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Here are Friday's biggest calls on Wall Street: JPMorgan upgrades Chubb to overweight from neutral JPMorgan said the insurance company is defensive. CFRA upgrade Whirlpool to buy from hold CFRA said in its upgrade of the stock that shares are attractive. Citi initiates Bumble as buy Citi said the dating app continues to take market share. Citi reiterates Nvidia as buy Citi said it's bullish on Nvidia's adoption of AI. Citi reiterates Meta as buy Citi said it likes Meta's improved operating leverage. "
CNBC Pro combed through top Bank of America research to find the most undervalued stocks on Wall Street. The firm says its base case is that the already "undervalued" stock can re-rate from current levels. In addition, Harley's management team is executing well with electric vehicle motorcycles on the horizon and burgeoning international growth opportunities. The says it sees "asymmetrical upside potential" meaning that when peers in the sector go up, KKR shares could go even higher. Remain Buy for undervalued growth and pipeline with two launches worth 5bn euros peak in 23E.
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.
The outlook for Alibaba has improved in 2023 as China reopens, according to Goldman Sachs. Analyst Ronald Keung added the stock to his conviction buy list, saying Alibaba is the best way to play a rebound in the China internet sector. Shares of Alibaba tumbled 25% in 2022, and roughly 49% in 2021, as China's stringent Covid policies during the pandemic dampened investor sentiment on the stock. Still, the stock is up more than 21% a little more than a week into 2023, and the analyst expects further upside. The company's shares are up more than 4% in the premarket Monday.
Here are Monday's biggest calls on Wall Street: Bernstein reiterates Apple as market perform Bernstein said it's concerned about disappointing iPhone revenues for Apple. Guggenheim upgrades AutoZone to buy from neutral Guggenheim said it sees "operational improvement" for the auto parts retailer. KeyBanc upgrades Visa and Mastercard to overweight from sector weight KeyBanc upgraded several credit card stocks on Monday and said it sees "growth durability." "Bank stocks face another year of uncertainty with revenue forecasts challenged, provisions for credit on the rise, and capital return mostly sidelined ahead of a recession." Bank of America names Ferrari a top 2023 pick Bank of America said the luxury car company has pricing power.
The firm said investors still need to be selective in the space, however, naming two top ideas in Merck and AbbVie . Credit Suisse says U.S. pharma as a group is trading at a price-earning ratio of 16 times to 17 times while defensive sectors utilities and consumer staples have 18-20 P-E ratios, on average. For AbbVie, it sees 11% upside from here, noting it has the "highest dividend yield among peers." "As such, we believe large-cap biopharma should remain a solid outperformer in the coming months, with portfolios requiring diversity in the defensive names. If markets rally on further clarity, we see our higher-growth names, such as Eli Lilly, being insulated from the rotation away from defensives and back into growth names."
Investors can expect limited upside in Charles Schwab looking ahead to 2025, according to Credit Suisse. Analyst Bill Katz downgraded Charles Schwab to neutral from outperform, saying the stock is trading at a fair value after its outperformance this year. Charles Schwab shares are down just 5% this year, better than the near 19% decline in the S & P 500. The analyst's $84 price target, up from $80 previously, represents a little more than 5% upside from Monday's closing price. Meanwhile, the firm has resolved its cash sorting angst, which refers to the practice when some clients move cash out of investment funds into money funds.
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