Here are the biggest calls on Wall Street on Thursday: Jefferies upgrades Barrick Gold to buy from hold Jefferies said investors should buy the dip in the gold mining company. “With the exception of its outperformance against NEM, GOLD has lagged most peers and the broader index and is now trading at a discount to peers.” UBS reiterates Apple as neutral UBS said its survey checks show iPhone sales pressure for Apple in the U.S. and China. “Soft iPhone sell-through in three key mkt supports a cautious stance just one month into the Mar qtr.” Roth MKM initiates Bitdeer Technologies as buy Roth MKM said the blockchain company is undervalued. ” BTDR represents an opportunity for investors to own a multi-faceted Crypto/ HPC [high performance computing] platform company with plans to more than double its capacity to ~2GW in the coming years, potentially giving it a seat at the “adult” table of BTC miners.” Citi adds United to the focus list Citi said it sees “significant potential” for free cash flow for United. “Buy-rated United Airlines’ consensus ’24E P/E of 4.6x, contrasts sharply with the significant potential upside on free cash flow generation, with this positive trend seeming unlikely to finish this year.” Morgan Stanley downgrades Snowflake to equal weight from overweight Morgan Stanley downgraded Snowflake following earnings. “A sharper than anticipated deceleration implied in the FY25 guide and CEO departure likely spikes investor concerns around competition and positioning for Generative AI.” Goldman Sachs reiterates Salesforce as buy Goldman said it’s standing by its buy rating following the company’s robust earnings report on Wednesday. “We reiterate our Buy rating and our 12-month PT of $345 following Salesforce reporting better than expected 4Q results (link first take) and below-expectations guidance.” Citi adds Delta to the focus list Citi added the stock to its focus list. “We are adding Delta Air Lines Inc (DAL) to our US Large Cap Recommended List, replacing Deere & Company (DE).” Morgan Stanley upgrades AutoNation to equal weight from underweight Morgan Stanley said it’s “less bearish” on shares of the used auto company. “Slower EV adoption, stronger Japanese share and stable auto drive incremental optimism. Upgrade GPI and AN t o EW.” Citi opens a positive catalyst watch on American Airlines Citi said it’s bullish heading into the company’s investor event on Monday. “Citi opens a positive, 30-day Catalyst Watch, ahead of American’s i nvestor event this coming Monday.” TD Cowen downgrades Macy’s to market perform from outperform TD said it sees limited upside for Macy’s shares right now. “However, material changes will take time, and several risks could limit near-term upside: flattish comp guidance despite a resilient consumer, credit card losses, and the need for younger customer relevance.” Telsey downgrades Figs to market perform from outperform Telsey said in its downgrade of Figs that it sees too many challenges for the surgical uniform company. “While fourth quarter results were impacted by the reclassification of revenue resulting in the topline and gross margin miss, the company still delivered a sizable adjusted EBITDA beat.” TD Cowen initiates Halozyme as outperform TD said it sees numerous positive catalysts ahead for the biotech company . “Multiple high-profile catalysts should double revs by FY28 & support an Outperform rating with a $54 PT.” Citi opens a positive catalyst watch on GoDaddy Citi said it sees upside heading into investor day next week. “We open a 30-day positive catalyst watch on GDDY shares as a continuation of our previous 90-day positive catalyst watch (opened 11/29/23) expecting upside to shares post its 3/6 Investor Day.” Wells Fargo reiterates Disney as overweight Wells said it likes Disney’s deal with Reliance and Star India. ” DIS’s Star India will be de-consolidated to a JV at 37% ownership. The deal is expected to close in DIS’s F1H25.” Needham initiates Bluebird as buy Needham said it’s very bullish on shares of the school bus company. “We are bullish on the cyclical tailwind driving growth in BLBD’s legacy school bus business (90% of bus order backlog) following multiple years of industry underinvestment, combined with the transition to higher-priced EV school buses.” UBS downgrades Republic Services to neutral from buy UBS downgraded the waste company mainly on valuation. “We downgrade our rating for RSG to Neutral from Buy following +43% share price performance over the past year.” Jefferies downgrades Tapestry to hold from buy Jefferies said it sees too many downside catalysts for the owner of brands like Coach. “D/G TPR to Hold; Coach Steady, But Pending Deal Risk; Downside Underappreciated.” RBC reiterates Tesla as outperform RBC said after a visit to the company’s battery storage facility that it could be worth more than the car business standalone. ” Tesla’s Megapack utility-grade battery storage business could be worth substantially more than its standalone car business.” Jefferies upgrades Xenia Hotels & Resorts to buy from hold Jefferies said it sees growth accelerating for the hotels company. “We are upgrading XHR to Buy from Hold, given the unrecognized, undervalued upside from renovations which conclude NTM [next twelve months]. Wells Fargo upgrades Federal Realty to overweight from equal weight Wells said in its upgrade of Federal that it’s bullish on shares of the shopping center real estate investment trust company. “The leasing environment for Strips remains quite healthy and transaction activity may be picking up this year.” Deutsche Bank upgrades Coupang to buy from hold Deutsche said the Korea based e-commerce company had a “powerful performance” following earnings. ” Coupang earned USD1,032m in net income in 4Q, due mainly to a tax expense clawback.” Baird upgrades Beacon Building Products to outperform from neutral Baird upgraded the building products company following its earnings report. “Upgrading to Outperform with new $115 price target. Following yesterday’s pullback on in-line 4Q23 results/initial 2024 guidance, we’re upgrading BECN to outperform.” Cantor Fitzgerald initiates Teladoc as overweight Cantor initiated the telemedicine company with an overweight and says it’s an underappreciated growth story. “We are initiating on Teladoc with an Overweight rating and a 12- month $22 price target. Jefferies initiates Gates as buy Jefferies said the power transmission company is compelling. “We initiate coverage of Gates Industrial (GTES) with a Buy rating and $21 price target. Piper Sandler downgrades Mosaic to underweight from neutral. Piper downgraded several ag stocks on Thursday due to pricing pressures. “We are downgrading CF , MOS, NTR and LXU to UW from Neutral based on our belief that planted acreage, yield or both may push the crop carryout of the soon to- be planted US corn crop to exceptional volume levels, taking corn prices and thus fertilizer prices downward.” Bank of America upgrades Okta to buy from underperform Bank of America double upgraded the identity access management company and said headwinds are abating. “We have a Buy rating on Okta as we believe that the current valuation reflects overly conservative guidance and does not account for the inflection in Enterprise customer growth, a key driver for Okta’s continued growth as a platform cybersecurity company.” Raymond James upgrades Americold Realty Trust to outperform from market perform Raymond James upgraded the temperature controlled warehouse company and says investors should buy the dip. “We are raising our rating on COLD shares to Outperform from Market Perform and establishing a $31 target price. The more aggressive stance follows a near week long sell-off in COLD shares following 4Q results and initial 2024 guidance.” Goldman Sachs reinstates Fidelity National as buy Goldman said the finance company is a “steady compounder.” “We are reinstating a rating on FIS at Buy, with an $84 price target for 25% upside.” William Blair upgrades Korn Ferry to outperform from market peform William Blair upgraded the management consulting company ahead of earnings next week. “Ahead of fiscal third-quarter results on March 6, we are upgrading shares of Korn Ferry to Outperform for the following reasons.” Gordon Haskett downgrades Redfin to underperform from hold Haskett said it sees too many negative catalysts for the online housing company. “Legal challenges related to buyside commission rates could prove detrimental to RDFN’s business. Goldman Sachs reiterates Microsoft as buy Goldman said it’s standing by its buy rating after a meeting with Microsoft investor relations. “Bolstering Gen-AI revenue opportunity while maintaining profitable growth framework.” Macquarie upgrades Snowflake to outperform from neutral The firm said this is the “entry point” it’s been waiting for following Snowflake’s earnings report. ” SNOW’s ~20% sell-off in the wake of CEO Frank Slootman’s resignation is the entry point we awaited. Upgrade to Outperform.”
