Biggest Calls on Wall Street: Barclays Initiates Supermicro as Overweight, Evercore Upgrades CVS to Outperform, Goldman Sachs Downgrades Lazard, and More

Biggest Calls on Wall Street

Barclays Initiates Supermicro as Overweight

Barclays has initiated Supermicro, an information technology company, as overweight. According to Barclays, Supermicro is well positioned for artificial intelligence. The company is expected to capture the rising AI server opportunity with more share gains ahead due to its superior design capability and strong AI partnerships.

Evercore Upgrades CVS to Outperform

Evercore has upgraded drugstore chain CVS to outperform. The stock is considered attractive, and Evercore believes that operational issues are improving. They have set a new price target of $83, as they see an attractive current valuation.

Goldman Sachs Downgrades Lazard to Sell

Goldman Sachs has downgraded investment bank Lazard to sell. They believe that the outlook for Lazard is too challenging, with near-term earnings facing pressure. This is due to a challenging top-line trajectory and a longer path to margin improvement. Goldman Sachs also considers the valuation as slightly elevated.

Truist Upgrades Royal Caribbean to Buy

Truist has upgraded the stock of Royal Caribbean to buy. They have observed strength in booking trends, leading to their positive outlook on the sector. As a result, Truist has also upgraded CCL to hold from sell.

Daiwa Upgrades Dell to Outperform

Daiwa has upgraded Dell, stating that AI is starting to kick in. They believe that Dell is at the beginning of a new demand up cycle. Therefore, they have raised the rating to outperform from neutral.

Redburn Atlantic Equities Initiates Arm Holdings as Neutral

Redburn Atlantic Equities has initiated semiconductor company Arm Holdings as neutral. They consider Arm to be currently overvalued and highlight that significant evidence is needed to support their guidance for a rapid pivot in achieved royalty rates.

JPM Downgrades Planet Fitness to Neutral

JPM has downgraded Planet Fitness due to leadership changes and ongoing systemic challenges. The unexpected removal of CEO Chris Rondeau was a surprise, and JPM expresses concerns about the company’s future.

TD Cowen Reiterates Nvidia as Outperform

TD Cowen has reiterated its outperform rating on Nvidia. After attending a recent conference, they have gained more confidence in Nvidia’s lead in training and the changing landscape of AI. TD Cowen believes that we are still in the early stages of the AI build-out.

Raymond James Upgrades Rackspace Technology to Outperform

Raymond James has upgraded cloud computing company Rackspace Technology to outperform. They are impressed with the management team’s execution and strategic direction over the past year.

Barclays Reiterates Apple as Equal Weight

Barclays has reiterated its equal weight rating on Apple. Channel checks conducted by Barclays show a decline in iPhone 15 preorders compared to the previous year. Unit orders were down 5% with a 4% lower pro mix on a year-over-year basis.

Goldman Sachs Reiterates Micron as Buy

Goldman Sachs has reiterating its buy rating on Micron. They have raised the price target to $85 per share and anticipate improving demand trends and disciplined supply to drive higher pricing, improving margins, and sustained stock price outperformance.

Citi Initiates GE Healthcare as Buy

Citi has initiated coverage of GE spinoff company GE Healthcare as buy. Citi praises GE Healthcare’s essential and pervasive products throughout the healthcare continuum, considering it a rare opportunity to initiate coverage of a long-established IPO.

Bank of America Adds Array Technologies to US1 List

Bank of America has added solar manufacturer Array Technologies to its US1 list. Array Technologies is considered a “diamond in the rough” compared to other cleantech companies with limited visibility. Bank of America sees potential in Array Technologies.

TD Cowen Downgrades Starbucks to Market Perform

TD Cowen has downgraded coffee giant Starbucks to market perform. They express concerns about macro and competitive pressures, specifically in China, which may challenge same-store sales and affect Starbucks’ multiple.

Evercore Downgrades Deere to In Line

Evercore has downgraded Deere to in line due to expected revenue declines in the next fiscal year. The agriculture industry’s production cuts prompt this downgrade, despite the generally flattish consensus.

KeyBanc Reiterates Alphabet as Overweight

KeyBanc reiterates its overweight rating on Alphabet, stating confidence in margin expansion. KeyBanc views Alphabet’s expense cuts as occurring later compared to Meta. They anticipate additional cost savings and margin improvements in Alphabet’s Cloud business.

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