Here are the biggest calls on Wall Street on Friday: Bank of America reiterates Broadcom as buy Bank of America says the that Broadcom remains a top pick at the firm following a series of investor meetings. “As expected, the meeting focused on AVGO’s growing AI opportunity, around $12bn or 24% of sales in FY24, with a longer-term TAM [total addressable market] of $100-$125bn, focused largely on growing internal workloads.” UBS reiterates Advanced Micro Devices as buy UBS called AMD’s AI event on Thursday a “mixed bag” but says it’s sticking with the stock. “AMD’s AI event was, in our view, a bit of a mixed bag that doesn’t likely sway the debate a whole lot in either direction.” Wells Fargo upgrades Affirm to overweight from equal weight Wells called the fintech payment company a “structural winner.” ” AFRM has clearly demonstrated its right to win incremental eComm checkout share for years to come. With GAAP profitability on the horizon, the valuation case has finally become palatable.” Redburn Atlantic Equities initiates Mercado Libre as buy Redburn says the LatAm e-commerce company is “leading the LatAm online retail revolution.” “Mercado Libre (MELI) sits in the intersection between the retail e-commerce evolution in Latin America (LatAm) and the disruption of traditional banking in the region.” Pivotal initiates Amazon as buy Pivotal says the e-commerce giant has a wide moat that’s getting bigger. ” Amazon has a deep moat around their core businesses driven by their unmatched scale and has what appears to be the largest organic revenue growth opportunity of any mega cap tech company…” Morgan Stanley downgrades Qorvo to equal weight from overweight Morgan Stanley says it sees a lack of near term catalysts for semis solutions company. “We upgraded Qorvo to OW in December 2023, expecting the modest growth in volume following the smartphone correction to improve utilization and drive gross margins up. The seemingly undemanding growth needed for EPS expansion appealed to us, especially at current valuation levels. However, we were wrong, at least in the short term.” Goldman Sachs reiterates Nvidia as buy Goldman raised its price target to $150 per share from $135 following a series of Nvidia management meetings. “We hosted a group investor meeting with Jensen Huang (Founder, President & CEO), Colette Kress (EVP, CFO) and Stewart Stecker (IR).” Morgan Stanley names Atlassian a top pick Morgan Stanley named Atlassian a top idea and says the software company is well positioned for share gains. “An expanding opportunity from a broader product portfolio against de-risked FY25 estimates sets a clear catalyst path to drive shares higher.” Morgan Stanley reiterates Eli Lilly as overweight Morgan Stanley raised its price target on the stock to $1,158 per share from $1,106. “LLY has the most robust new product cycle (and hence growth) outlook in Pharma as the company could launch five new drugs over the next two years.” Mizuho downgrades Mobileye to neutral from outperform Mizuho downgraded the autonomous driving company due to rising competition and slowing growth. “1) EV/Autos sales are slowing in MBLY’ s key US/EU growth markets (~50-60% of revs), 2) Rising competition and share loss in China (~30% revs)..” Wells Fargo downgrades FlyWire to equal weight from overweight Wells downgraded the payment company o valuation and take-out potential. “Overall, we believe FLYW will struggle to garner investor support despite a highly discounted valuation as the catalyst path feels to have been pushed out and regulatory uncertainties linger.” JPMorgan reiterates Amazon, Uber and Meta as top picks JPMorgan said in a note on Friday that Amazon, Uber and Meta were the firm’s top three picks heading into earnings. “We continue to prefer large-cap companies w/strong secular growth potential & company-specific drivers (AMZN, META, UBER), along w/subscription names w/strong execution & macro resilience (NFLX, SPOT).” Bank of America upgrades Kinder Morgan to buy from neutral Bank of America says it’s bullish on shares of the nat gas pipeline company. “We upgrade KMI to Buy from Neutral, as the base business has stabilized with the higher multiple natural gas pipe business offsetting lower multiple CO2/product pipe declines.” JPMorgan upgrades Ferrari to overweight from neutral The firm says it’s more constructive on the luxury automaker following a series of management meetings. “We are upgrading shares of Ferrari (RACE) to Overweight from Neutral after investor meetings we hosted recently with CEO Benedetto Vigna and Manager of Investor Relations Aldo Benetti over the course of two weeks…” Morgan Stanley reiterates Tesla as overweight The firm says the Tesla Robotaxi event lacked sizzle but that the stock is still a top pick. “Tesla’s highly anticipated ‘We, Robot’ event demonstrated cybercab (expected) but overall disappointed expectations on a number of areas: a lack of data regarding rate-of-change on FSD/ tech, ride-share economics and go-to-market strategy.” Guggenheim reiterates Netflix as buy Guggenheim raised its price target on the stock to $810 per share from $735 ahead of earnings next week. “While Netflix shares are up 56% year-to-date compared to 22% for the S & P500, we continue to see attractive shareholder returns over the next 12 months fueled by 1) further global member growth potential, 2) accelerating advertising revenue growth driven by tier adoption and expanded third-party relationships…” UBS reiterates Walmart as buy UBS raised its price target on the stock to $92 per share from $81 and says Walmart’s third-party marketplace is underappreciated. ” WMT’ s 3rd-party marketplace has gained scale & will be an engine for all of its alt businesses While the market has more knowledge and awareness of Walmart’s alternative revenue streams, we believe it has less insight into the potential of these elements of its ecosystem.”
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