On Tuesday, Wall Street analysts released a series of ratings on various companies:
Piper Sandler initiated coverage on Colgate-Palmolive and Church & Dwight with an overweight rating, pointing out that both consumer products companies offer an attractive risk/reward profile. Piper expressed a constructive view on the sector, highlighting key differentiators within the current macroeconomic landscape and valuation tendencies that favor CHD and CL over PG.
Baird initiated coverage on ResMed as outperform, citing a bullish stance on shares of the sleep apnea company. Their commentary emphasized optimism despite potential risks associated with GLP-1.
Piper Sandler upgraded Salesforce from neutral to overweight due to a favorable risk/reward outlook, predicting a potential doubling of free cash flow per share from $9.65 in FY2024 to over $20 by FY2029, even with a top-line growth rate of 8-9%.
Jefferies initiated coverage on Kenvue with a buy rating, indicating that the consumer health company is at the early stages of a transformation from a cash-focused business to one primed for growth.
Raymond James reinstated Uber as a strong buy, noting the company’s scale as a critical component for autonomous vehicle utilization and expressing optimism on the Waymo partnership potential.
Goldman Sachs identified AT&T as a top pick heading into the earnings report in late October, citing positive expectations for wireless results and a potential buyback announcement.
KeyBanc initiated coverage on Dayforce as overweight, praising its strong execution in human capital management (HCM) and potential for estimate upside and multiple expansion.
Morgan Stanley upgraded BioNTech from equal weight to overweight, with a focus on immuno-oncology as a significant growth area. The price target was raised from $93 to $145.
Oppenheimer upgraded Lowe’s to outperform from perform, viewing the home improvement retailer’s share valuation as discounted.
Jefferies downgraded Starbucks from hold to underperform, suggesting the new CEO’s strategic changes might take time to implement amid operational, cultural, and tech challenges.
Goldman Sachs initiated coverage on Avidity Biosciences as overweight, recognizing the biotech company’s promising position in rare infectious diseases. They set a 12-month price target of $59.
Redburn Atlantic Equities downgraded BP and Exxon from buy to neutral, citing a deteriorating macro backdrop for oil and the potential for pressured buybacks next year.
Truist downgraded Costco from buy to hold, noting potential sales friction and stretched valuation, while upgrading Walmart from hold to buy due to its strong market position and share gains across income levels.
Baird downgraded McKesson to neutral from outperform, noting multiple negative catalysts facing the healthcare company.
Needham reiterated a buy rating on Apple, deeming it a safe haven for investors as other tech giants invest heavily in emerging technologies.
Oppenheimer initiated coverage on Pinterest as outperform, identifying it as one of the fastest-growing digital ad platforms.
Leerink downgraded Regeneron from outperform to market perform, adopting a cautious view on its product pipeline despite investor enthusiasm for its innovation potential.
Guggenheim initiated coverage on GE Vernova with a buy rating, based on the company’s potential for multi-year profitability improvements and attractiveness for investors seeking exposure to U.S. electricity load growth.
UBS reiterated a sell rating on Tesla, ahead of delivery numbers expected on October 2, forecasting Q3 2024 deliveries at approximately 470,000 units.
Bernstein reiterated an outperform rating on Amazon, emphasizing the importance of advertising to the company’s growth outlook.
Citi reiterated buy ratings on Mastercard and Visa but expressed a preference for Mastercard due to regulatory concerns surrounding Visa.
Wedbush upgraded Comerica from neutral to outperform, adding the regional bank to its best ideas list due to expected benefits from a lower rate environment.
