Here are Monday’s top calls on Wall Street: Argus Downgrades Nike to Hold Buy. Argus said it has inventory issues for the clothing giant. “Our downgrade reflects concerns about Nike’s high inventory, which rose 44% in fiscal 1Q23. The company will need to cut prices to clear this inventory, which will impact margins and earnings in the coming quarters.” Bank of America Downgrades Livent to Underperform Bank of America said the lithium company’s stock has limited upside. “We supplement this valuation with a near-term EBITDA multiple, but even then, we believe LTHM stock has limited upside.” Morgan Stanley reiterates Uber overweight Morgan Stanley said it sees multi-year growth in Uber’s top line. The company, however, cut its price target to $54 per share from $70. “With that background, we believe investors’ attention should be on the attainability of UBER’s (and LYFT’s) multi-year ride-sharing guidance as we head into the 23rd.” Atlantic Equities reiterates Microsoft outperform Atlantic Equities said the company is “well positioned for a more challenging macro outlook.” “We reiterate our overweight on Microsoft, seeing the recent pullback as creating an attractive entry point. The company is unlikely to be recession-proof, and we are therefore cutting our estimates for FY23/ 24 to reflect headwinds from tougher macro and incremental changes. JPMorgan reiterates Credit Suisse. as JPMorgan’s underweight said concerns about the banking giant’s finances are overblown. “There has been press speculation about strength CSG’s financials over the weekend, with some press articles highlighting that CSG has reassured large clients, counterparties and investors about its liquidity and capital position, Goldman Sachs upgrades Wells Fargo to buy from neutral and downgrades Citi to buy neutral Goldman said Wells Fargo is undervalued. The firm also downgraded Citi, saying it needs more capital than its peers. “We see WFC as an undervalued earnings growth story, due to best-in-class revenue and improved NII rate efficiency driven by loan growth, and more idiosyncratic potential for cost rationalization , as it overcomes regulatory-related cost inflation and continues to streamline the business footprint.” Read more about this call here. Deutsche Bank reiterates Tesla as it buys Deutsche Bank said that despite Tesla missing weekend delivery numbers, the stock is too attractive to ignore. “Tesla reported 3Q22 deliveries of 343,8000 units, expected to be higher than Q2’s 255,000 units as the company recovers from the impact of the Covid lockdowns in Shanghai in Q2, but below our forecast of 367,000, due to an increase in cars in transit at the end of the quarter.” Read more about this call here. Morgan Stanley reiterates Apple as overweight Morgan Stanley said it maintains its buy rating on Apple, but that “the App Store debate will likely remain a battleground for investors.” “App Store net rev. declined -5% year-over-year in September, the worst decline in the data’s history, as weakness in China persisted and growth in Japan and the US slowed down.” JPMorgan Downgrades Intuit to Neutral from Overweight JPMorgan downgraded the business software company primarily on valuation. “Intuit is a leader in several product markets primarily targeting consumer, self-employed and small business customers, with a growing mid-market segment.” Morgan Stanley Upgrades Box to Equal Weight Overweight Morgan Stanley said the cloud-based content management company is undervalued. “Recent results demonstrating higher net retention, lower churn and strong drive for large deals, with consistent execution across geographies, customer sizes and verticals, suggest Box’s Suite’s product expansion and selling capabilities allow customers to more easily realize the value of Box’s complete platform – key in a challenging macro.” Read more about this call here. Morgan Stanley Downgrades DocuSign to Equal-Weight Morgan Stanley said it sees “pricing pressure” for DocuSign. “The normalization of post-Covid demand, sales force productivity challenges, leadership turnover and the macro-creation of a difficult and uncertain transition, which is mainly reflected in stocks. The intensification of competition, the commoditization of e-signature and price pressure create more disadvantages.” Bank of America reiterates Levi’s as it buys Bank of America said concerns about a denim slowdown are overblown for Levi’s. “We believe the market’s concerns about a structural shift in denim are overblown.” MoffettNathanson is starting Roblox, as Moffett said there is too much uncertainty surrounding the stock. “A wide range of results could be possible for Roblox, we admit. But at this price, to get a good return, what do you have to believe? We simply, in our view, initiate coverage with an underperform rating. .” Read more about this call here. Stephens lowers Carmax to equal weight from overweight. Stephens said he has trouble seeing the stock moving higher because of the slowdown in demand for used vehicles. “Trends in demand for used vehicles have softened and last week’s update was largely in line with our expectations, however the spending context is stronger than expected, and with an improvement short-term expected low, it’s hard to see the upside. short-term numbers even after the sharp reset.” JPMorgan downgrades New Relic to neutral from overweight. JPMorgan said it is concerned about the cloud-based technology company’s slowing growth. “Looking forward, we think the dust has largely settled in several of these areas, and revenue growth is starting to stabilize near the 20% level over the past three quarters.” Bank of America reiterates Amazon buy Bank of America cut its price target to $157 per share from $170 due to some “macro pressure” but said it maintains its buy rating. “While we believe out-of-currency sales are generally on track to meet 3Q guidance ranges after a solid August, we are lowering our forward estimates and our price offers (offer prices) by on AMZN and EBAY to reflect higher macroeconomic uncertainty as well as the appreciation of the US dollar since mid-August.”
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