Wall Street Upgrades and Downgrades For Thursday
Equities climbed on Thursday, extending the significant gains from the prior session, as investors wagered that the regional banking crisis has reached a steady state. The Dow Jones Industrial Average increased by 100 points or 0.3%. The S&P 500 rose by 0.6%, while the Nasdaq Composite progressed by 0.8%.
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Morgan Stanley maintains its overweight rating on Ford (NYSE: F), expressing relative confidence in the company’s execution of capital discipline and recent restructuring.
JPMorgan upgrades Philip Morris (NYSE: PM) to overweight from neutral, citing an appealing entry point and expectations of market share gains over time amid regulatory concerns.
Evercore ISI raises Walmart (NYSE: WMT) to outperform from in line, recognizing the company’s shift to omnichannel, divestment of non-core assets, and productivity investments as factors poised to drive growth.
Evercore ISI also upgrades Juniper Networks (NYSE: JNPR) to outperform from in line, highlighting its potential for better-than-expected results in both short and long term due to margin expansion.
Morgan Stanley downgrades Charles Schwab (NYSE: SCHW) to equal weight from overweight, citing limited visibility and reduced confidence in the investment thesis.
Barclays resumes coverage of Global Payments (NYSE: GPN) as overweight, deeming the stock undervalued given the company’s robust growth and earnings profile.
Wells Fargo maintains its overweight rating on Netflix (NASDAQ: NFLX), foreseeing considerable upside to estimates as the company’s paid sharing initiatives prove effective.
Canaccord initiates coverage of Driven Brands (NASDAQ: DRVN) as buy, recognizing the company’s significant growth potential in a fragmented industry.
BMO reiterates Costco Wholesale (NASDAQ: COST) as outperform, emphasizing the retailer’s long-term unit expansion outlook and solid investment potential.
Evercore ISI maintains its outperform rating on Meta Platforms (NASDAQ: FB), citing the potential $20-$100 billion revenue opportunity from messaging monetization.
Goldman Sachs upgrades Fluence Energy (NASDAQ: FLNC) to buy from neutral, pointing to improving gross margin trajectory and potential upside from Inflation Reduction Act battery production tax credits.
B Riley initiates coverage of Crocs (NASDAQ: CROX) as buy, highlighting the company’s competitive advantages and international growth potential.
William Blair initiates coverage of General Dynamics (NYSE: GD) as outperform, expecting the company to play a crucial role in the rearming of U.S. allies in response to geopolitical tensions.
Piper Sandler reiterates Tesla (NASDAQ: TSLA) as overweight, expressing confidence in the company’s ability to exceed 2023 delivery guidance.
Bank of America upgrades Interpublic Group (NYSE: IPG) to buy from neutral, noting the ad agency’s strong growth and reliability amidst challenging times.
Cowen initiates coverage of Waste Management (NYSE: WM) as outperform, emphasizing the company’s stable earnings and cash flow streams.
Citi maintains its buy rating on Taiwan Semiconductor (NYSE: TSM), identifying the company as a key beneficiary of the AI boom in the semiconductor industry.