Here are Friday’s biggest calls on Wall Street: Bank of America upgrades Hasbro to neutral from underperform Bank of America said it sees resilient demand for Hasbro . “Following 1Q results that included better than expected Magic revenue, we are upgrading Hasbro to Neutral from Underperform.” Goldman Sachs reiterates Amazon as buy Goldman said it’s standing by the stock after its robust earnings report Thursday. ” AMZN’ s Q1’23 earnings report produced a strong set of results with almost every Q1 operating metric beating expectations.” Read more about this call here. Wolfe upgrades Mobileye to outperform from peer perform Wolfe said the long-term story is “compelling” for the stock. ” Mobileye – We got the sell-off that we expected. But the long-term story appears even more compelling.” Jefferies upgrades Fortune Brands to buy from hold Jefferies said the is a “quality growth name well positioned for a recovery.” “With the stock lagging the builders & shares trading at pre-COVID levels, we believe a quality branded building products company like FBIN, is due for a catch up trade.” Citi opens a positive catalyst watch on Hanesbrands Citi said expectations remain low for Hanesbrands heading into earnings next week. “Mgmt guiding 2Q23 above consensus could be a positive surprise for this highly shorted stock with low expectations; we are opening a 30-day positive catalyst watch.” Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it’s standing by its overweight rating on Tesla, but that China competition is rising. “The message from our China Autos team is clear – Chinese EVs are coming to Western markets.” JPMorgan initiates bluebird bio as overweight JPMorgan said in its initiation of the biotech company that it has “best-in-class” positioning. “With two transgenic cell therapy launches underway, and a third on deck perhaps by year end, we see bluebird being well-positioned in the emerging class of autologous cell therapies for inherited hematological disorders. Indeed, feedback from our physician survey supports compelling latent demand for the modality in treating sickle cell disease, with specific views on BLUE’s lovo-cel supporting its competitive if not best-in-class positioning.” Stifel upgrades Waste Management to buy from hold Stifel said it was upgrading Waste Management to catch the “commodity cycle.” “Buoyed by better-than-plan price, the prospect for margins to swing positive and catching the commodity cycle near a low supports revising our rating from HOLD to BUY.” Benchmark upgrades Intel to buy from hold Benchmark said in its upgrade of Intel that the worst is already baked in. “Increasing Rating to Buy from Hold, With the Worst Baked Into the 1st Half, It’s Time to Get More Constructive.” Click here to read more about this call. Bank of America upgrades Pilgrim’s Pride to buy from neutral Bank of America said in its upgrade of the poultry company that the worst is behind it. “We upgrade shares of Pilgrim’s Pride (PPC), the #2 chicken processor in the US (~16% share), from Neutral to Buy with our $26 PO (7.5x CY24 EV/EBITDA) unchanged.” RBC upgrades International Paper to outperform from sector perform RBC said it sees an attractive entry point. ” IP lowered its 2023 Adjusted EBITDA guidance by ~14% at the midpoint of its range; however, we think the current share price reflects greater pessimism than warranted and represents a solid entry point, particularly given the attractive dividend yield.” JPM initiates Royal Caribbean as overweight JPMorgan said in its initiation of the cruise company that it’s “well-positioned to capitalize on the (i) secular tailwinds.” “Put together, we model a low-double-digit FY23- 25 topline growth profile ( > +7-8% peer set growth) with RCL well-positioned to capitalize on the (i) secular tailwinds tied to the company’s 3 global brands focused on: (1) a more affluent $100K+ average household income customer base, (2) industry leading net promoter scores.” Deutsche Bank upgrades Old Dominion to buy from hold Deutsche said the shipping company’s earnings can double. ” ODFL is right at the top of the quality list, in our view, with over 15 years of data to back it up.” Berenberg initiates MicroStrategy as buy Berenberg called the business intelligence company “unique.” “As we launch coverage of the Fintech space, our initial focus is on a stock within the Digital Assets segment – MicroStrategy (MSTR) – that is unique insofar as its primary mission as a company is to acquire and hold bitcoins.” Bank of America reiterates Pinterest as neutral Bank of America said it’s standing by its neutral rating after the company’s earnings report on Thursday and says it sees “near-term disappointment and long-term opportunity,” “We see Pinterest as a high-quality platform and remain constructive on improving usage trends with high intent users.” Read more about this call here. Jefferies reiterates Salesforce as buy Jefferies said it sees more “conviction margin upside” ahead for the stock. “We see CRM as a $10+ earnings story in CY’25, implying a $200-$250 stock at 20-25x.” Morgan Stanley reiterates Apple as overweight Morgan Stanley said it’s still bullish on Apple shares heading into earnings next week. “Data released this week helps to solidify our view of an in-line March quarter, but we still expect a June quarter guide-down.”
