Here are Tuesday’s biggest calls on Wall Street: RBC initiates Home Depot as sector perform RBC said it sees too many negative catalysts for Home Depot . “In short, there are a lot of reasons to like the story over the long term, but we’re of the view that various macro factors (high rates, persistent inflation, shift from goods to services, etc.) skew near term earnings risk to the downside.” Evercore ISI initiates Nike as outperform Evercore said Nike’s fundamentals have bottomed. “While the Athletic category took longer than we expected to emerge from post-COVID supply chain/inventory bullwhip issues, we think Nike’s recent F1Q update suggests fundamentals for the category have finally bottomed— particularly with global/N. America inventory -10%/-20% YOY.” UBS initiates Paycom as buy UBS said investors should buy the dip on the payroll and software provider. “As such, as a more constructive risk-on view emerges on easing rates, we could see particularly attractive opportunities emerge in Ceridian and Paycom on weakness.” Morgan Stanley reiterates Apple as overweight Morgan Stanley said it’s standing by its overweight rating on the stock after its 10K annual report. “While Apple is exposed to slowing consumer goods demand in the near-term, the long-term outlook remains attractive given its technology leadership, sticky (and growing) user base, and paths to spend per user upside.” Citi initiates BridgeBio as buy Citi said in its initiation of the biotech company that shares are compelling. ” BridgeBio is a mid-cap, near-commercial biotechnology company, with both a diverse and extensive therapeutic pipeline that covers a wide range of therapeutic modalities from small molecule to early-stage gene-therapy.” Deutsche Bank downgrades Peloton to hold from buy Deutsche said in its downgrade of the stock that it’s concerned about a lack of growth drivers. “While we remain bullish on Peloton having a large TAM ahead of it that can support accelerative growth,…
2023-11-07 08:31:00
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