Here are Monday’s biggest calls on Wall Street: Bank of America upgrades Alliant to buy from neutral Bank of America said shares of the Wisconsin and Iowa energy company are attractive. “As of June 23, LNT traded at just a +3% premium to the Utility sector on 2025 consensus EPS which to us suggests a particularly attractive buying opportunity for what has historically been a premium stock. LNT is a utility holding company with operations in Wisconsin and Iowa.” UBS upgrades Moderna to buy from neutral UBS said the biotech company’s pipeline is underappreciated. “We think MRNA’ s CMV vaccine could be a major potential upside driver over the next 1-2 years, with limited priced in.” UBS downgrades Alphabet to neutral from buy UBS said it sees “near-term monetization risk” for the tech giant. “We downgrade Alphabet (GOOGL & GOOG) to Neutral (from Buy) given: (1) it’s difficult to see upside to our current high-single-digit Sites growth estimates and consensus calls for acceleration to 11% ex-FX in ’24, (2) we see medium-term revenue risk from new search (SGE) displacing ad inventory with GenAI responses, which may take time to optimize.” Read more about this call here. Goldman Sachs downgrades Tesla to neutral from buy Goldman downgraded the stock mainly on valuation. “We’re downgrading Tesla shares to Neutral from Buy, as we believe the stock now better reflects our positive long-term view of the company’s growth potential and competitive positioning post the substantial move higher YTD.” Read more about this call here. Morgan Stanley reiterates Walmart as overweight Morgan Stanley said its latest survey checks show that demand for Walmart+ is growing. “Latest survey points to a record ~21.5m Walmart+ members (~17% household penetration), a > 3m inflection vs. our prior survey. Overlap with Amazon Prime fell vs. prior several surveys, suggesting Walmart+ appeal and awareness may be broadening.” TD Cowen reiterates Coinbase as underperform TD Cowen said Coinbase will be negatively impacted by the regulation of bitcoin ETF’s. “We think the approval of regulated spot BTC ETFs could adversely impact demand for COIN shares facing considerable regulatory risk and more levered to non-BTC crypto with negative breadth.” Wells Fargo initiates Brinker as underweight Wells said in initiation of Brinker that the owner of brands such as Chili’s is susceptible to an economic slowdown. “Priced for turnaround upside, underperforms in a slowing macro, most exposed to trade down and promotion.” BMO upgrades Sherwin-Williams to outperform from market perform BMO said the paint company is “high quality.” “We are upgrading SHW to Outperform. We see reasonable upside to our above consensus estimates with raw materials fading in the near-term and the housing markets showing signs that it may not be as bad as previously feared.” Read more about this call here. Deutsche Bank reiterates Tesla as buy Deutsche raised its price target on the stock to $230 per share from $200 and said it’s standing by its buy rating. “Beyond it, Tesla’s longer-term story remains very much intact and best-in-class, in our view.” Bernstein reiterates Uber as outperform Bernstein said Uber has become a “good business.” “We believe this is a good business with a scale/market share advantage, and can make the jump to being regarded as such. The company is delivering on its promises of improving profitability, capital discipline, and healthy growth.” Citi reiterates Boeing as buy Citi said investors should buy the dip. “We are buyers of BA on weakness related to the strike news as any disruption to deliveries is likely to be temporal, not structural.” DA Davidson upgrades WSFS Financial to buy from neutral DA said the regional bank will benefit “from a higher for longer rate environment.” “We upgrade WSFS Financial Corporation (WSFS) to a BUY from Neutral as it is among the best-positioned in our Mid-Atlantic coverage to benefit from a higher for longer rate environment.” Roth MKM names Amazon a top pick Roth MKM said the e-commerce giant is its top pick. “We are updating our AMZN model. Our ’23E/’24E Revenue estimates go up by about 1%.” Morgan Stanley reiterates Palo Alto Networks as overweight Morgan Stanley raised its price target on the stock to $302 per share from $255 and said it sees improving margins. “We believe PANW surpasses $100B market cap ($300+ stock) in the next 12 months, given accelerating share gain from vendor consolidation, an expanding TAM and improving margins.” Piper Sandler reiterates Lululemon as overweight Piper raised its price target on the stock to $450 per share from $445 and said it sees opportunity in China. “We reiterate our OW rating on LULU as we increase our PT and estimates based on an analysis of the revenue opportunity in China.” UBS reiterates Meta as buy UBS raised its price target on the stock to $335 per share from $300 and says generative AI will add to the “next leg to shares.” “We expect Meta to integrate generative AI (GenAI) broadly into its apps and increasingly be viewed as an AI winner, providing another leg to the bull case.” Bank of America reiterates Paramount Global as buy Bank of America said the media company is “unique.” “We reiterate our Buy rating and $32 PO. It is our view that PARA has a unique collection of assets that would generate significant buyer interest if ever put up for sale — either in pieces or whole.” Loop reiterates Disney as buy Loop said it’s standing by its buy rating on the entertainment and parks giant. “We have reduced our DIS EPS estimates, our price target to $110 from $120, but retain our Buy rating given the strength of the franchise and current valuation.” Citi reiterates Brunswick as buy Citi said the boating company is one of the “best early cycle” names in the firm’s coverage. “We believe that BC is the best ‘early cycle’ name in our coverage, but have a hard time envisioning a scenario in which 2023 will be confused with early cycle, at least in the boat space.
