Here are the biggest calls on Wall Street on Friday: TD Cowen downgrades Paychex to market perform from outperform TD said it sees too many macro challenges for the payroll company. ” PAYX shares have held in YTD & outperformed ADP by 10%+, but we expect the stock to be challenged in the current backdrop given rising concerns on labor moderation and the impending reversal in interest rates.” Mizuho reiterates Coinbase as underperform Mizuho said it’s sticking with its underperform rating on Coinbase shares. “With no long-term visibility, COIN trades on intra-quarter data points. The 4Q revenue beat should be well-known, but a negative surprise on take rates is unlikely priced in.” JMP reiterates Coinbase as market outperform JMP raised its price target on the stock to $200 from $107 and says it has Amazon-like potential. “On the stock, even after nearly a 4x in 2023, we believe Coinbase has the potential to become one of the few network winners in an industry we expect to grow exponentially from here.” Morgan Stanley resumes Ameriprise Financial as equal weight Morgan Stanley resumed coverage of the stock with an equal weight rating mainly on valuation. “We’re bullish on growth in wealth mgmt and see AMP’s transformation story as an attractive play in a $30tr US advice industry underpinning our 12% EPS CAGR.” Goldman Sachs reiterates Nike as buy Goldman said it’s standing by its buy rating on the stock after Nike’s earnings report on Thursday. “On the other hand, we believe today’s update provided ample fodder for bears, with slowing growth momentum as a result of a tougher macro pointing to a more promotional competitive marketplace, and the company now speaking more comprehensively to key franchise life cycle management which will weigh on sales momentum going forward.” Edward Jones upgrades Analog Devices to buy from hold Edward Jones said the company is “well positioned to benefit from growing automation revenue.” “We are upgrading shares of Analog Devices…
2023-12-22 08:09:00
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