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Here are Friday's biggest calls on Wall Street: Barclays reiterates Tesla is equal-weight Barclays is sticking with its equal-weight rating heading into Tesla's release of its vehicle delivery numbers in early April. “We estimate first-quarter deliveries to be in the range of 420-425,000 units, below the consensus of 468,000.” BTIG downgraded Papa John's restaurant chain to neutral from buy BTIG downgraded the pizza chain's rating following the departure of its CEO. “We are downgrading Papa John's stock to Neutral from Buy following the departure of Rob Lynch as CEO, who will take the reins at Shake Shack (SHAK, Buy, $120) this spring.” UBS reiterates Nvidia UBS raised its price target for artificial intelligence chip developer Nvidia to $1,100 per share from $800. “After launching Blackwell and attending several sessions at GTC, we believe NVDA is on the cusp of a whole new wave of demand from global institutions and sovereigns – with each sovereign potentially the size of a large cloud customer in the US.” Morgan Stanley reiterates Apple Morgan Stanley said investors should buy down shares in Apple after the lawsuit filed by the Department of Justice and the states. “We believe mkt does not value AAPL's Edge AI initiatives, and we see key catalysts ahead, including WWDC and the AI-driven iPhone upgrade cycle, that should more than offset June Q concerns and the long-awaited DOJ lawsuit ” Goldman Sachs reiterates FedEx buy Goldman is holding on to its buy rating on the overnight shipping company following Thursday's earnings report. “While near-term risks remain as we close out fiscal 2024, we continue to favor FDX given its cost absorption initiatives, as well as the eventual return of volumes that should provide further leverage for growth and cost optimization across its network.” Goldman Sachs reiterates Arista's assertion as Goldman raised its price target on the cloud networking stock to $356 from $313. “Our increased optimism is driven by 2024/25 capex growth from ANET Cloud Titan Meta, Microsoft and Oracle customers, which we believe supports ANET's 2024E revenue guidance if Meta & Microsoft's ANET revenue as a percentage of capex is consistent.” Truist Reiterates Amazon Truist reiterated its Buy rating on Amazon shares. “We remain bullish on AMZN with two weeks left in the quarter, based on our tracking of US revenue growth and generally positive market trends.” RBC downgrades Nike to sector perform from outperform RBC downgraded Nike after its disappointing earnings report on Thursday. “No revenue growth in 2024 leaves much to play for; downgrade to sector perform.” Morgan Stanley reiterates Alphabet assertion Overweight Morgan Stanley believes Alphabet shares remain undervalued. “GOOGL is also trading at a 24% discount to peers and a 17% discount to peers [long term] Moderate.” Citi started Talos Energy as a buy Citi initiated research coverage of Talos with a buy and said investors should buy the energy company after the recent decline. “We favor their prudent strategy of a balanced mix of acquisitive and organic growth with moderate operating upside; We see a continuation of this trend as necessary to balance concerns surrounding its relatively small range and relatively low reserve life. Exchange, as momentum continues to build additional business; We maintain a market outperform rating and a price target of $300. By 11 [percentage points]+29% since December 2023, now leaving valuations extended to trade above 5 years + 1 [standard deviation] Average, particularly for pure play pools.” Redburn Atlantic Equities upgrades Verizon to neutral from sell, Redburn sees 'improving subscriber trends' for Verizon. Exposure to price declines and healthy dividend coverage. Early BBY given margin/trend control Bullish as computing trends could kick in during back-to-school (July-September) with relative valuation and margin flow through indicating a spring-loaded stock.” UBS upgrades Sustainable Atlantica to Buy from Neutral UBS. “The renewable energy company's shares are attractive. “We upgraded AY shares from neutral to buy.” Piper Sandler founded Boston Beer Overweight Piper started the overweight beverage company, saying she favors its product pipeline. “We start SAM with a rating of OW And a target price of $350. We expect Twisted Tea and Hard Dew to drive total revenue growth, and Hard Mtn Dew will likely drive significant upside potential versus our (and consensus) estimates, based on initial traction in limited distribution.” KBW Upgrades Bank of California to Outperform Market Performance. KBW said investors should buy shares of the regional bank before it is too late. “We are transferring coverage of BANC to Christopher McGroty and upgrading the stock to outperform from previously market performance.” Argus downgrades Pfizer to hold from buy Argus said in downgrading its rating for the pharmaceutical company It's seeing a lot of headwinds at the top level.” PFE faces near-term headwinds to overall revenue growth. It's on track for 3%-5% revenue growth by 2024 (such as Covid products and the Seagen acquisition), down from 7% in 2023.” Janney upgrades Sunnova to buy from a neutral company, Janney says investors should buy company shares Low solar. “NOVA: Upgrade to buy after significant weakness.” Citigroup upgraded Foot Locker to neutral from sell. Citi said risk/reward looks better for the shoe retailer's stock. “Although FL did not get an allocation favorable from NKE in recent years and there is no guarantee that FL will benefit from NKE's product pivot, there appears to be a greater possibility that FL will see better allocation.” Compass Point upgrades US Bancorp to buy from neutral Compass Point said it sees “a trend “Notably bullish” for shares of the Minneapolis-based bank. “USB should benefit from strong expense leverage in FY24, and management has tools it can use if necessary to ensure it can achieve consistent expenses for the year.” Wedbush reiterates Alphabet Wedbush, which outperformed, added the stock to its list of best ideas. “We are adding Alphabet to the Wedbush Best Ideas List (BIL) and raising our TP to $175 from $160.” TD Cowen upgrades Charles Schwab to outperform market TD Cowen upgraded Schwab and said it sees a “favorable inflection” point on the horizon. “We believe the backdrop is increasingly more relevant to the sector [net interest margins], capital markets, with our latest EPS revisions mostly at/above consensus. Neutral with $73 BZD and $42 USD for VESTA.MX shares and VTMX ADRs, implying a price return of +15%. She likes Veralto's range of product offerings. “Quality Growth in Water and Products Markets Globally; Start Buying.” Morgan Stanley reiterates Taiwan Semiconductor Co. Overweight Morgan Stanley said the semiconductor maker is a major beneficiary of Apple's AI push. “TSMC is a key enabler and beneficiary of Apple’s AI.”
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