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TD Cowen upgrades Ross to outperform from market perform TD Cowen said consensus is "underestimating [a] margin recovery" for Ross. TD Cowen downgrades Columbia to market perform from outperform TD Cowen said demand looks muted for Columbia Sportswear . Bernstein downgrades Etsy to market perform from outperform Bernstein said it's concerned about slowing growth. Piper Sandler reiterates Crocs as overweight Piper Sandler said the shoe company is "underpinned by +DD [double digit] earnings growth and compelling valuation." Citi reiterates Apple as buy Citi said it's standing by its buy rating heading into Apple earnings after the bell.
Persons: TD Cowen, Ross, Cowen, Bernstein, Etsy, it's, Piper Sandler, Crocs, CROX, QCOM, Jefferies, Simon, Telsey, Roblox, Morgan Stanley, Robinhood, Janney, Coke Organizations: TD Cowen downgrades Columbia, Columbia, Buyers, Citi, Deutsche Bank, Qualcomm, Apple, Simon, Bank of America, UBS, Costco Locations: underperform, Wingstop, 1Q22
Here are Wednesday's biggest calls on Wall Street: Citi upgrades Advanced Micro Devices to buy from neutral Citi upgraded the chipmaker after its better than expected earnings report. Citi reiterates Home Depot as buy Citi said it's standing by its buy rating on the stock heading into earnings later this month. " Goldman Sachs reiterates SolarEdge as buy Goldman said it's standing by its buy rating on SolarEdge after its earnings report on Wednesday. "We maintain our Underperform rating as we remain concerned regarding the long-term prospects of the space tourism market. Needham reiterates Meta as underperform Needham said it's standing by its underperform rating on the stock.
Persons: Canaccord, Baird, Harry Sommer, BTIG, Wolfe, William Blair downgrades Bloomin, William Blair, Goldman Sachs, SolarEdge, Goldman, Bernstein, Uber, DJ Khaled, Mizuho, SoFi, SOFI, Rosenblatt, it's, Pinterest, Needham, underperform Needham Organizations: Citi, Devices, AMD, JPMorgan, Apple, Services, Oshkosh, Susquehanna, Mizuho, Bank of America, Virgin Galactic, underperform Bank of America, Meta Locations: 3Q23, Oshkosh, Norwegian
Truist reiterates Amazon as buy Truist said it's bullish heading into Amazon earnings Aug. 3. Piper Sandler upgrades SL Green to overweight from neutral Piper Sandler said in its upgrade of SL Green that the real estate investment trust has "favorable tailwinds." Piper Sandler downgrades Discover to neutral from overweight Piper Sandler said in its downgrade of the credit card company that it sees too many negative catalysts. Piper Sandler downgrades Carvana to neutral from overweight Piper Sandler downgraded the online used-car company mainly on valuation. Sirius' stock price has more than doubled over the past month and increased 42% yesterday alone.
Persons: . Bank of America downgrades Herc, Herc, Underperform, KeyBanc, it's, Truist, Piper Sandler, Piper Sandler downgrades Carvana, JPMorgan downgrades Blackstone, Morgan Stanley, Eli Lilly, Davidson, Davison, Oppenheimer, Baird, Wedbush, Goldman Sachs Organizations: . Bank of America, . Bank of America downgrades Herc Holdings, Bank of America, Hollywood, NA, Green, DFS, JPMorgan, Novo Nordisk, BMO, Consolidated Edison, of America, Deutsche Bank, Sirius, Nvidia, Microsoft Locations: 2Q23
Here are Tuesday's biggest calls on Wall Street: Jefferies reiterates Apple as buy Jefferies said it's expecting a "quiet quarter" when the company reports earnings Aug. 3. Wells Fargo reiterates Netflix as overweight Wells said it's bullish heading into the company's earnings report Wednesday. Jefferies reiterates Alphabet as buy Jefferies said it's bullish heading into Alphabet earnings next week. Bank of America downgrades Lumentum to neutral from buy Bank of America called the stock an "overstated" AI beneficiary. JPMorgan reiterates Amazon as overweight JPMorgan said the e-commerce giant is its top pick heading into earnings. "
Persons: Jefferies, it's, Wells, Truist, Piper Sandler, Dave, Buster's, Piper, Bernstein, Goldman Sachs, Goldman, Max, Roth, Uber, Roth MKM, it's bullish, Morgan Stanley, Evercore, Marvell, Williams Deutsche, Sherwin Williams, JPMorgan Organizations: Apple, Netflix, Argus, Warner Brothers Discovery, Citi, Polaris Citi, 2Q, Bank of America, Nvidia, American Express, Digital, Marvell Technology Inc, Global, Inc, Deutsche Bank, Sherwin, JPMorgan Locations: capex
The social media success of McDonald's Grimace-themed birthday meal could be good news for the fast food chain's earnings and share price, according to Truist. Analyst Jake Bartlett raised his price target on McDonald's, which he rates a buy, to $335 from $327 previously. A highlight of the meal for customers — and a centerpiece of a social media craze — was a purple-colored, berry-flavored milkshake. To be sure, Bartlett said Truist data shows multiple other chains talso beating expectations for sales in the latest quarter amid surging demand. Of eight chains, data shows just two — Wendy's and Chipotle — could see slight misses on sales forecasts, he wrote.
Persons: McDonald's, Jake Bartlett, , Barlett, Trisha Paytas, Bartlett, Chipotle, — CNBC's Michael Bloom Locations: Monday's
Piper Sandler initiates Domino's as overweight Piper said it sees an attractive risk/reward for Domino's shares. Piper Sandler reiterates Meta as outperform Piper Sandler raised its price target on the stock to $310 per share from $270 and said ad spend is "holding up." Citi downgrades Logitech to neutral from buy Citi downgraded the stock due to the unexpected departure of CEO Bracken Darrell. Citi reiterates Accenture as buy Citi said the Dublin-based IT company is an AI beneficiary. Piper Sandler initiates Bentley Systems as overweight Piper said the company is a "high quality industrial software franchise operating with scale."
Persons: Piper Sandler, Piper, Wolfe, it's bullish, Bernstein, Gordon Haskett downgrades, Gordon Haskett, Needham, ServiceNow, Bracken Darrell, Guy Gecht, Raymond James, Dave, Buster's, Riley downgrades Cinemark, Riley, Li, Morgan Stanley, Tesla, Splunk, TD Cowen, Wingstop, Cowen, it's, Estée Lauder, Berenberg, Roth, Morgan, Bud Light Organizations: Barclays, Netflix, FedEx, Apple, TAM, Citi, Logitech, Materials, SVB Securities, PayPal, Linde, LIN, Bank of America, Oculis, Dave, Cinemark Holdings, Inc, Accenture, IT Services, Li Auto Citi, China, Li, SSS, Bentley Systems, Photonics, Technologies, AMD Data Center, JPMorgan, DG, Anheuser, Busch InBev, Molson Coors, & $ Locations: 3Q22, 4Q22, 2H23, Latin America, Dublin, Bergamo
As a result, about 78% of S & P 500 companies reported better-than-expected earnings results, according to FactSet. Though sales came up short of expectations, earnings, operating margin, and return on capital all notched new record highs in a tough economy. We also saw strong sales of key drug Mounjaro along with positive updates for its potential as a weight loss medication. GE Healthcare (GEHC) reported solid results with its first-quarter earnings release as sales and earnings outpaced expectations. Despite the top-line miss, TJX Companies (TJX) delivered better-than-expected earnings as management demonstrated the ability to diligently control expenses.
Persons: Emerson, Eli Lilly, Strong, Humana, Johnson, Morgan Stanley, Wells Fargo, Wells, Estee Lauder, Locker, Jim Cramer's, Jim Cramer, Jim, Hsun Huang, Patrick T Organizations: Club, Halliburton, HAL, Linde, LIN, Microsoft, Nvidia, Palo Alto Networks, billings, Procter & Gamble, Devices, Caterpillar, Costco, Coterra Energy, Management, GE Healthcare, Honeywell, Johnson, Wynn Resorts, WYNN, Valley Bank . Disney, Natural Resources, Constellation Brands, TJX Companies, Bausch Health, Nike, Jim Cramer's Charitable, CNBC, Nvidia Corp, Mobile, Fallon, Bloomberg, Getty Locations: Washington, North America, United States, Wells, Macau, Asia, Los Angeles , California
JPMorgan downgrades Okta to neutral from overweight JPMorgan Chase said it sees too many macroeconomic pressures for the company. " JPMorgan downgrades Target to neutral from overweight JPMorgan Chase said in its downgrade of the stock it sees a "weakening" consumer. Bank of America initiates Toast as buy Bank of America said the restaurant tech company is "best in class." JPMorgan upgrades Domino's Pizza to overweight from neutral JPMorgan Chase said in its upgrade of Domino's that it's too cheap to ignore. Bank of America reiterates Dick's as buy Bank of America said it's bullish on the company's new store format.
Persons: Goldman Sachs, Goldman, Johnson, it's, Salesforce, JPMorgan downgrades, JPMorgan Chase, we've, Horton, PulteGroup, TOST, BorgWarner, Morgan Stanley, Tesla, XOM, Cowen, Phillips, Wedbush, Macquarie, Dick's, it's bullish, DKS Organizations: AAP, Barclays, JCI, RBC, Chevron, JPMorgan, JPMorgan downgrades Target, Deutsche Bank, " Bank of America, Bank of America, Restaurant Association, BorgWarner Deutsche Bank, Citi, Meta, ExxonMobil, UBS, CSX, Garden Entertainment, Knicks, Rangers, Networks Locations: Europe, New York
Retailers continue to post better-than-expected earnings in the latest quarter – with Walmart , Bath & Body Works and Canada Goose topping estimates. Bath & Body Works' guidance is lacking , too, at 27 cents to 32 cents per share after adjustments versus the 32 cents estimate. Bath & Body Works also raised its earnings guidance and reaffirmed its full-year forecast. Bath & Body Works highlighted better merchandise margin and benefits from cost savings initiatives. BBWI YTD mountain Bath & Body Works shares soared more than 7% after its earnings report.
Citi names Meta top pick Citi said Meta is its new top pick pick based on the strength of its ad platforms. Jefferies reiterates Amazon as buy Jefferies said it sees a "strong AI opportunity" for the e-commerce giant. " "We believe upcoming results from FedEx next month can be a meaningful positive catalyst for shares. Citi reiterates Tesla as neutral Citi said its recent survey checks show Tesla has an "impressive loyalty lead." Jefferies reiterates Walmart as buy Jefferies said the big box giant is still a top pick after its robust earnings report on Thursday morning. "
Organizations: ~$
Of course, as management noted Wednesday, they were also able to put the right items in the right stores at the right time. The operating environment undoubtedly remains uncertain for the retail industry, with consumers increasingly cost conscious amid a slowing economy. Quarterly results Fiscal first-quarter SSS rose 3% year-over-year, matching the high end of the 2% to 3% guidance range management provided the prior quarter. That was driven by a 5% same-store-sales increase at Marmaxx, a 1% increase at TJX Canada and 4% advance at TJX International. On a constant currency basis, sales at TJX Canada were up 3% year-over-year, while sales at TJX International — which includes operations in Europe and Australia — were up 5% annually.
This is relevant to Apple as we estimate that Google pays Apple ~$20bn for being the default search engine across iOS devices." Goldman Sachs reiterates Microsoft as buy Goldman says it's staying bullish heading into Microsoft earnings next week. Deutsche Bank reiterates Disney as buy Deutsche Bank says it sees an "attractive setup" heading into earnings in early May. HSBC upgrades Nvidia to buy from reduce HSBC said in its double upgrade of Nvidia that it's "all about AI." Deutsche Bank reiterates Amazon as buy Deutsche says it's standing by its buy rating on the e-commerce giant ahead of earnings later this month.
Here are Thursday's biggest calls on Wall Street: Goldman Sachs reiterates Netflix as sell Goldman said it's standing by its sell rating heading into earnings next week. Deutsche Bank adds a catalyst call buy on Enphase Energy Deutsche said it's bullish on the solar company's opportunities in Europe. Citi upgrades Merck to buy from neutral Citi said in its upgrade of the pharmaceutical company that it has an underappreciated pipeline of products. Deutsche Bank names a catalyst buy on Sherwin-Williams Deutsche said the paint company's earnings scheduled for later this month should "alleviate" investor concerns. Citi upgrades Steven Madden to buy from neutral Citi said in its upgrade of the shoe company that it sees "better wholesale trends" for Steven Madden.
A big shift in consumer demand is coming as global population growth slows, and that means companies need to respond with more active approaches to generate outperformance, according to Evercore ISI. Historically, booming population growth, globalization and industrialization have supported economic growth, Julian Emanuel, the firm's senior managing director, wrote in an April 5 note. "Companies with higher value-added services and better quality will likely better capture market share than those relying solely on volume growth." "Consumer companies that focus on 'trade-up' categories and premiumization could benefit as middle-income discretionary spend continues to rise," Emanuel said. Meanwhile, McDonald's top six markets — including the U.S., U.K. and France — are all experiencing slowing population growth.
UBS reiterates Wells Fargo and Bank of America as buy UBS said it sees a re-rating for bank stocks such as Wells and Bank of America. Morgan Stanley names Mercadolibre a top pick Morgan Stanley said it sees multiple growth drivers for the LatAm e-commerce company. Deutsche Bank reiterates Charles Schwab as buy Deutsche said it's standing by its buy rating on shares of Charles Schwab. UBS reiterates Disney as buy UBS said it thinks Disney will take a 100% ownership stake in Hulu and integrate it with Disney+. Morgan Stanley reiterates elf Beauty as overweight Morgan Stanley said it sees a long-term growth opportunity for the beauty company.
Here are Monday's biggest calls on Wall Street: Susquehanna upgrades Roku to positive from neutral Susquehanna said it sees an attractive risk/reward for the stock. Citi upgrades KeyCorp and M & T Bank to buy from neutral Citi upgraded several regional banks on Monday and said the risk/reward looks compelling. Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it sees 50% upside for shares of the e-commerce giant. Morgan Stanley reiterates Walmart as overweight Morgan Stanley said it sees an attractive risk/reward heading into the company's investment community meeting on April 4. Morgan Stanley moves First Republic to no rating Morgan Stanley removed its estimates and ratings on the stock due to too much uncertainty.
Here are Friday's biggest calls on Wall Street: UBS reiterates Tesla as buy UBS said it's recent survey checks show Tesla is "best positioned" to win the EV race. Wells Fargo reiterates Microsoft as a top AI pick Wells said Microsoft is one of the biggest beneficiaries of AI. Jefferies downgrades UBS to hold from buy Jefferies said it sees too much uncertainty after the banking giant's acquisition of Credit Suisse. Jefferies upgrades Regeneron to buy from hold Jefferies said it's bullish on several of the pharmaceutical company's products. Citi reiterates Nvidia as buy Citi said Nvidia is a top beneficiary of AI.
Here are Thursday's biggest calls on Wall Street: Bernstein reiterates Tesla as underperform Bernstein said Tesla sharers remain overvalued. Loop reiterates Apple as buy Loop said it sees attractive iPhone revenue upside for Apple. Canaccord upgrades Generac to buy from hold Canaccord said it sees "storm clouds breaking" for shares of Generac. JPMorgan reiterates Roku as overweight JPMorgan said it's standing by shares of Roku after the company's earnings results on Wednesday. " Bernstein reiterates Meta as outperform Bernstein kept its outperform rating on the social media giant and says it likes the company's "clear cost takeout plan."
Here are Tuesday's biggest calls on Wall Street: Citi reiterates Disney as buy Citi said it's bullish heading into Disney earnings Wednesday. Goldman Sachs downgrades Tyson Foods to neutral from buy Goldman downgraded the poultry company after its earnings report on Monday and said it sees cyclical headwinds for Tyson. Jefferies reiterates Target as buy Jefferies said it sees "comp sales upside" ahead for Target. Wells Fargo initiates iRhythm Technologies as overweight Wells initiated the digital health care cardio company and said it sees upside and share gains. Goldman Sachs reiterates Pinterest as buy Goldman said it's standing by shares of Pinterest after its earnings report on Monday.
Here are Friday's biggest calls on Wall Street: Bank of America upgrades Caterpillar to buy from neutral Bank of America said in it sees a multiyear growth story for the industrial giant. Guggenheim downgrades Tesla to sell from neutral Guggenheim said numbers are too optimistic ahead of Tesla 's earnings later this month. Deutsche Bank downgrades Logitech to hold from buy Deutsche said it's concerned about weakening PC demand trends. Bank of America reiterates Alphabet as buy Bank of America said it's standing by its buy rating on the stock, but that it sees further headcount reductions this year. Bank of America names Netflix a top pick Bank of America said Netflix is one of the best positioned media company's for the permanent shift to streaming.
Goldman Sachs unveils its top buy-rated stocks for 2023
  + stars: | 2022-12-24 | by ( Michael Bloom | ) www.cnbc.com   time to read: +6 min
Goldman Sachs analysts have revealed their favorite stocks to buy for 2023. CNBC Pro combed through top Goldman research to find the bank's top picks heading into next year. They include: Amazon, Weyerhaeuser, Boeing, Chipotle, Humana and Bath & Body Works. Shares are up about 40% over the past six months, and they have more room to run in 2023, he said. Chipotle Chipotle is down 19% this year, but analyst Jared Garber said the stock is greatly undervalued heading into 2023.
It's time to move to the sidelines on Starbucks , according to Jefferies. Analyst Andy Barish downgraded the coffee chain to hold from buy, saying shares are likely going to trade in a narrow range after their outperformance this year. Additionally, the analyst is concerned a recession in the second half of calendar year 2023, or in the first half of 2024, will hurt discretionary spending and same-store sales at the coffee chain. Our FY23/24 U.S. SSS ests are 7%/5% vs guide 7-9% in each year and Cons 8%/6%," Barish wrote. Starbucks shares are down about 16% in 2022, better than the S & P 500's more than 19% decline.
Morgan Stanley downgrades Capital One and Ally Financial to underweight from equal weight Morgan Stanley said in its downgrade of Capital One and Ally Financial that it sees "significant risk" for both stocks. Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's standing by it's overweight rating on Tesla but is concerned 2023 could be a disappointing year in general for electric vehicles. Morgan Stanley initiates Vizio as equal weight Morgan Stanley said it's concerned the television tech company lacks scale to keep up with bigger competitors. Morgan Stanley reiterates Salesforce as overweight Morgan Stanley said it's standing by shares of Salesforce after the company's disappointing earnings report on Wednesday. Morgan Stanley reiterates Snowflake as overweight Morgan Stanley said investors should stick with shares of Snowflake for the long-term after its earnings report on Wednesday.
Here are Friday's biggest calls on Wall Street: Bank of America reiterates Roblox as buy Bank of America said it's standing by shares of the stock heading into earnings next week. JPMorgan downgrades Funko to neutral from overweight JPMorgan downgraded the pop culture toy company, noting it sees too much uncertainty. " Piper Sandler downgrades Atlassian to neutral from overweight Piper said it sees a slowdown in subscription billings for the software developer. " Bank of America reiterates Krispy Kreme as buy Bank of America said "brand health is strong but FX, UK, promos weigh," heading into Krispy Kreme earnings Nov. 15. Jefferies reiterates Topgolf Callaway Brands as buy Jefferies said it sees 200% upside in shares of the golf company. "
It's the busiest week of the earnings season thus far, with nearly 150 S & P 500 components set to report. What history shows: Coca-Cola has outperformed analyst earnings expectations in the last 11 quarters, FactSet data shows. Alphabet is set to report earnings after the close, with management expected to hold a conference call at 5 p.m. What history shows: FactSet data shows Microsoft's earnings per share have come in above expectations in 24 of the last 25 quarters. What history shows: McDonald's earnings per share have outperformed expectations in six of the last 10 quarters, FactSet data shows.
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