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Here are Friday’s biggest analyst calls: Coinbase, Apple, Amazon, GM, Conagra, Pfizer & more

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Here are Friday’s biggest calls on Wall Street: Bank of America downgrades Coinbase to neutral from buy Bank of America analysts said the crypto company’s outlook is uncertain, but they feel confident it’s another FTX story. “We think Coinbase likely faces a number of new headwinds over the near/medium-term due to the recent collapse of rival crypto exchange FTX.” Read more about this call here. UBS upgrades Conagra to buy from neutral UBS said in its upgrade of the food products company that the stock is at an inflection point. “We believe CAG is in the early innings of a positive estimate revision cycle driven by: (1) strong momentum in the Nielsen scanner data YTD, (2) is one of the few companies in our coverage that is growing both vol share and HH penetration suggesting the health of its portfolio is improving.” Read more about this call here. Piper Sandler initiates DraftKings as buy Piper said DraftKings is a sports betting market leader. “We are initiating DraftKings , with an Overweight rating and a $21 price target. DraftKings is a leader in the online sports betting market with a growing presence in iGaming, which combined represent an $80 billion TAM between the United States and Canada.” Goldman Sachs names Amazon and Etsy as top holiday picks Goldman said it likes Amazon and Etsy heading into the holiday season amid an uncertain macro outlook. “Amidst this more uncertain backdrop, our Buy-rated stocks in AMZN and ETSY reflect our preference for: a) profitable and scaled players with higher growth profiles, b) resilient models supported by platform breadth, category diversification and more favorable end-market exposure, and c) our expectation of continued market share consolidation within eCommerce. Bank of America reiterates General Motors as buy Bank of America said in a note following the automaker’s investor day on Thursday that it’s poised to be an industry leader. ” GM reviewed some of its new product pipeline for 2023-2024, which included product refreshes for ICE vehicles as well as new EV models.” Morgan Stanley downgrades Rent the Runway to equal weight from overweight Morgan Stanley said in its downgrade of the stock that its business has proven to be too volatile. “Recent data suggests a meaningful October slowdown and a 3Q sub miss after an encouraging September. RENT’s business has proven to be more volatile than we originally anticipated, which could lead it to take longer to reach the 300k sub base needed to achieve profitability.” Read more about this call here. JPMorgan upgrades Walgreens to overweight from neutral JPMorgan said it likes the company’s latest transactions. “For WBA the surprise news of the quarter was the announcement of the Summit Health deal which consolidates Summit into Walgreens Healthcare (and its consolidated affiliates), valuing Summit at $8.9B. This transaction significantly increases the product offering and scale of Walgreens Healthcare.” Read more about this call here. Wedbush downgrades RH to neutral from outperform Wedbush said -RH’s share losses are driving a “course correction.” “While RH has been ahead of the crowd in forecasting severe housing-driven pressures on home furnishings industry sales and its business, we move to the sidelines as evidence mounts of a course-correction to its strategy of ‘climbing the luxury mountain.'” Credit Suisse downgrades Hewlett Packard to neutral from outperform Credit Suisse said it sees too many macro headwinds for the stock. “We are reducing HP to Neutral from Outperform as we believe revenue and margins will be challenged near term by: weakening consumer sentiment which accounts for ~50% of PC revenue.” Credit Suisse names Ross a top pick Credit Suisse says the offprice retailer has the most “torque” to accelerate market share gains. “Strong 3Q updates from ROST /TJX reinforces our bullish thesis that Offpricers are quickly repositioning for accelerating market share and powerful EPS tailwinds as margins revert to pre-COVID levels starting in ’23.” Evercore ISI reiterates Apple as outperform Evercore said concerns about extended lead times for the iPhone are overdone. “Given the consistently strong demand for the iPhone 14 Pro/Pro Max and the stickiness of the AAPL eco-system, we continue to view this as revenue deferred vs. lost. Higher sales of the Pro models will likely have a notably positive effect on both mix/margins.” Credit Suisse initiates Pfizer as outperform Credit Suisse said in its initiation of Pfizer that it likes the company’s pipeline advances. ” Pfizer has been impacted adversely following its COVID vaccine success. Our thesis is not predicated on a single asset, but a combination of pipeline advances that support growth.” Credit Suisse initiates Eli Lilly as outperform Credit Suisse said in its initiation of Eli Lilly that it sees “upward revisions” from obesity sales. “If markets rally on further clarity, we see our higher-growth names, such as Eli Lilly, being insulated from the rotation away from defensives and back into growth names.”

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