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. “Despite a plethora of BEV launches, legacy mass OEMs are the relative losers in this year’s survey. In a market that is no longer supply constrained, technology and cost leadership have become more important than ever, and we think Tesla is clearly best positioned to win as it fully controls all the mission-critical levers in-house.” Wells Fargo reiterates Microsoft as a top AI pick Wells said Microsoft is one of the biggest beneficiaries of AI. “We think Generative AI holds the potential to redefine software.” Jefferies downgrades UBS to hold from buy Jefferies said it sees too much uncertainty after the banking giant’s acquisition of Credit Suisse. “With the acquisition of CS, UBS’ equity story takes a U-turn. Deal maths are compelling on a three-year view but risks & uncertainty are high in the next 12 months.” Jefferies upgrades Regeneron to buy from hold Jefferies said it’s bullish on several of the pharmaceutical company’s products. “We’re increasing our PT to $925 & upgrading REGN from Hold to Buy.” Read more about this call here. Atlantic Equities downgrades Block to neutral from outperform Atlantic Equities said it’s concerned about the accusations leveled by Hindenberg Research on Thursday. “The Hindenburg Research report allegations focused on Cash App’s predatory fees, fake user accounts, and links to criminal activity. We are less concerned about the high fees and user metrics, but a significant proportion of profits could be impacted longer term by improving risk controls to reduce illegal activity.” Read more about this call here. Citi adds a positive catalyst watch on Lululemon Citi said it’s bullish heading into Lululemon earnings next week. “With investors anticipating conservative F23 guidance and shares trading at 16.5x F23 EV/EBITDA (well below NKE at 25x), we believe the setup into the print is favorable. We are opening a 30-day positive Catalyst Watch.” Bank of America reiterates Netflix as buy Bank of America said Netflix is firing on all cylinders. “Supported by its world-class brand, leading global subscriber base and position as a leading innovator we believe Netflix is poised to outperform driven by three main catalysts: (1) still significant subscriber runway; (2) ramping of its AVOD offering and (3) upside from password sharing crackdown.” RBC initiates Legend Biotech as outperform RBC said in it’s bullish on the Legend’s myeloma cancer drug. “Impressive data to date provides confidence in successful expansion into earlier lines.” TD Cowen downgrades Coinbase to market perform from outperform TD Cowen said in its downgrade of Coinbase that it’s concerned about the company’s litigation with the SEC. “We are downgrading COIN today to Underperform (3) on incremental risk to operations from the SEC Wells Notice and crypto banking crackdown. COIN appears headed for litigation against the SEC. Argus upgrades Cracker Barrel to buy from hold Argus said it likes the restaurant chain’s increased sales and attractive long-term growth strategy. ” CBRL has seen success with new menu items, including alcoholic beverages and appetizers, that are appealing to younger customers and helping to raise the average check.” Barclays reiterates Meta as overweight Barclays said the bull case on Meta has not been unlocked yet. “Shares have re-rated significantly in the past few months and while we think the alpha vs. GOOG and AMZN may have been realized on recent cost cuts, the bull case around how generative AI could unlock value has not.” Credit Suisse names CBOE a top pick Credit Suisse named the global markets and exchange company as a top pick and said the stock’s valuation is compelling. “We elevate Cboe Global Markets to our top pick in 2023 owing to product innovations driving durable index options growth momentum, enterprise revenue growth of 5-7% (versus revenue growth of 2-4% for the traditional exchanges) and relative valuation.” Read more about this call here. TD Cowen names McDonald’s a top pick in Europe. The firm said it’s bullish on McDonald’s European business. “We have confidence in 2023 U.S. SSS (same-store sales) outperformance that should lead to positive sales revisions, driven by the brand’s scale and completed store remodel program.” Citi reiterates Nvidia as buy Citi said Nvidia is a top beneficiary of AI. “We continue to view Generative AI as more than just hype and capture key takeaways from industry conferences and interesting case studies.” Loop reiterates Wendy’s as buy Loop said it likes the fast food giant’s pricing power. “The recent move by Wendy’s to raise 4/$4 to 4/$5 and $5 Biggie Bags to $6 could drive a 500+ bp lift to comps if/when it is expanded nationwide.”
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