflix. “We have increased conviction in our above-consensus fwd. estimates as NFLX’s ad strategy looks set to drive incremental earnings.” Oppenheimer initiates Confluent as outperform Oppenheimer said the systems software company is a “real time winner.” “We are initiating coverage on Confluent with an Outperform rating and $37 price target. Confluent offers enterprise-grade commercial solutions for real-time data streaming and processing supporting applications and analytics use cases.” Citi reiterates Reddit as buy Citi raised its price target on the stock to $70 per share from $65. “Yesterday, after the close, Reddit announced a new data licensing agreement with OpenAI and while terms of the agreement were not disclosed, we believe they are similar to Reddit’s DL agreement with Google.” Citi initiates Roblox as buy Citi lowered its price target on Roblox to $40 per share from $52 but said it’s sticking with its buy rating. “We are updating our model to account for 1Q24 results and our latest outlook.” Citi reiterates Walmart as a top pick Citi said the stock remains a top pick following earnings. “1Q showed that everything is working together – WMT’s core retail business is well-positioned and taking share, and the growth of higher-margin businesses is reshaping the P & L, [profit & loss] which combined are likely to drive both EPS upside and multiple expansion. WMT remains our top pick.” Goldman Sachs reiterates Tesla as neutral Goldman said it’s sticking with its neutral rating on the stock. “Consumers continue to view Tesla as a leader on technology. Overall net future purchase intentions for Tesla remain below the other major auto brands and are down from a year ago, although have increased somewhat over the last few months.” BTIG upgrades Darden to buy from neutral BTIG said the operator of restaurant chains, such as Olive Garden, has a “compelling valuation.” “We are upgrading shares of Darden Restaurants to Buy from Neutral with a $175 price target given their languishing performance year-to date, overly worrisome investor sentiment and compelling valuation.” Baird initiates Littelfuse as outperform Baird said the electronics company has “attractive secular growth.” “We are upgrading LFUS to Outperform, new $300 price target.” Jefferies upgrades DuPont to buy from hold Jefferies said in its upgrade of DuPont that it has a constructive narrative on the stock over the next few years. “Valuation Tailwind From Cyclical Leverage, Better Mix. Upgrade To BUY.” Macquarie upgrades JD.com to outperform from neutral Macquarie said shares of the China retailer have bottomed. “We upgrade JD to Outperform (from N) as we believe the company has bottomed out from its year-long transition period.” Morgan Stanley downgrades Baidu to equal weight from overweight Morgan Stanley said it sees limited catalysts ahead for the China tech company. ” Baidu’s core rev +4% YoY in 2Q, and weak ads outlook is set to linger. Cloud growth to accelerate but AI monetization still at early stage. Stock has rallied 17% but we see limited near-term catalysts.” Bank of America upgrades Coinbase to neutral from underperform Bank of America said it sees an improving crypto environment. “We are upgrading COIN to Neutral following our updated view that (1) the current macro environment has been a positive for cryptocurrency market cap appreciation and trading volumes; (2) COIN’s expense discipline and ability to benefit from operating leverage following large expense cuts in 2022 will help it maintain profitability going forward.” Goldman Sachs reiterates Chevron as buy Goldman said it’s sticking with its buy rating on the oil and gas giant. ” Chevron Corp. (CVX): Reiterate Constructive View on Inflecting FCF Generation and Relative Valuation; Buy with 13% Total Return.” JPMorgan upgrades Bath & Body Works to neutral from underperform JPMorgan said it sees revenue growth starting to stabilize. ” BBWI – Upgrade to Neutral with our work pointing to 1Q top-line stabilization at Flat revenue growth (above Street at -2.3% and -3.4% decline over the trailing 8 quarters) and potential return to growth in 2Q (= early inflection relative to mgmts 2H timeline).” Wolfe upgrades United Airlines to outperform from peer perform Wolfe said it sees “improving domestic main cabin trends” for the airline. “While UAL has already outperformed YTD, we see more to go for the stock given strong fundamentals for legacy airlines and our expectation for improving domestic main cabin trends in 2H as capacity growth finally moderates back in line with GDP.” Bank of America upgrades Robinhood to buy from underperform Bank of America said in its double upgrade of Robinhood that it has an attractive valuation. “We view the current entry point as the opposite of 2021 when we initiated at Underperform after its IPO given (1) rising retail engagement & accelerating organic growth; (2) positive operating leverage after large expense reductions; (3) attractive valuation following increases in EBITDA/EPS.” Cantor Fitzgerald initiates AbbVie as overweight Cantor said the biopharma company is well positioned. “We are initiating coverage of ABBV with an Overweight (OW) rating and 12-month Price Target (PT) of $200.” Stifel reiterates Elanco Health as buy Stifel said the animal health company is a top pick. “More in the Tank as Base Business May Surprise to the Upside. Elanco Remains Our Top Pick in AH [animal health].” Morgan Stanley reiterates Salesforce as overweight The firm said Salesforce remains a top idea at the firm. “Near-term caution is offset by our increasingly bullish medium-term outlook, where CRM is well positioned for GenAI & valuation remains undemanding.”
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