Biggest Calls on Wall Street

Goldman Sachs reiterates Constellation Brands as a Buy

Goldman Sachs has reiterated its Buy rating on Constellation Brands, citing a positive outlook for the beverage and alcohol giant. The company expects upcoming events, including STZ’s 2FQ24 results and Investor Day, to serve as catalysts for the stock.

Deutsche Bank reiterates Wells Fargo as a Buy

Deutsche Bank has maintained its Buy rating on Wells Fargo, stating that the stock has performed well compared to other banks. The bank attributes this to regulatory improvements, solid cost control, and a stronger capital position.

Citi adds a positive catalyst watch on Meta

Citi is optimistic about Meta and its upcoming Connect event. The bank expects to hear more about Meta’s GenAI plans, along with strong third-quarter earnings.

BTIG initiates Instacart as neutral

BTIG has initiated coverage on Instacart with a neutral rating due to its fair valuation and modest growth prospects. The company faces challenging competition from Doordash and Uber in the category.

Raymond James initiates Ralph Lauren as outperform

Raymond James has initiated coverage on Ralph Lauren with an Outperform rating. The company has made significant progress in elevating its brand, improving direct-to-consumer sales, and enhancing its gross margin.

Bank of America reiterates Apple as neutral

Bank of America’s analysis suggests that wireless carrier incentives do not significantly drive iPhone unit demand for Apple. These incentives primarily bundle iPhone financing with telecom services, spreading the cost over several months.

CFRA downgrades Boeing to hold from buy

CFRA has downgraded Boeing due to concerns about delivery issues and delays. Despite this, the company still believes in the long-term demand for aircraft, presenting an opportunity for Boeing.

Wells Fargo upgrades Charter to overweight from equal weight

Wells Fargo has upgraded Charter to overweight, stating that the worst for the cable industry is behind it. The bank anticipates EBITDA acceleration driven by mobile roll-to-pay, rural growth, and video services.

UBS initiates Squarespace as buy

UBS has initiated Squarespace with a buy rating, highlighting the company’s durable revenue growth. The bank expects Squarespace to expand further into international markets and increase higher-priced subscriptions, leading to positive estimate revisions.

Oppenheimer reiterates Netflix as outperform

Oppenheimer has maintained its outperform rating on Netflix, although it has lowered its price target. The bank remains optimistic about Netflix’s revenue outlook despite margin adjustments.

Morgan Stanley reiterates Exxon as overweight

Morgan Stanley has raised its price target on Exxon and sees upside to consensus. The bank believes that Exxon’s downstream and chemicals business will experience significant growth, leading to improved earnings.

Jefferies upgrades Yum China to buy from hold

Jefferies has upgraded Yum China to buy, expecting robust unit growth in the future. The company’s 3-year plan aims to operate 20,000 stores by the end of 2026, and its cash return offers a minimum return for investors.

Susquehanna initiates Arm as neutral

Susquehanna has initiated Arm as neutral, primarily based on valuation. The stock is currently considered fairly valued.

Canaccord downgrades Deere to hold from buy

Canaccord has downgraded Deere due to expectations of slowing unit growth for agricultural equipment. The bank believes it is a good time to move to the sidelines as large ag growth slows.

HSBC initiates Walmart as buy

HSBC has initiated Walmart as a buy, highlighting the company’s competitive advantages. Walmart’s large customer base, extensive store footprint, and online-to-offline strategy contribute to its sustainable competitive position.

HSBC initiates Procter & Gamble as buy

HSBC has initiated Procter & Gamble as a buy, emphasizing the company’s robust free-cash flow and strong market share leadership across several categories.

Bernstein upgrades Wayfair to market perform from underperform

Bernstein has upgraded Wayfair, making a tactical call on the stock. The bank sees potential for further upside with improving revenue growth and positive EBITDA revisions.