Here are Tuesday’s biggest calls on Wall Street: Deutsche Bank opens a catalyst call buy on Shell Deutsche opened a positive catalyst catalyst watch on the stock and said it has “underpriced quality.” “We are adding Shell to our Catalyst Call Buy idea list as we think there is not just long-term underpriced quality and strong positioning as regards being a key decarbonisation enabler” DA Davidson downgrades Apple to hold from buy DA said structural challenges remain in the company’s adoption of virtual reality. “While we believe Apple’s meaningful entry into AR/VR hardware should serve as a catalyst for adoption, important structural challenges remain.” Read more about this call here. Wedbush initiates Booking Holdings as outperform Wedbush added the stock to its best ideas list and said it’s in a strong competitive position. ” Booking is the leading online travel agency in the world with an expected 1 billion+ room night stays via its platform in 2023.” Benchmark downgrades Dish to hold from buy Benchmark said it sees too many negative catalysts ahead for Dish. “Entering the mobile market would also exacerbate unwelcome regulatory scrutiny in Washington.” Goldman Sachs reiterates Apple as buy Goldman said it’s bullish on the Apple’s augmented reality headset it unveiled on Monday, but that investors will need to be patient. “We’re encouraged by the long-term growth contributions from the headset and Vision Pro app ecosystem, but expect near-term financial contributions to be limited as the relatively high retail price point may limit near-term adoption.” Read more about this call here. Bank of America upgrades McCormick to buy from underperform Bank of America said it sees an improved cost outlook for McCormick. “Our prior Underperform rating was predicated on negative revision risk to revenues and margins. This has reversed and we now see 1) easing volume compares (particularly in Americas and China) and 2) an improved cost outlook/margin trajectory as reasons to get more constructive.” Bank of America upgrades Molson Coors to neutral from underperform Bank of America said Molson is poised for share gains after the Bud controversy. “Our rating change is based on our view that recent U.S. market share gains related to the Bud Light boycott have lasted long enough to positively impact sales and earnings.” MoffettNathanson upgrades AT & T market perform from underperform Moffett upgraded the stock mainly on valuation. “We don’t see things in Wireless generally, or at AT & T specifically, getting materially better. We do, however, believe that AT & T’s stock price now appropriately reflects reality.” Barclays reiterates Adobe as overweight Barclays raised its price target on the stock to $485 per share from $385 and said it’s bullish heading into earnings on June 15. “We also think generative AI will be a topic of discussion on the call, we describe the investor debates below. Overall, we think ADBE sets up for another quarter of consistent execution, so we raise our PT to $485.” Bank of America upgrades Cigna to buy from neutral Bank of America said it sees an attractive risk/reward outlook for the stock. “We are upgrading CI from Neutral to Buy on what we see as a stronger than average growth outlook for commercial and pharmacy benefit management.” JPMorgan downgrades Cabot to neutral from overweight JPMorgan downgraded the specialty chemical company on valuation. “We lowered our investment rating on Cabot from Overweight to Neutral. We reduced our rating primarily because we think there may be opportunities to purchase Cabot shares at more favorable prices over the coming months.” Atlantic Equities initiated FedEx as overweight Atlantic Equities said it sees superior financial performance for the shipping giant. ” FedEx has a larger exposure to air and UPS to ground. This dynamic has historically provided greater organic growth opportunities for UPS as ground market growth has outpaced air. However, FedEx through its cost reduction programs, is shifting to a flexible, margin enhancing, ground focused integrated network.” Read more about this call here. RBC upgrades Vale to outperform from sector perform RBC said it sees a series of positive catalysts ahead for the metals and mining company. “In a sector with limited catalysts, VALE’s expected sale of a 10% stake in its base metals business provides interesting differentiation.” Morgan Stanley downgrades AMC Networks to underweight from equal weight Morgan Stanley downgraded the stock due to accelerated cord-cutting. “We also downgrade AMCX to UW as accelerating cord-cutting creates further downside risks to equity.” Piper Sandler reiterates Tesla as overweight Piper said Tesla shares aren’t cheap, but that’s standing by its overweight rating. “Bottom line: if TSLA were trading below $135/share, it’d be possible to justify owning based solely on the existing (some would say ‘believable’) parts of the business.” Mizuho reiterates Coinbase as underperform Mizuho said it’s concerned about the SEC’s complaint against crypto trading platform Binance. “We believe the heightened scrutiny of Alt-Coins and staking (per the complaint) potentially puts more than 30% of COIN’s revenue at risk. … SEC’s Complaint vs. Binance May Turn Alt-Coins into ‘Halt-Coins’ Yesterday, the SEC filed a lawsuit against Binance, alleging that the crypto exchange violated US securities laws.”
