ANALYST UPGRADES/DOWNGRADES AND NOTES

January 1, 2023

24/01/2024

AMD (Advanced Micro) upgraded from Neutral to Buy with a $215 price target at New Street
Amazon price target raised from $165 from $185 at Telsey Advisory
Amazon added as a Top Pick at Morgan Stanley with the analyst stating “improving retail efficiency and profitability, a scaling digital ad business, and profitable, low-to-mid-tees AWS top-line growth” on a percentage basis.
Microsoft price target raised from $432 per share to $470 at Citi
Netflix – Oppenheimer raises price target $600 to $615 Outperform rating
Netflix – Seaport Research raised price target by $35
Netflix price target raised by $90 at Wedbush
Netflix price target raised from $445 to $580 at Jefferies
Netflix price target raised from $535 from $585 at Loop Capital
Netflix price target raised from $600 to $615 at Oppenheimer Outperform rating
Netflix price target raised from $460 to $650 at Wells Fargo Overweight rating
Netflix price target raised from $566 to $638 at BMO Capital Outperform rating
Netflix price target raised from $565 to $600 at TD Cowen Outperform rating
Netflix price target raised from $550 to $600 $50 at Morgan Stanley Overweight rating
Netflix price target raised from $500 to $600 at Guggenheim Buy rating
Netflix price target raised from $575 to $625 at Canaccord Buy rating
Netflix price target raised from $500 from $600 at Evercore ISI Outperform rating
Netflix price target raised from $510 to $560 at JPMorgan Overweight rating
Netflix price target raised from $500 to $600 at Baird Outperform rating
Netflix price target raised from $560 to $570 at UBS Buy rating
Netflix price target raised from $585 to $650 at BofA Buy rating
Netflix price target raised from $475 to $550 at Piper Sandler Neutral rating
Netflix price target raised from $545 to $580 at KeyBanc Overweight rating
Netflix price target raised from $390 to $490 at Bernstein Market Perform rating
Netflix price target raised from $550 to $610 at Redburn Atlantic Buy rating
Netflix price target raised from $500 to $565 at Goldman Sachs Neutral rating
Netflix price target raised from $375 to $475 at Barclays Equal Weight rating
Netflix price target raised from $565 to $600 at TD Cowen
Netflix price target raised from $600 from $700 at Pivotal Research
Deutsche downgrades Netflix from buy to hold but raises it’s price target from $460 to $525, says leadership position priced in
United Airlines – Argus raises price target to $48 from $45
United Airlines – TD Cowen raises price target from $55 to $65 maintains Outperform rating
Phillips 66 – Citi initiated coverage with buy rating
Freeport-McMoRan reports Q4 EPS 27c, consensus 22c
Tesla – Redburn Atlantic initiates coverage with a Sell rating and $170 price target
Ratheon – JPMorgan raises price target by $10

23/01/2023

Apple – Bloomberg: apple pushes launch of ‘less ambitious’ car to 2028 at earliest
Meta Platforms – Citi raised price target to $440 from $425
Nvidia – Cantor Fitzgerald initiates coverage with Overweight rating and $775 price target
Microsoft – Morgan Stanley raised price target by $35…United Airlines: ‘Unrealistic’ to expect 31 MAX 9 deliveries this year
Visa – JPMorgan raised price target raised by $9
Chevron – TD Cowen downgrades from Outperform to Market Perform with a price target change of $170 down to $150
Ratheon reports Q4 adjusted EPS $1.29, consensus $1.24, sees adjusted FY24 adjusted EPS view of $5.25 to $5.40 (consensus estimate is $5.28), cuts FY25 adjusted annual sales view to up 5.5-6% from 6-7%…

22/01/2024

Apple – Bernstein keeps Market Perform on Apple, says Q1 likely not great
Amazon – Benchmark: raised price target from $170 to $175
FAA suggests visual inspections of Boeing 737-900ER
Freeport-McMoRan price target raised by $1 at JPMorgan
Tesla price target lowered to $345 from $380 at Morgan Stanley but they kept an overweight rating with the analyst writing “Global EV momentum is stalling. The market is oversupplied vs. demand,””Negative developments in the global EV market very much matter to Tesla and should reasonably have a negative near-term impact on the price of the stock,”

19/01/2024

Apple added to ‘Tactical Outperform’ list at Evercore ISI
Meta Platforms price target raised to $410 from $380 at JMP Securities, said it was a good digital ad market in 4Q23, with strength continuing in January. Meanwhile, CEO Mark Zuckerberg said the firm is buying 350,000 H100 graphics cards from Nvidia by the end of 2024
Microsoft price target raised by $35 at TD Cowen
Netflix price target raised by $35 at Loop Capital
Netflix price target raised by $75 at Benchmark

18/01/2024

Bank of America upgrades Apple to buy from neutral and increases price target to $225 per share from $208. The analysts cite higher growth rates; better cycle with artificial intelligence features coming on board. Calls the END of negative revisions…1. stronger multi-year iPhone upgrade cycle driven by need for the latest hardware to enable Generative AI features to be introduced in 2024/2025 (large part of installed base still on iPhone 11) 2. higher growth in Services as Apple better monetizes its installed base 3. silicon roadmap to morph from PC to Servers to Autonomous, driving higher margins. 4. capital returns strong (buybacks, dividend) even post approaching net cash neutral. 5. GM stable to higher over time (mix, price, vertical integration 6. AAPL remains under-weighted vs. S&P 500 and anticipation of Al features could induce institutional investors to increase positions. 7. risk around legal issues is manageable, and recent relative under-performance suggests many risks baked into expectations
Apple, research firm IDC pegs its Q4 2023 iPhone shipments at 80.5 million units, well ahead of Samsung’s 53.0 million, putting it in the leadership position with almost 25% of the smartphone market. IDC estimates Apple’s iPhone shipments rose 11.6% year over year and 15% compared to Q3 2023
Meta Platforms price target raised by $60 at Bernstein from $375 to $435 citing several positive tailwinds to revenue growth…
Nvidia price target raised to $790 from $560 at Tigress Financial
Microsoft price target raised to $450 from $430 at BofA
Netflix price target raised by $59 at Seaport Research
Netflix price target raised to $475 from $400 at Piper Sandler
Netflix price target raised to $560 from $500 at UBS
Boeing price target lowered to $270 from $306 at Susquehanna
Boeing announces Akasa Air orders 150 more 737 MAX jets
Expedia price target raised by $20 from $110 to $130 at Mizuho which currently has a neutral rating on the stock
Goldman Sachs price target raised to $360 from $357 at BMO Capital
Goldman Sachs price target raised to $418 from $410 at Evercore ISI
Goldman Sachs price target raised to $420 from $393 at Wells Fargo
Visa price target raised from $296 to $306 with Buy rating at Citi
Visa price target raised $243 to $265 at Mizuho with Neutral rating
TSLA target lowered from $260 to $250 at Barclays- equal weight rating
Costco price target raised by $45 at Loop Capital…

17/01/2024

Netflix price target raised to $545 from $525 at KeyBanc, said increase in ad-supported monthly active users (MAU) shows member and sales growth remain healthy. This is a good example of what I have been saying about stocks going up over and over again on every PT increase. Bank of America goes to $585 from $525.

16/01/2024

Meta Platforms price target raised from $355 to $415 at Piper Sandler
Meta Platforms added to ‘Tactical Outperform list by ISI
Nvidia price target raised to $740 from $650 at KeyBanc
Microsoft price target raised to $435 from $425 at Wells Fargo
Netflix price target raised to $585 from $525 at BofA
Netflix price target raised by $20 at KeyBanc
Boeing price target lowered by $30 at Deutsche Bank
Boeing price target lowered by $52 at Citi
Boeing price target lowered to $255 from $275 at BofA
Boeing just downgraded at Wells Fargo
Expedia price target raised by $20 at Mizuho
JPMorgan price target raised to $194 from $192 at BMO Capital
JPMorgan price target lowered to $232 from $234 at Oppenheimer
Goldman Sachs price target raised by $8 at Evercore ISI
Goldman Sachs price target raised by $15 at RBC Capital
Goldman Sachs price target raised to $420 from $393 at Wells Fargo
Chevron downgraded to Sector Perform from Outperform at Scotiabank
Freeport-McMoRan initiated with neutral view at UBS
Tesla price target lowered by $10 at Barclays
RTX downgraded at Baird

12/01/2024

Amazon.com price target raised by $4 at Truist
Netflix price target raised by $125 at Oppenheimer
Visa price target raised by $15 at Truist…

11/01/2024

Amazon.com price target raised to $185 from $168 at BofA
Amazon.com price target raised by $10 to $185 at Morgan Stanley
Expedia initiated with bullish view at BMO Capital
Phillips 66 price target raised to $132 from $130 at Barclays…

10/01/2024

Apple downgraded to Neutral from Buy at Redburn Atlantic with an unchanged price target of $200. While the firm expects the iPhone to return to growth in 2024, it sees little room for upside over the next few years, and says an “anticipated underwhelming” March quarter could impact confidence in this outlook
Meta Platforms price target raised to $470 from $400 at Mizuho
JPMorgan price target raised at HSBC from $159 to $188
Goldman Sachs downgraded at BMO Capital from an “outperform” rating to a “market perform” rating.

09/01/2024

Amazon.com price target raised by $2, $173 to $175, at Stifel
Meta Platforms price target raised by $40 at TD Cowen
Meta Platforms initiated with a Market Perform at BMO Capital
Nvidia plans to launch AI chip for China in Q2, Reuters says
Microsoft price target raised by $20 at BMO Capital
Netflix price target raised by $65 at TD Cowen
Netflix downgraded to Neutral from Buy at Cit
Netflix initiated with bullish view at BMO Capital
Deere initiated with bullish view at Morgan Stanley
Expedia price target raised by $45 at Piper Sandler
Expedia initiated with an Outperform at BMO Capital
JPMorgan price target raised to $189 from $159 at HSBC
JPMorgan just upgraded at Deutsche Bank
Chevron price target lowered to $171 from $190 at Redburn Atlantic
Costco price target raised by $30 at Bernstein

08/01/2023

Edward Jones gets more bearish on Boeing, downgrades shares
Deere initiated with an Overweight at Morgan Stanley
Expedia price target raised to $180 from $135 at Piper Sandler
Visa price target raised by $25 from $275 to $300 at KeyBanc
Phillips 66 price target raised to $149 from $134 at Piper Sandler
Chevron price target raised by $2 at Truist
Chevron price target raised to $188 from $183 at Piper Sandler
Chevron upgraded to Buy from Hold at Jefferies
Freeport-McMoRan upgraded at Bernstein…

05/01/2024

Mark Zuckerberg sold $428M of Meta shares in November, December
Nvidia price target raised by $17 at Truist
Microsoft price target raised by $50 at Jefferies
Tesla price target raised by $1 at Truist
Costco price target raised by $2 at Deutsche Bank
Costco price target raised to $695 from $675 at Oppenheimer
Costco reported net sales for December rose 9.9% from a year ago. Total comparable sales rose 8.5%. Total and comparable sales saw a 3% bump from December’s extra shopping day. Oppenheimer and Deutsche Bank raise their price targets.

04/01/2024

Piper downgrades Apple to Neutral from Overweight (Hold from Buy) on valuation, broader handset weakness and cut their price target from $205 to $220 per share
Wells Fargo cautious on Alphabet, sees upside to Meta’s 2024/2025 EPS
Wells Fargo cautious on Alphabet, sees upside to Meta’s 2024/2025 EPS
Nvidia named 2024 Top Pick at Argus
JPMorgan bullish on Netflix shares heading into 2024
Netflix named 2024 Top Pick at Argus
Expedia price target raised by $40 at B. Riley
Expedia named 2024 Top Pick at Argus
JPMorgan price target raised by $11 at BofA
Freeport-McMoRan price target raised by $1 at Raymond James
Tesla named 2024 Top Pick at Argus
Costco price target raised by $20 at Wells Fargo
Costco price target raised to $613 from $547 at Barclays…

03/01/2024

Apple assumed with a Neutral at DA Davidson
Amazon.com assumed with a Buy at DA Davidson
Amazon.com added to Top 30 Global Ideas for Q1 at RBC Capital
Nvidia initiated with neutral view at DA Davidson
JPMorgan price target raised by $17 at Wolfe Research
Goldman Sachs price target raised to $410 from $380 at Citi
Chevron price target lowered by $8 at Mizuho
Tesla price target raised by $20 at Goldman Sachs

02/01/2024

Apple just downgraded at Barclays… Apple, was downgraded to sell from buy at Barclays. The analysts predict slow hardware sales and service revenue stream growth below 10%. Looking for a reversion. UBS says sales are soft. Share fells 2% before the bell.
Microsoft price target raised to $455 from $425 at Piper Sandler
Microsoft named to Loop Capital’s 2024 Best Ideas list
Boeing downgraded to buy from conviction buy at Goldman Sachs
Expedia price target raised to $168 from $133 at Ascendia
Expedia upgraded at Wells Fargo
JPMorgan price target raised to $212 from $186 at Barclay
Goldman Sachs price target raised by $56 at Barclay
Chevron to impair part of U.S. upstream assets, sees up to $4B in charges
Tesla reports Q4 deliveries 484,507, production of 494,989 vehicles…

BA

January 30/2023 Boeing price target raised to $250 from $240 at Jefferies
Jefferies analyst Sheila Kahyaoglu raised the firm’s price target on Boeing to $250 from $240 and keeps a Buy rating on the shares. Commercial profitability “remains elusive,” but 2023 could bring a positive inflection for this measure and for free cash flow based on strong demand, the analyst tells investors in a post-earnings research note. The firm’s forecasts deliveries to rise to 561 and 713 in 2023 and 2024, respectively, from 480 in 2022, which supports increasing free cash flow.

January 30/2023 Boeing to open 737 Max line at Everett plant, The Air Current says
Boeing on Monday announced internally that it would open a fourth 737 Max assembly line at its Everett, Washington plant, according to The Air Current. The line is expected to open in the second half of 2024, the publication says, citing an internal message sent to Boeing employees. Reference Link

NVDA

June 29/23 Nvidia price target raised to $450 from $440 at Piper Sandler
Price Target Raise on Nvidia to $450 from $440 maintaining an Overweight rating on the shares by Piper Sandler analyst Harsh Kumar. Analyst Research Note expressed ‘After speaking with networking management, the analyst says the benefits of Nvidia’s networking product offering provide significant advantages over competitors. InfiniBand appears to be infinitely scalable with the potential of connecting 2M-plus processing units while delivering two-times improvement over competing technologies. Nvidia’s Spectrum-X ethernet platform also delivers 1.6-times better artificial intelligence performance.’ Kumar states Nvidia designed these products with scalable and distributed computing in mind, “and the results are showing.”

January 23/2023 Nvidia price target raised to $250 from $170 at Barclays
Barclays analyst Blayne Curtis raised the firm’s price target on Nvidia to $250 from $170 and keeps an Overweight rating on the shares. The analyst rolled out 2024 estimates and became more positive on the semiconductor group but incrementally more negative on semiconductor capital equipment. The firm prefers stocks in 2023 that offer exposure to data center, PC and handset.

Jan 23/2023 Nvidia price target raised to $238 from $198 at Truist
Truist analyst William Stein raised the firm’s price target on Nvidia to $238 from $198 and keeps a Buy rating on the shares as part of a broader research note and a more positive outlook for Semis and AI names. The analyst states that while he is including the incrementally negative fundamental feedback from contacts into his models and taking his 2023 estimates below consensus, he anticipates a recovery in 2024. Stein added that if the current cycle echoes prior average patterns, ex-outliers and semi stocks are set to deliver about 135% return over the next 2 years, even if the next quarter or two result in modest negative fundamental revisions.

AAPL

Apple discussed VR content for headset with Disney and Dolby, Bloomberg says
Apple’s (AAPL) long-anticipated mixed-reality headset – due later this year under the likely name of Reality Pro – is an ambitious attempt to create a 3D version of the iPhone’s operating system, with eye- and hand-tracking systems that could set the technology apart from rival products, Bloomberg’s Mark Gurman says. Like Meta’s (META) latest headset, Apple’s device will use both virtual and augmented reality. The headset will have two ultra-high-resolution displays – developed with Sony (SONY) – to handle the VR and a collection of external cameras to enable an AR “pass-through mode,” the author notes. Immersive video watching will be a core feature of the new device. Apple has discussed developing VR content for the platform with about half a dozen media partners, including Disney (DIS) and Dolby Laboratories (DLB), the publication adds. Reference Link

JAN 23/2023 Banks teaming up to launch digital wallet to compete with PayPal, WSJ reports
Big banks including Wells Fargo (WFC), JPMorgan (JPM), and BofA (BAC) are teaming up to launch a digital wallet that will be linked with customers’ debit and credit cards, The Wall Street Journal’s AnnaMaria Andriotis reports. The digital wallet, which will compete with PayPal (PYPL) and Apple Pay (AAPL), will be managed by Early Warning Services LLC, the bank-owned company that operates money-transfer service Zelle and will operate separately from Zelle. EWS’s owners also include Capital One (COF), Truist (TFC), PNC (PNC) and U.S. Bancorp (USB). Reference Link

Apple price target lowered to $160 from $170 at Deutsche Bank
JAN 23/2023
Deutsche Bank analyst Sidney Ho lowered the firm’s price target on Apple to $160 from $170 and keeps a Buy rating on the shares. The analyst expects Apple to report fiscal Q1 results at or slightly above Deutsche’s estimates. The firm lowered estimates on November 6 to be below the Street following the company’s announcement of production interruptions for iPhone Pros. Since then, however, channel checks suggest that the constraints have improved, and Apple’s Q1 results could end up better than estimates, the analyst tells investors in a research note. Looking forward to 2023, Deutsche is more cautious on consumer spending and dialed back demand assumptions. However, Apple shares have mostly priced in a downward revision in Street estimates, and the risk/reward at the current level is skewed positive, writes Deutsche.

Apple’s iPhone softness offset by improving currency factors, says UBS
JAN 23/2023
UBS analyst David Vogt keeps his Buy rating and $180 price target on Apple ahead of its Q2 results next week. The analyst notes that he had previously lowered his estimates last month due to Covid related disruptions in Zhengzhou, China, but his forecasts do not reflect the recent strength in four key currencies – EUR, GBP, YEN, and CNY – against the dollar. Vogt adds that the FX headwind guide for Q4 is too conservative by 400-500bps, mitigating revenue and earnings risk.

Apple price target lowered to $165 from $189 at Rosenblatt
JAN 13/2023
Rosenblatt analyst Barton Crockett lowered the firm’s price target on Apple to $165 from $189 and keeps a Buy rating on the shares ahead of Apple’s fiscal Q1 earnings report due on February 2. His survey work and other data points prompt him to cut estimates for iPhone production and macro services headwinds. However, he sees investors “viewing this as a throwaway quarter, with the focus on later periods,” added Crockett, who thinks fast shipment times “now say supply constraints are over” and that China’s reopening suggests less risk of disruptions there recurring.

Apple price target lowered to $125 from $170 at Bernstein
JAN 9/2023
Bernstein analyst Toni Sacconaghi lowered the firm’s price target on Apple to $125 from $170 and keeps a Market Perform rating on the shares. The analyst sees IT hardware as a “structurally challenged sector,” with trading stocks rather than core long term holdings. Citing continued macro uncertainty into 2023, Sacconaghi encourages investors to begin the year by looking for names with “attractive valuations, good earnings visibility and a track record of strong execution.” He recommends a modest overweight in IT hardware. iPhone revenues this year are likely to disappoint, creating the potential for downward estimate revisions, Sacconaghi tells investors in a research note. While Apple’s recent share weakness suggests investors may be expecting negative revisions, Apple “appears expensive relative to other FAAMG and large cap tech names,” he writes.

NETFLIX

Netflix price target raised to $390 from $340 at Argus
JAN 23/2023
Argus analyst Joseph Bonner raised the firm’s price target on Netflix to $390 from $340 and keeps a Buy rating on the shares. The company’s net paid subscriber data in Q4 “nicely outperformed” its prior guidance as its management continues to focus on reigniting revenue growth, the analyst tells investors in a research note. Bonner adds that while Netflix is experiencing a difficult period amid intense competition and economic headwinds, it remains the “anchor tenant” for consumers in video streaming, further citing its management’s focus on strategic continuity in its production of original buzzworthy content and its aim to improve the “content discovery” process for subscribers.

Netflix price target raised to $395 from $315 at Citi
JAN 22/2023
Citi analyst Jason Bazinet raised the firm’s price target on Netflix to $395 from $315 and keeps a Buy rating on the shares. Citi updated its model post the Q4 results saying Netflix expects revenue growth to accelerate over the course of the year. The analyst remains bullish on Netflix citing its “multi-year tailwinds” from the advertising tier, password-sharing crackdown, and the renewed focus from its rivals on profits.

Netflix price target raised to $400 from $365 at Canaccord
JAN 20/2023
Canaccord analyst Maria Ripps raised the firm’s price target on Netflix to $400 from $365 and keeps a Buy rating on the shares. The analyst said they reported strong Q4 results, with 7.7M net subscriber additions coming in well ahead of expectations thanks to a strong content slate that included the hit original series Wednesday.

Wells Fargo remains Overweight on Netflix following ‘strong’ Q4 results
JAN 20/2023
Wells Fargo analyst Steven Cahall maintained an Overweight rating and $400 price target on Netflix following “strong” Q4 results from the streaming company. While Cahall expects the first half of 2023 to be a pause as paid sharing affects churn, he believes momentum will resume in the second half of the year and likes the setup for estimate upgrades once through it in 2024 and beyond.

Netflix price target raised to $375 from $305 at Guggenheim
JAN 20/2023
Guggenheim analyst Michael Morris raised the firm’s price target on Netflix to $375 from $305 and keeps a Buy rating on the shares. Netflix’s Q4 results included a substantial member growth beat, with revenue and operating profit ahead of consensus and guidance, Morris tells investors in a research note. The analyst sees incoming co-CEO Greg Peters as offering complementary skill set to incumbent co-CEO Ted Sarandos.

MSFT

January 25/2023 Microsoft results better than feared, macro trends weakening, says Oppenheimer
Oppenheimer analyst Timothy Horan notes that Microsoft met muted Q2 expectations, with the important Azure cloud segment achieving 38% constant-currency growth, 1% above guidance. However, trends weakened in December and continued, so management forecast Azure’s growth rate for Q3 to “4%-5% below December’s mid-30s exit run-rate,” 1% below the firm’s model, but possibly better than pessimistic buy-side estimates, Oppenheimer says. The company declined to forecast when customers will finish “optimizing” workloads, but the firm believes cloud growth will be tempered for another two to three quarters with the poor economy. Positively, this sluggishness will inevitably pass, both FX and COVID comps easing, and Microsoft is methodically consolidating share, bundling security and other value-added services, the firm adds. Oppenheimer has an Outperform rating on the shares with a price target of $265.

January 25/2023 Morgan Stanley says cyclical Azure impacts set up ‘attractive’ Microsoft entry
Coming out of a disappointing fiscal Q1 report, “there were two high-level questions investors wanted resolved before getting back on board” with Microsoft, contends Morgan Stanley analyst Keith Weiss. Namely, they wondered where, and when, does the deceleration in Azure growth stabilize and if the company still has the capability to protect EPS as growth slows after six straight years of operating margin expansion, the analyst tells investors in a research note. After the Q2 report, the first question remains unresolved, but on the second question, the company more clearly laid out the potential for further leverage, the firm said. Morgan Stanley, which sees “a clear path” for operating margins returning to expansion in Q4, says the near-term cyclical impacts on Azure “create an attractive entry point into one of the best secular growth stories in tech.” Morgan Stanley keeps an Overweight rating and $307 price target on Microsoft shares.

January 25/2023 Azure guidance indicates AWS will remain concern into earnings, says BofA
After Microsoft (MSFT) reported fiscal Q2 earnings and CEO Satya Nadella highlighted how “organizations are exercising caution given the macroeconomic uncertainty,” BofA analyst Justin Post noted that Azure’s constant currency growth decelerated 4 points to 38% year-over-year. CFO Amy Hood noted Azure exited Q2 at mid-30% year-over-year constant currency growth and that Q3 growth is expected to further decelerate 4-5 points from the mid-30% range, which implies 30-31% growth, noted the analyst. Microsoft and Amazon (AMZN) shares were up 4% and 3.5%, respectively, in after-hours trading prior to the guidance commentary, but both erased those gains following guidance, the firm points out. Given Microsoft’s commentary on Azure, AWS will remain a concern into Amazon’s earnings report, said BofA, which expects a deceleration in Q1 to 20% year-over-year growth for AWS. BofA maintains a Buy rating and $135 price target on Amazon shares.

January 25/2023 Microsoft price target lowered to $280 from $290 at Wedbush
Wedbush analyst Daniel Ives lowered the price target on Microsoft to $280 from $290 and keeps an Outperform rating on the shares following quarterly results. Azure growth of 38% came in ahead of Street estimates and were much better than whisper expectations with persistent black clouds over the Microsoft story the past few months, the firm notes. Over the conference Call, Nadella talked about a softening Azure demand environment starting in the month of December with caution seen by enterprise customers heading into 2023. Wedbush believes this is no surprise to the Street and points out that Microsoft guided to Azure growth in the 30% range quarter, which was above the key 30% bull/bear threshold that many investors were laser focused on heading into the print.

January 25/2023 Microsoft price target lowered to $275 from $290 at Stifel
Stifel analyst Brad Reback lowered the firm’s price target on Microsoft to $275 from $290 and keeps a Buy rating on the shares. Azure’s 38% year-over-year constant currency growth was “modestly-better” than management’s 37% guidance, but the Azure forecast of 26% reported growth and 30% in constant currency growth for fiscal Q3 fell short of expectations, the firm tells investors. The report, guidance and commentary “will not do much to clarify the key debate” about where Azure’s growth rate stabilizes, said Stifel, which is now forecasting future Azure growth of mid-to-low 20% “in an effort to effectively reset our model.”

January 25/2023 Microsoft price target lowered to $275 from $280 at Jefferies
Jefferies analyst Brent Thill lowered the firm’s price target on Microsoft to $275 from $280 and keeps a Buy rating on the shares. Azure results were “better than feared” in fiscal Q2, but bookings and fiscal Q3 guidance imply that the “growth air brakes turn on as macro intensifies,” the firm tells investors. As macro continues to weigh on results, Jefferies is lowering its FY23 growth forecast to 4.8% from 7.1% year-over-year, but continues to view Microsoft as “better positioned than most.”

Microsoft price target lowered to $267 from $270 at BMO Capital
JAN 23/2023
BMO Capital analyst Keith Bachman lowered the firm’s price target on Microsoft to $267 from $270 but keeps an Outperform rating on the shares. The company’s upside opportunities are modestly higher than downside risk and the bad news is now largely in for Windows, though the stock remains squarely in his “Tier 3” – or the lowest level – of Outperform names, the analyst tells investors in a research note. Bachman adds that the key metrics that will shape his future views on Microsoft will be the Azure guide and the pace of Office growth.

VISA

January 25/2023 Visa price target raised to $237 from $210 at Oppenheimer
Oppenheimer analyst Dominick Gabriele raised the firm’s price target on Visa to $237 from $210 and keeps an Outperform rating on the shares. The firm believes Visa’s global franchises could have less FX headwind than previously expected. Yet year-over-year inflation growth over in both 2023/2024 should limit FX growth benefits, Oppenheimer adds.

Visa price target raised to $260 from $235 at Truist
JAN 20,/2023
Truist analyst Andrew Jeffrey raised the firm’s price target on Visa to $260 from $235 and keeps a Buy rating on the shares as part of a broader research note on FinTech names. The analyst believes that investors should focus on relative 2022 FinTech outperformers but also contends that “a catalyst is needed” for relative 2023 outperformance and sees M&A as the most likely valuation driver. Jeffrey adds that Visa will likely maintain its momentum as the factors behind its outperformance relative to the market last year remain intact.

Visa price target raised to $270 from $250 at Baird
JAN 19/2023
Baird analyst David Koning raised the firm’s price target on Visa to $270 from $250 and keeps an Outperform rating on the shares. The analyst thinks Q1 revenue/EPS are likely mildly above consensus; guidance likely raised as FX is an incremental benefit since last earnings, and he likes the stock’s valuation at 22.5X C2024E.

TSLA

January 26/2023 Tesla price target raised to $200 from $175 at Wedbush
Wedbush analyst Daniel Ives raised the firm’s price target on Tesla to $200 from $175 on improved visibility/demand trajectory, while keeping an Outperform rating on the shares following quarterly results. The firm notes that in the near-term Tesla is sacrificing margins for higher volumes, but views this as the right strategic poker move to put an iron fence around its customer base and fend off growing EV competition coming from Detroit, Europe, and China

January 26/2023 Tesla FY23 earnings could bottom near $3 per share, says Morgan Stanley
Following Tesla’s Q4 earnings report, Morgan Stanley analyst Adam Jonas said a 200 basis point miss on its “clean” auto gross margin was offset by stronger energy and services cost controls. The analyst, who notes that FY23 guidance for production of 1.8M units was in-line with expectations, expects pricing net of cost improvement to leave margins lower and thinks FY23 earnings could bottom near $3 per share. The firm has an Overweight rating and $220 price target on Tesla shares

January 26/2023 Tesla price target raised to $140 from $122 at Cowen
Cowen analyst Jeffrey Osborne raised the firm’s price target on Tesla to $140 from $122 and keeps a Market Perform rating on the shares. The analyst said 4Q EPS upside was supported by a lower tax rate and FSD recognition and noted gross margins are expected to experience further pressure near term on ASP

January 25/2023 Tesla price target lowered to $220, named ‘Top Pick’ at Morgan Stanley
Morgan Stanley analyst Adam Jonas lowered the firm’s price target on Tesla (TSLA) to $220 from $250 and keeps an Overweight rating on the shares, which the firm is making its Top Pick in the space, replacing Freyr Battery (FREY). Electric vehicles, or EVs, are passing from acute under-supply to potential over-supply and Tesla’s recent price cuts “are just the latest sign the EV market may be entering the ‘shake-out’ phase,” the firm tells investors. Morgan Stanley argues that shorter delivery times, price cuts, and falling used values “mark a new ‘reset’ chapter for EVs,” which prompts them to recommend reducing exposure across the EV portfolio. As the leader in global EVs, Tesla’s aggressive posture on price “applies significant fundamental pressure on its peers,” said the firm, which questions whether competitors can keep up

January 25/2023 Tesla price target lowered to $120 from $125 at JPMorgan
JPMorgan analyst Ryan Brinkman lowered the firm’s price target on Tesla to $120 from $125 and keeps an Underweight rating on the shares. The analyst believes Tesla’s “aggressive” price cuts could help “catalyze and accelerate what may have otherwise been a more modest or protracted pricing normalization process.” The price cuts are positive for the consumer, negative for Tesla, negative for other automakers and potentially positive for parts suppliers, the analyst tells investors in a research note. The firm materially lowered estimates for Tesla to reflect the “margin dilutive” price cuts. It cut its 2023 earnings per share estimate to $2.29 from $4.60 and believes the company’s margin headwind may be underappreciated by investors

January 25/2023 Tesla says investing over $3.6B more to continue growing Gigafactory Nevada
In a blog post updated January 24, Tesla stated: “In 2014, we made a commitment to invest $3.5 billion in Nevada with our first Gigafactory. Our goal was to build a facility capable of producing 35 GWh of battery cells annually-enough to manufacture about 500,000 vehicles per year. This level of battery manufacturing was unprecedented for a single facility at the time, with the expected output being greater than all global battery production in 2013 combined… Since 2014, we have invested $6.2 billion in Nevada and built a 5.4 million square foot Gigafactory – a cornerstone of our mission to accelerate the world’s transition to sustainable energy… We will be investing over $3.6 billion more to continue growing Gigafactory Nevada, adding 3,000 new team members and two new factories: a 100 GWh 4680 cell factory (with capacity to produce enough batteries for 1.5 million light duty vehicles annually), as well as our first high-volume Semi factory. Semi is our fully electric combination truck, with 500 miles of range and energy consumption of less than 2 KWh per mile

Wedbush says China electric vehicle survey bullish for Tesla
JAN 20/2023
Wedbush analyst Daniel Ives maintained an Outperform rating and $175 price target on Tesla following a proprietary survey of Chinese EV consumers living in Mainland China. The survey found that 76% of Chinese electric vehicle consumers are considering buying a Tesla in 2023, with nearly 70% responding that “the most recent price cuts have positively influenced their decision to more likely purchase a Tesla Y” which proves “the price cuts have been a home run success out of the gates,” according to Ives.

Wells Fargo cuts Tesla target on potential loss of ‘tech valuation’
JAN 13/2023
Wells Fargo analyst Colin Langan lowered the firm’s price target on Tesla to $130 from $230 and keeps an Equal Weight rating on the shares. Slowing growth could cause Tesla to lose its “tech valuation,” says the analyst, whose 2023 earnings estimates are 28% below the consensus. Tesla’s recent sales and “large” price cuts in China raise growth concerns and there is little to drive demand outside of pricing, as the consumer is under pressure and the next volume launch, Cybertruck, is expected late in the year, Langan tells investors in a research note. Even with Inflation Reduction Act cost savings, the analyst is only forecasting a 5% year-over-year increase in Tesla’s 2023 operating income.

Guggenheim downgrades Tesla to Sell, thinks estimates need reset amid price cuts
JAN 13/2023
Guggenheim analyst Ronald Jewsikow downgraded Tesla to Sell from Neutral with an $89 price target. Jewsikow forecasts a “sizable” gross margin miss in Q4 to be driven mainly by price reductions and incentive actions taken during the quarter. Assuming incremental price cuts in Europe, the latest price cuts announced last night in the U.S., and no incremental reductions in China, his view is currently 650 basis points below the consensus gross margin estimate and he believes FY23 estimates “need a reset,” Jewsikow tells investors. Tesla used prices are declining at about three times the rate of the market over the last three months, which “represents another signal of near-term oversupply,” Jewsikow added.

JAN 5/2023
Mizuho analyst Vijay Rakesh lowered the firm’s price target on Tesla to $250 from $285 and keeps a Buy rating on the shares. The company reported December quarter deliveries of 405,300 vehicles, below the consensus estimate of 418,000, though this was mostly expected with the week-long Shanghai shutdown, Rakesh tells investors in a research note. The analyst believes a weak macro environment with a “stressed” consumer, rising rates, declining affordability, and slowing auto sales are challenging for Tesla. In addition, a Twitter deleveraging with CEO Elon Musk’s stock sales was an overhang, “though probably in the rear-view now,” writes Rakesh. The analyst continues to see Tesla as a long-term global electric vehicle leader, but he also sees headwinds to the consumer and discretionary spending.

JAN 5/2023
Edward Jones analyst Jeff Windau upgraded Tesla to Buy from Hold and added the shares to “Edward Jones Stock Focus List.” The shares have significantly declined on concerns of slowing economic growth and Elon Musk’s time spent managing Twitter, Windau tells investors in a research note. While slowing economic growth could pressure auto sales in the near-term, the electric vehicle market will continue to expand due to global regulations, says the analyst. He believes Tesla’s current share price does not reflect its long-term growth opportunities and “strong position” in the growing electric vehicle market.

DISNEY

Truist names Disney Top Idea for 2023, price target lowered to $120 from $125
JAN 17/2023
Truist analyst Matthew Thornton lowered the firm’s price target on Disney to $120 from $125 but keeps a Buy rating on the shares and also names the stock his Top Idea for this year as part of a broader research note titled “Streaming Playbook Into ’23”. Bob Iger’s return as CEO, coupled with investor activism, is a unique setting for change at the company, the analyst tells investors in a research note. Thornton adds that at a minimum he expects cost action and at a maximum, he sees “transformational change” to Disney asset portfolio, including ESPN.

EXPEDIA

Expedia price target raised to $125 from $108 at UBS
JAN 24, 2023
UBS analyst Lloyd Walmsley raised the firm’s price target on Expedia to $125 from $108 and keeps a Neutral rating on the shares as part of a broader research note previewing Q4 results for online travel names. The travel recovery is holding up better than feared, despite concerns on how the macro environment could weigh on leisure travel, the analyst tells investors in a research note. UBS states however that while the stock “looks cheap”, the firm remains concerned regarding Expedia’s potential investment cycle into loyalty point expansion.

Oppenheimer upgrades Expedia to Outperform after nearly 50% selloff
JAN 11/2023
Oppenheimer analyst Jed Kelly upgraded Expedia (EXPE) to Outperform from Perform with a $120 price target. After declining 48% in the last 12 months, the stock is largely discounting the current macro headwinds but not reflecting improvements to Expedia’s “unified tech stack,” Kelly tells investors in a research note. The analyst sees the stock equating to a higher mix from business-to-business and loyalty, two revenue channels “carrying more consistent margin profiles.” Kelly highlighted Booking Holding (BKNG) as his top pick in online travel along with the upgrade of Expedia.

META PLATFORMS

FEB 2, 2023 Meta Platforms price target raised to $225 from $160 at RBC Capital

RBC Capital analyst Brad Erickson raised the firm’s price target on Meta Platforms to $225 from $160 and keeps an Outperform rating on the shares after its Q4 results and guidance. The company’s ad trend commentary was “in-line/slightly improved” on sequential basis, and advertisers are seeing material conversion improvement, which is consistent with the firm’s checks coming in, the analyst tells investors in a research note. RBC Capital also reiterates its view that Meta is its favorite large-cap idea in 2023, with conversion improvements serving as a “key source of upside”.

FEB 2, 2023 Meta Platforms price target raised to $200 from $125 at Deutsche Bank

Deutsche Bank analyst Benjamin Black raised the firm’s price target on Meta Platforms to $200 from $125 and keeps a Buy rating on the shares. The analyst says the company’s Q4 results supports the firm’s thesis that Mata’s challenges remain largely temporary, and its investments in privacy preserving measurement/ targeting solutions, growing on-platform signals, and ramped Reels monetization “should mitigate current headwinds over time.”

FEB 2, 2023 Meta Platforms price target raised to $210 from $150 at JMP Securities
JMP Securities analyst Andrew Boone raised the firm’s price target on Meta Platforms to $210 from $150 and keeps an Outperform rating on the shares. The analyst is positive on the company’s focus around cost discipline as Meta has declared 2023 as the “year of efficiency”. The company also has multiple near-term catalysts in Reels monetization ramping, messaging ads further scaling, and AI improving targeting and measurement, the firm adds, noting that Meta’s growth rates should improve through 2023 while helping to grow profitability and free cash flow

FEB 2, 2023 Meta Platforms price target raised to $225 from $140 at Susquehanna
Susquehanna analyst Shyam Patil raised the firm’s price target on Meta Platforms to $225 from $140 and keeps a Positive rating on the shares. The analyst said management’s big change of tone around expenses and capex was surprising but much welcomed news. In addition to significantly reducing spending plans for the year, META signaled a commitment to focus on efficiencies going forward

FEB 2, 2023 Meta Platforms price target raised to $205 from $145 at Baird
Baird analyst Colin Sebastian raised the firm’s price target on Meta Platforms to $205 from $145 and keeps an Outperform rating on the shares. The analyst said the big surprise was another cut to the expense forecast, with slightly better revenues. Meta’s Q4 report is another indication of internal improvements, both on product development and operating efficiency with progress across the platform in core ads, AI, Reels, and business messaging. Baird suspects gradual improvement in Meta’s core products are masked by the macro backdrop, but should position the company well whenever the ad market stabilizes

FEB 2, 2023 Meta Platforms price target raised to $175 from $135 at Cowen
Cowen analyst John Blackledge raised the firm’s price target on Meta Platforms to $175 from $135 and keeps a Market Perform rating on the shares. The analyst said Q4 top line results were slightly ahead of expectations and the form raised its estimates as Meta lowered its cost outlook

FEB 2, 2023 Meta Platforms price target raised to $215 from $160 at Truist
Truist analyst Youssef Squali raised the firm’s price target on Meta Platforms to $215 from $160 and keeps a Buy rating on the shares. The company’s Q4 results and Q1 guidance was “big relief” for the digital ad market, highlighting that demand has not fallen off a cliff amid macro headwinds, the analyst tells investors in a research note. Meta management’s pivot to focusing on operating/cost efficiencies is also a welcome development in an environment where growth has materially slowed, the firm adds

FEB 2, 2023 Meta Platforms price target raised to $250 from $165 at Wells Fargo
Wells Fargo analyst Brian Fitzgerald raised the firm’s price target on Meta Platforms to $250 from $165 and keeps an Overweight rating on the shares. The firm views Meta’s Q4 report/commentary as checking key boxes for investors, as revenue growth is stabilizing, CapEx/OpEx guided lower, management appears focused on efficiency, and Reels engagement and monetization efficiency ramp are on track

FEB 2, 2023 Meta Platforms price target raised to $220 from $170 at Canaccord
Canaccord analyst Maria Ripps raised the firm’s price target on Meta Platforms to $220 from $170 and keeps a Buy rating on the shares. The analyst said they reported solid Q4 results, with total revenue declining less than anticipated despite ongoing headwinds related to macro uncertainty and expectations are for sales growth likely to accelerate

FEB 2, 2023 Meta Platforms Raised at Piper Sandler
Meta Platforms was raised to Overweight at Piper Sandler with a $215 price target

FEB 2, 2023 Meta Platforms price target raised to $210 from $130 at Guggenheim
Guggenheim analyst Michael Morris raised the firm’s price target on Meta Platforms to $210 from $130 and keeps a Buy rating on the shares. Q4 results included revenue toward the high end of guidance and core operating margin “well ahead” of consensus estimates, while the midpoint of Q1 revenue guidance was in line with consensus, the firm noted. In addition, revised 2023 operating expense guidance of $89B-$95B was below consensus and Meta management “hammered home a view that a more efficient structure and operating approach will generate greater profitability,” the analyst tells investors

FEB 2, 2023 Meta Platforms price target raised to $225 from $175 at Jefferies
Jefferies analyst Brent Thill raised the firm’s price target on Meta Platforms to $225 from $175 and keeps a Buy rating on the shares, arguing that the company’s Q4 results “should fuel the bull case” given that the 5% reduction in the low end of the FY23 total expense guidance “suggests significant EPS upside.” Meta’s comps become increasingly easy, giving the firm conviction that revenue growth and profitability will improve throughout the year and prompting Jefferies to raise its FY23 EPS estimate by 26% to $10 with room seen for “additional EPS upside

FEB 2, 2023 Meta Platforms reported fundamentals still deteriorating, says Needham
Needham analyst Laura Martin keeps an Underperform rating on Meta Platforms, noting that while the company’s verbal focus on efficiency in 2023 is a positive, its reported fundamentals are still deteriorating. Q1 guidance calls for negative growth in revenue for the 4th quarter in a row, its ad CPMs were down 22% y/y, and the company also stated that its Reels product is cannibalizing engagement time from its higher-monetization surfaces, the analyst tells investors in a research note. The firm further raises a question whether Meta has a “terminal value” as Myspace had become “essentially worthless” after being replaced by Facebook, adding that Meta’s worth may only be the present value of its free cash flows, which were cut in half in Q4 and in 2022

JANUARY 25/2023 Meta Platforms price target raised to $180 from $145 at Credit Suisse
Credit Suisse analyst Stephen Ju raised the price target on Meta Platforms to $180 from $145 and keeps an Outperform rating on the shares ahead of quarterly results. Automation/AI-driven ROI improvements to be found in product innovations such as Advantage+, and the ramp in marketer traction from Q3 to Q4 2022 form the building blocks of what the firm expects to be gradual improvements to Meta’s revenue dollar growth. Shifting focus to its updated conversations with advertisers, whereas prior checks indicated 5%-7% growth to total online/digital advertising spend for 2023, the latest data points suggest that the higher end of that range is no longer valid while the lower end drops to flat year-over-year, Credit Suisse says.

AMAZON

June 22, 2023 Amazon.com price target raised to $180 from $140 at Loop Capital
Price target on Amazon.com was raised to $180 from $140 and maintaining a Buy rating on the shares by Loop Capital analyst Rob Sanderson. ‘The firm’s conviction in the fundamentals behind its investment thesis is increasing. AWS revenue deceleration will bottom in the next two quarters while the generative AI preparedness will accelerate the recovery, and while the timing of the end to AWS revenue deceleration will be the next driver of the stock, the recovering unit economics in retail is a bigger driver of earnings power, AMZN has outperformed the S&P500 and has further upside’, the analyst tells investors in a research note.

January 25/2023 Amazon.com price target lowered to $118 from $121 at UBS
UBS analyst Lloyd Walmsley lowered the firm’s price target on Amazon.com to $118 from $121 and keeps a Buy rating on the shares. UBS trimmed its AWS revenue and operating income estimates for 1Q23 and 2H23 following a disappointing Azure growth outlook calling for a sharp deceleration from 4Q22 to 1Q23. The firm now sees 15% growth at AWS in 2023, but sees the potential for a slightly less severe decline at AWS in Q1, the analyst tells investors in a research note.

COSTCO

FEB 2, 2023 Costco price target raised to $568 from $538 at Truist
Truist analyst Scot Ciccarelli raised the firm’s price target on Costco to $568 from $538 and keeps a Buy rating on the shares. The company’s January sales were “solid”, and its extreme value proposition will enable Costco to continue to gain more members and market share, particularly if the economy continues to soften, the analyst tells investors in a research note. Costco has the highest barriers to entry in all of retail due to its extremely low gross margin structure, the firm added.