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Here are Friday’s biggest calls on Wall Street: Edward Jones promoted Qualcomm to buy from a contract that Edward Jones said he saw as an “attractive” buying opportunity in Qualcomm. “We are promoting Qualcomm to buy from hold because we believe the stock does not fully reflect our growth expectations.” Read more about this call here. Wells Fargo reiterates Keurig Dr Pepper as an overweight Wells Fargo is bullish on the beverage giant’s stock. “We expect a forward advance in the KDP narrative with Q222 results, with sustained strength in the ‘Cold Beverage’ portfolio (bottled beverages, concentrated beverages, Latin American beverages) leading to optimal results; and sequential improvement in ‘Hot’ (coffee) After the challenges of the last quarter. Morgan Stanley Repeats Visa and Mastercard as Top Ideas Morgan Stanley said it was time for investors to think about Visa and Mastercard stocks and that “the travel recovery still has legs.” “V/MA could benefit from reopening of Asia-Pac with scope for further improvement of European tourism, while perception of inflation risk may be overblown, especially for higher income demonstration. V/MA has also been hedged due to cycle rates driven by volume along with the ongoing shift to electronic payments.” JPMorgan reiterated Snap, with overweight JPMorgan saying it remains bullish on Snap earnings next week, but investors will need to be patient. “The third quarter estimates are likely to be high and rebuilding the credibility/operational track record will take time.” BMO reiterated that Microsoft is outperforming BMO to cut its price target on Microsoft to $305 per share from $345, but said it still believes the stock has “good offensive and defensive attributes.” “We are lowering our estimates for the upcoming June quarter and fiscal year 23 to reflect increasing headwinds in the currency markets, and are bringing our outlook for fiscal year 24.” Read more about this call here. Goldman Sachs downgraded Yelp to neutral from a Goldman buy and said in downgrading Yelp it sees a more balanced risk/return outlook. “It remains an open debate (which we think investors will be particularly focused on) how the macroeconomic environment and competitive landscape will dictate the growth of domestic ad spending over the next two years.” Argus downgraded Delta to hold it buy. “Delta was affected by capacity cuts and staff shortages, and recently posted weaker-than-expected second-quarter earnings.” Deutsche Bank is adding a trigger to sell calls on Deutsche Freeport-McMoRan, as it said it was concerned about the company’s disappointing earnings announcement next week. “We expect Freeport’s Q2 22 results (due July 21) to be disappointing. We expect a significant loss against consensus EBITDA driven by lower realized prices, negative interim pricing, and one-off returns.” Bank of America adds Schlumberger to its US1 list Bank of America has added an oilfield services company to its US1 list, and says the international company can provide resilience in recessions. “At the same time, SLB, the most domestically regulated (i.e. Russia) OFS (Oilfield Services) company in relation to Russia operations, remained the most ambiguous about the outlook for its business in Russia (5% of revenue), and therefore we continue to monitor the situation in Russia for Closer to SLP.” Stifel upgrades Norfolk Southern and Union Pacific to buy from railroad companies Stifel said in their update to rail companies it was cheap. “While we generally make reductions in estimates for lower growth and higher operating income, given the large sell-off in stocks and seeing the impact of a modest recession on the bars, we are upgrading some of the cheapest names (CSX & NSC) from Hold to Buy.” Bernstein launches Dexcom as Bernstein excels in a Friday note that Medtech Diabetes has a long path to growth. “DXCM is a clear buy over a year and a half. Even with conservative growth and margin estimates, we’re 3% ahead of the consensus on the top streak.” Read more about this call here. Bank of America reiterates Nvidia’s Bank of America buy maintained its buy rating on Nvidia shares, but said any weakness in the stock could affect other semiconductor companies. “NVDA has been (and) the innovation/momentum/sentiment leader in the semi-finals, and any stock/stock weakness could also impact computing peers AMD, INTC, AVGO and MRVL.” Barclays is repeating Amazon’s where the overweight Barclays said in a note that it is cautiously optimistic about heading towards earnings in early August. “We believe there is an appropriate opportunity for AMZN to print a ‘better than feared’ 3Q guide and we will selectively add to print.” Morgan Stanley reiterated Amazon’s post that overweight Morgan Stanley said in a note that Amazon was “ready” to “reaccelerate” after the company’s peak day earlier this week. “We estimate that Prime Day brought in $4.6 billion in revenue (12% above our expectations), which means 19% growth, accelerating against 8% growth on Prime Day in 2021, giving us increased confidence in the strength of Prime Consumer/ Revenue potential re-acceleration in the third quarter of 22″. UBS reiterates Netflix as neutral UBS cut its target price on Netflix to $198 per share from $355 before earnings next week and said it has serious concerns about subscriber growth. “Expect sub-regressions in the second quarter in line with the cautious around-the-clock guidance and forecast.” Read more about this call here. UBS reiterates McDonald’s as the UBS buy said in a pre-earnings note later this month that the stock is “in a better position on resilience.” “Despite its notable year-to-date outperformance, MCD stock should continue to outperform in a volatile and uncertain market given its: defensive attributes, inflation protection, and key competitive advantages.” Wolf downgraded the American to a peer performer and upgraded Allegiant to outperform a peer. In his promotion to Allegiant, Wolf said it had a “proven model”. The company also downgraded American due to its “high end” balance sheet. “We are upgrading Peer Perform’s ALGT to outperform because it has had a proven model during previous recessions. … Finally, we downgrade Peer Perform’s AAL rating to underperformance as AAL’s high-quality leverage is trending downward and with our estimates Much less than next year’s consensus.” Jefferies Caterpillar and Deere reiterates that Jefferies’ purchase said it is bullish on Deere and Caterpillar shares on earnings trend later this quarter. “We expect most companies to meet or exceed expectations in the second quarter. With a long backlog, supply chains loosening a bit, and lower costs for raw materials and logistics, we may also see some increases in guidance.”
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