Here are Thursday’s biggest calls on Wall Street: Goldman Sachs reiterates Sunrun as buy Goldman said it’s sticking with its buy rating following earnings on Wednesday. ” RUN reported mixed 1Q24 results, with revenues below expectations but solar and storage installations exceeding the high end of guidance.” JPMorgan reiterates SolarEdge as overweight JPMorgan said it’s sticking with its overweight rating following earnings on Wednesday. ” SEDG reported mixed 1Q results with revenue ahead of expectations while gross margin and EPS were lower.” JPMorgan upgrades Affirm to overweight from neutral JPMorgan said investors should buy the dip in shares of Affirm. “Investors we’ve spoken with believe shares were down in sympathy with Shopify and/or in response to a less than flattering Bloomberg article about the dangers of BNPL [buy now pay later] financing.” Redburn Atlantic Equities upgrades Live Nation to buy from neutral Redburn said breakup concerns are overdone and that investors should buy the dip. “However, we argue that break-up concerns are overblown, creating an attractive entry point for those willing to take a calculated risk. With the shares trading on 14x FY24E EV/EBITDA and our new $115 price target offering 19% potential upside, we upgrade Live Nation to Buy.” JMP upgrades Shopify to market outperform from market perform JMP upgraded the website for businesses company following earnings on Wednesday and says investors should buy the dip. ” Shopify Is Investing Behind Its Strength As We Upgrade Shares to MO.” Mizuho reiterates Robinhood as buy Mizuho said Robinhood’s earnings report on Wednesday is “as good as gold.” “We could not have asked for a better 1Q.” Goldman Sachs reiterates Arm Holdings as buy Goldman raised its price target on the semis company to $110 per share from $108 and said it’s sticking with the stock. “Arm delivered strong FY4Q (March) results driven by an acceleration in Royalty revenue growth and upside in Licensing revenue.” Deutsche Bank upgrades Emerson Electric to buy from hold Deutsche said it sees upwards earnings per share revisions for the electric company. “We see two ways to win with EMR : 1) Continued positive EPS momentum, as we sit 4% ahead of consensus EPS for FY25 – and we think our assumptions are likely still conservative; and 2) The stock trades at just 20x NTM [next twelve months] P/E, a 12% discount to the peer group median vs. a 3% 10Y median premium – and we think the portfolio has actually improved relative to history.” Citi reiterates Airbnb as buy Citi said it’s standing by its buy rating on shares of Airbnb following earnings on Wednesday. “And while we acknowledge visibility is somewhat muted S-T, we believe the broader travel environment is relatively healthy and we maintain our Buy rating, though lower our TP slightly to $167 from $170 prior.” JPMorgan reiterates Instacart as overweight JPMorgan said it’s sticking with its overweight rating on shares of Instacart following earnings on Wednesday. “We remain Overweight & increase our Dec-24 PT to $47 (from $45 prior), based on ~11x our updated 2025E Adj. EBITDA.” DA Davidson downgrades TripAdvisor to neutral from buy DA said it sees a slowing recovery for the travel website company. “We are lowering our rating on shares of TRIP from Buy to NEUTRAL and reducing our estimates and price target following the company’s 1Q’24 earnings results.” Raymond James upgrades Cheesecake Factory to outperform from market perform Raymond James said in its upgrade of the restaurant company that it has a “low valuation.” “We are upgrading CAKE shares to Outperform with a price target of $42. The company’s 1Q results reflected 1) encouraging comp resilience and strong relative outperformance in a softening industry backdrop, while 2) Cheesecake segment margins exceeded 2019 levels for the second consecutive quarter, easing our prior margin concerns.” Bank of America upgrades Fox to buy from neutral Bank of America said the media company is “well positioned [in an] evolving landscape.” ” Fox is now well-positioned to accelerate earnings in FY25.” Cantor Fitzgerald upgrades EVGO to overweight from market perform Cantor upgraded the EV charging infrastructure company mainly on valuation. ” EVGO reported another revenue beat of $55.2M vs. FactSet consensus of $52.4M for 1Q24 and reaffirmed its FY24 revenue guidance of $220-270M, and its target to achieve breakeven adj. EBITDA in 2025, which we see as encouraging.” Citi upgrades Select Water Solutions to buy from neutral Citi said the water company has the potential for outperformance. “We upgrade WTTR t o Buy with a $13 target price and see ~45% upside to the current price.” Deutsche Bank initiates Barclays as buy Deutsche said it’s bullish on shares of British banking giant Barclays. “Upside potential relates to the achievement of anything close to group targets, particularly a > 12% ROTE in 2026.” UBS reiterates Costco as buy UBS said it’s sticking with its buy rating on the stock following April sales report in which gold sales was a standout. “This marks the sixth consecutive month where COST’s discretionary categories comped positively, which is indicative of its market share gains, in our view. The company cited strength in jewelry (especially gold/silver), toys & seasonal, and home furnishings.” Bank of America reiterates Apple as buy Bank of America said it’s sticking with its buy rating following data showing App Store strength. “Our Buy rating on Apple is based on: 1) expected strong iPhone upgrade cycle in F25 driven by the need for latest hardware to enable Gen AI features, 2) higher growth in Services revenue…” Wolfe downgrades Skyworks to peer perform from outperform Wolfe said in its downgrade of the semis company that it’s concerned about sliding iPhone demand as Skyworks is an Apple component provider. “Downgrading SWKS to Peer Perform. Our call is late, but SWKS has become a leveraged play on AAPL modem, for which we’re not confident.”
