Here are Tuesday’s biggest calls on Wall Street: Daiwa upgrades PayPal to outperform neutral Daiwa said it sees plenty of positive catalysts beginning to fall into place. “We have upgraded PYPL to Outperform as a number of positive catalysts fall into place, including cost reductions and a share buyback in response to the increased stake taken by Elliott Investment Management, the appointment of a new CFO and the decision to appoint an Investor Day. event.” Read more about this call here. Daiwa downgrades Visa and Mastercard to neutral from outperform Daiwa said it sees “diminished gains upward” for credit card companies. “We recommended MA and V with a view to a recovery in cross-border travel, but with border restrictions almost completely lifted, with the exception of some parts of Asia, we are now seeing lower earnings growth going forward, leading to our downgrade to Neutral .” UBS downgrades Snowflake from buy to neutral UBS downgraded the stock after a series of field audits revealed slowing spending growth. “Summary Ahead of Snowflake’s 2Q/Jul printout on August 24, we pulled in 7 checks (3 partners, 4 customers) to better assess how demand for Snowflake has tracked. This round of field checks felt like a pitch-lower than compared to previous rounds, with more clients signaling efforts to limit spending on discretionary data analytics.” Read more about this call here. B. Riley downgrades Bed Bath & Beyond to sell neutral Riley said in his downgrade from Bed Bath & Beyond that margin expectations need to be “tempered”. “We expect Q22 earnings to be in line with Street within our specialty stores coverage after most of Street’s estimates have come down into the earnings season, and we expect management teams to update the outlook and earnings estimates for the 2H will start to decrease.” Read more about this call here. Citi opens negative catalyst watch on Snowflake Citi maintained its buy recommendation for shares of Snowflake but opened a negative catalyst watch, noting that “headwinds [are] “That said, we are becoming tactically cautious and opening a negative Catalyst Watch, after the recent ~30% run, as we see usage headwinds continue to build, with consensus figures that are too high (Q3 and FY24 ). Bernstein reiterates that Amazon is outperforming Bernstein said the e-commerce giant’s shares are “relatively less risky”. AWS, Amazon’s main growth engine, has performed well, even in an environment where tech companies have cut spending, and a long, secular runway continues, as evidenced by the impressively growing backlog.” Citi downgrades Zoom to sale of neutral Citi said Zoom has too many post-pandemic challenges.” Zoom’s post-COVID growth trajectory has always been more challenging given the ongoing momentum, but we see new hurdles to support growth, including increasing competition (MSFT/Teams), macro-related weakness affecting SMEs and less critical spending categories and margin risk.” Read more about this call here. BMO reiterates McDonald’s as BMO has raised its price target for McDonald’s stock from $285 to $300 a share and says it sees growth acceleration. “We believe that MCD is still in its infancy to achieve accelerated growth and market share gains in Europe as the pandemic propelled the improvement of MCD’s competitiveness in these key IOM (intl. operated) markets.” JPMorgan downgrades Elanco from overweight to neutral JPMorgan said in its downgrade of the pet health biopharma company that it is seeing too much macro headwind. “Finally, we are lowering ELAN from OW to N. The company is experiencing more impact than its competitors from the difficult macroeconomic environment and has less in the way of the flow of new products in the near term (vs ZTS) or pricing power to address these challenges. and we see this trend continuing into 2023.” Bank of America reiterates Apple as buy Bank of America said the company is maintaining its buy recommendation for Apple stock after recent App Store growth revealed a slight slowdown. “Keep Buy for upcoming product cycles, long-term growth in Services, sticky ecosystem, continued monetization opportunities from the installed base, and strong returns on capital.” Morgan Stanley echoes Salesforce, as overweight Morgan Stanley said ahead of Salesforce’s earnings report next week that the stock has the “most attractive risk/reward in software.” “Aligned with the broader group, checks were more mixed in the second quarter. However, we see a low bar in terms of investor growth expectations and little appreciation for the margin improvement story. Colleagues, we see CRM as the most attractive risk/reward Deutsche Bank reiterates Wells Fargo as a top pick Deutsche Bank maintained its buy recommendation for the banking giant, saying it is one of the banks with the best leverage against rising interest rates.” WFC has good leverage for a rebound in growth U.S. lending and is one of the best levers for rising interest rates.” Bank of America Reiterates Snap as Buy Bank of America said income risk is already priced into the stock. The company added that it is a case for Snap’s “growth to re-engage.” “While we were surprised by the level of sales decline in Snap’s 2Q results and outlook, we are optimistic sch that guided Snap 3Q near the period of maximum uncertainty for the US online advertising market. We see a reason to accelerate Snap’s growth again as consumer e-commerce spending stabilizes on much simpler compositions and monetization with new surfaces (Spotlight, Maps).”
Apple, Amazon, Zoom, PayPal, Bed Bath & Beyond
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