Here are Thursday’s biggest calls on Wall Street: Morgan Stanley reiterates Tesla as overweight Morgan Stanley said Tesla could eventually be a solution to vehicle affordability. “If you haven’t bought a new car since before COVID you may be in for a shock. In an era of higher rates and tighter lending, we look for ‘smaller and cheaper,’ creating share shifts away from the domestics towards import brands and ever-cheaper EVs.” Guggenheim upgrades Accolade to buy from neutral Guggenheim said it’s getting more constructive on shares of the personalized healthcare decisions company. “Additionally, we hosted ACCD management for a series of investor meetings and came away with reinforced confidence in our upgrade. With the improved growth outlook and profitability, we think that investors are likely to reward the company with a higher multiple.” Truist upgrades BellRing Brands to buy from hold Truist said the time is right to buy shares of the food products company. “Furthermore, we believe the business momentum will be better appreciated by investors as many of its packaged food peers start to experience decelerating growth.” Stifel initiates Dynatrace as buy Stifel said the global tech company is a “leader in the space.” “Over the last several years, the company — with its modern, cloud-based, enterprise focused Observability platform that customers can use to effectively monitor onprem and cloud workloads — has quickly established itself as a leader in the space.” Piper Sandler naming Coty a top pick Piper named the beauty company as a top pick after a recent round of store checks. “We’re reiterating ELF as a top idea and are also moving COTY to a top idea following a round of beauty store checks in Chicago, IL and recent positive company updates from COTY.” Citi moves First Republic to an under review rating Citi moved to an under review rating on First Republic due to too much uncertainty. “We are withdrawing our Neutral rating, US$132 target price, and financial estimates and moving to an ‘Under Review’ rating to reflect recent volatility in the shares, the lack of information on specific deposit outflows, and a wide array of potential outcomes including takeover, capital raise, and/or government intervention.” Barclays upgrades Regency to overweight from equal weight Barclays said in its upgrade of the real estate investment trust that it sees an attractive entry point. “After the recent volatility in REITs, we are upgrading Regency to Overweight.” Read more about this call here . Citi upgrades Marathon to buy from neutral Citi said in its upgrade of the petroleum company that it’s a quality stock. “We upgrade PXD and MRO to Buy and downgrade OVV to Neutral as we recommend investors focus on catalysts and quality within E & P.” BMO initiates Disc Medicine as outperform BMO said the stock is compelling and could rally 80%. “Bitopertin, Disc’s lead asset, represents a compelling value proposition for investors. Bitopertin has demonstrated a very clean, relatively de-risked safety profile, backed by extensive Ph 3 data from Roche (previous owner) in schizophrenia.” Read more about this call here . Citi resumes AMC as sell Citi said AMC are still overlevered. “While we suspect AMC may be able to reduce leverage as the US box office recovers and via equity issuance, we believe AMC’s common equity is overvalued at prevailing levels.” Piper Sandler reiterates Meta and Pinterest as top picks Piper said it’s standing by shares of Meta and Pinterest. “With PINS, we see improving user trends, supply growth inflecting, and multiple monetization initiatives. Plus Street FY23 estimates look reasonable, and we could see a partnership announcement. OW-rated META remains focused on efficiency and last week saw another round of layoffs.” UBS reiterates Hershey as buy UBS called the candy and chocolate company a “best in class compounder.” “On 03/22/23, Hershey hosted an in-person investor day at its HQ, its first since 2017. Our most important takeaway was that the company expects to achieve the high end of its LT (long term) algo in FY24 and FY25.” Morgan Stanley downgrades Samsara to equal weight from overweight Morgan Stanley said it sees a more balanced risk/reward for the connected cloud tech company. “While we still see a long runway for IOT’s Connected Operations Cloud to support continued growth and improving efficiencies, IOT’s outperformance of > 40% YTD balances the risk/reward from here.” Oppenheimer downgrades Coinbase to perform from outperform Oppenheimer said it sees an “unhealthy regulatory climate” for Coinbase. “While we remain highly supportive of blockchain/digital asset development in the US, under this unhealthy regulatory climate, we are increasingly worried about the fairness of the enforcement actions, and the ability for the ecosystem to grow with seemingly limited and shrinking support from the banking system in the US.” Read more about this call here. Wolfe reiterates Boeing as outperform Wolfe said it sees an attractive entry point for the stock. ” BA shares < $200 represent an attractive entry point as the path to $10B+ FCF in ’25/’26 becomes more clear with rate ramps & improved execution.” Deutsche Bank downgrades Chewy to hold from buy Deutsche downgraded the stock after its earnings report Wednesday and said it’s concerned about declining users. ” Chewy delivered 4Q results that came in ahead of our more cautious outlook, with pricing being the primary upside driver across the P & L. That said, consistent with our checks, users returned to declines in the 4Q, with Chewy seeing users decline by ~120k in the quarter.” BTIG initiates HashiCorp as buy BTIG said in its initiation of the software company that it has market expansion potential. “And ultimately, we left our work with a good degree of confidence in HCP’s ability to meet or exceed Street estimates over the next three years.” BMO reiterates Workday as outperform BMO said Workday has a “durable model.” “We think the stock offers a good balance of offense and defense with a path for upside as growth initiatives from the new co-CEO take hold.” Barclays downgrades SL Green to underweight from overweight and Boston Properties to equal weight from overweight Boston Properties said it sees refinancing risks for the REIT. “Given this and other challenges (hybrid work, corporate layoffs), we increase cap rates across the board, resulting in downgrades of SLG (to UW) and BXP (to EW).”
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