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Here are Wednesday’s biggest analyst calls: Amazon, Netflix, Etsy, Nvidia, Nike,
Ford, Tesla & more
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Here are Wednesday’s biggest analyst calls: Amazon, Netflix, Etsy, Nvidia, Nike,
Ford, Tesla & more
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HERE ARE WEDNESDAY’S BIGGEST ANALYST CALLS: AMAZON, NETFLIX, ETSY, NVIDIA, NIKE,
FORD, TESLA & MORE

Published Wed, Jun 1 20228:34 AM EDTUpdated Wed, Jun 1 20221:33 PM EDT
Michael Bloom
WATCH LIVE
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Here are Wednesday’s biggest calls on Wall Street: Goldman Sachs lowers price
target on Tesla to $1,000 from $1,200 Goldman lowered its price target on the
automaker to $1,000 per share from $1,200, but kept its buy rating to “better
reflect additional supply chain constraints in the near term, and weaker demand
in the intermediate term.” “For Tesla , we assume delivery growth well below the
company’s longer-term target of 50% or more, and also lower margins given higher
input costs.” BMO initiates MP Materials as outperform BMO said in its
initiation of the rare earth materials company that it sees an attractive
risk/reward. “We expect MP to benefit from persistent tightness and robust
pricing for magnet rare earth products fueled by the energy transition (EVs,
wind turbines, etc.). We see attractive risk-reward currently as MP expands
downstream for long-term growth and Chinese supply chain circumvention.” Piper
Sandler downgrades Tempur Sealy to neutral from overweight Piper said it’s
concerned about slower-than-expected sales for the mattress company. “We are
downgrading shares of TPX to Neutral and lowering our PT to $28 following a
round of checks for Memorial Day weekend that suggest a disappointing selling
period.” Wells Fargo reiterates Bank of America as overweight Wells said that a
recession is already priced into shares of the stock. “We reiterate our
Overweight rating on BAC and see a favorable reward-to-risk scenario of at least
3 to 1 and a weighted avg. return for the stock of up 40%, assuming a one-third
chance of recession.” KeyBanc reiterates Netflix as sector weight KeyBanc said
it’s staying cautious on the stock as any positive catalysts are “unlikely to
manifest meaningfully” until 2023. “Based on country rank and broader data (app,
search queries), we believe it is too early to conclude paid net adds could
outperform our/Street estimates for Q2 losses of 2M subs. We reiterate our
Sector Weight rating as we believe catalysts (e.g., ad progress, improved FCF)
are unlikely to manifest meaningfully in estimates until 2H23.” JPMorgan
reiterates Amazon as a best idea JPMorgan said it sees growth reaccelerating in
the second half for the e-commerce giant. “While AMZN’s share of U.S. e-commerce
could dip modestly in 2022, we believe the company has gained ~650bps of share
since 2018. We continue to believe revenue growth should reaccelerate in 2H22 as
comps ease & AMZN gains greater penetration in grocery, CPG,
apparel/accessories, & furniture/appliances/equipment.” Wells Fargo reiterates
Warner Bros Discovery as overweight Wells said the media and entertainment
company is a solid opportunity for “patient” investors. “We think WBD is a great
opportunity for patient investors given excellent content assets + a management
track record of merger execution. Near term, it’s a lot of noise, so while we
like it, we think a future investor day is the indicator for a positive catalyst
path.” Atlantic Equities downgrades Medtronic to neutral from overweight
Atlantic Equities said it sees “no path to cleaner execution” in its downgrade
of the med tech company. ” Medtronic’s stock has materially outperformed its
closest interventional med tech peers year to date, and as such the valuation
gap has closed and in our opinion no longer fully discounts recent execution
issues.” Wells Fargo reiterates Nike as overweight Wells kept its overweight
rating on the athletic retailer, but says its recent survey checks show the
situation in China remains “tough.” “Based on our checks, our key takes are 1)
trends in NKE ‘s 4Q (end May) are likely to be tough, with our model looking for
regional revenues of $1.82B vs. consensus’ $1.93B; 2) consumer spending in the
region is unlikely to be like 2020′s post-lockdown pop given the nature of the
recent lockdowns.” JPMorgan downgrades Sealed Air to underweight from neutral
JPMorgan said in its downgrade of the packaging company that it sees better
investments elsewhere. “Our change of rating for Sealed Air does not reflect
pessimism concerning Sealed Air’s business prospects but reflects our
inclination to invest in other equities in the various material sub-sectors.”
JMP initiates Etsy as market outperform JMP said the e-commerce company has
increased its “brand awareness.” ” ETSY’ s platform has been one of the top
performers throughout and exiting the pandemic. We view its increase in brand
awareness as lasting as opposed to transitory and see plenty of opportunity for
ETSY to continue driving GMV (gross margin value) growth through further
improvement of brand awareness, geographic expansion and technology
investments.” Read more about this call here . RBC upgrades Danaher to
outperform from sector perform RBC said in its upgrade of the manufacturer of
medical and industrial products that it sees an “attractive entry point.” “We
are upgrading Danaher from Sector Perform to Outperform as we believe that its
high quality, defensive portfolio looks incrementally more attractive given the
higher Wall of Worry/macro fears.” Read more about this call here. JMP
reiterates Amazon as market outperform After a change in analyst coverage, JMP
reiterated its outperform rating on the e-commerce giant and said the stock is
“well positioned to navigate inflationary headwinds.” “Though near-term
e-commerce pressures will likely impact AMZN, we view it as well positioned to
navigate inflationary headwinds and likely to show resilience through a
potential recession. Recent headlines indicate AMZN is revisiting its real
estate footprint, aiming to exit some leases. Accordingly, we look for margin
expansion in 2H22 and 2023.” Barclays initiates Corteva as overweight Barclays
said in its initiation of Corteva that elevated demand will benefit fertilizer
stocks. “Overall, we are constructive on the companies’ potential to maintain a
strong profit momentum. We see tightness in both the grain and fertilizer
markets lasting beyond 2023; any return to normality, we believe, would have to
come from an end to sanctions over time rather than declining demand, as we
believe demand pull will remain elevated.” Wells Fargo reiterates Procter &
Gamble as overweight Wells said investors should buy the dip in the home and
personal-care products company. “Big picture: in a volatile backdrop with
debates lingering on consumer demand, we see opportunity again on PG after
recent underperformance, offering potential to migrate back to a portfolio with
the most momentum in HPC.” Citi opens a catalyst watch on Ford Citi said its
survey checks show more upside for the stock. “As a result, we’re opening a
90-Day Upside Catalyst Watch on Ford and another on Autoliv, as we believe a NT
(near-term) scenario that sees reassuring U.S. auto data points would benefit
both stocks.” Bank of America names Nvidia a top pick Bank of America said
semiconductor stocks such as Nvidia look “compelling.” “Our top picks serve end
markets where we expect spending/content growth drivers to be most resilient,
such as in cloud computing/AI, high-end industrial, EV/advanced driver assist
systems and in rising chip complexity.” Read more about this call here. Morgan
Stanley upgrades Visteon to equal weight from under weight Morgan Stanley said
it thinks the stock will hold up “better in the current environment” than other
companies in the firm’s coverage. ” VC offers investors a way to play production
recovery in a propulsion agnostic manner, but one that skews to industry
megatrends of digital cockpits and electrification.” Morgan Stanley reiterates
Amazon, Meta and Alphabet as overweight Morgan Stanley lowered its estimates and
price targets on several tech and internet stocks on Tuesday night, noting it
sees “growing signals of macro and sector-level slowing.” “Rising macro and
micro uncertainty lead us to take a more conservative base case online
ad/e-commerce view as we lower estimates. Our four-year CAGR work shows how this
also may just mean reversion. Even post cuts, blue chip FB / AMZN / GOOGL have
30%+ upside from depressed levels.”



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