Here are the biggest calls on Friday on Wall Street: JPMorgan downgraded UPS to neutral from overweight JPMorgan, and said UPS shares may be pending without a major catalyst to drive growth. “The pressure continues to mount on the US consumer and e-commerce growth slows. … UPS is doing very well in a dynamic environment but we expect further improvements to be incremental and we don’t see much upside for the 2022 guide already pulled.” Read more about this call here. Morgan Stanley Upgrades Ford to Equal Weight From Skinny After a big dip in Ford Motor’s stock price this year, Morgan Stanley is taking another look at auto stock. “We believe the value of ‘runoff’ for Ford’s original/emotional ICE (internal combustion engine) and fleet-oriented commercial vehicles may be underestimated by the market.” Read more about this call here. HSBC is upgrading Krispy Kreme to buy-back contract HSBC raised its rating to Krispy Kreme after the stock hit an all-time low this week. “We expect more prices and a higher range resulting from a strong AP expansion that will keep earnings expectations on track.” Jefferies lowered Carvana’s rating in order to refrain from buying Jefferies and said concerns about liquidity will drive Carvana stock performance in the next 12 months. The high cash burn period is more than expected.” Bank of America has upgraded Republic Services to buy from neutral Bank of America that has upgraded Republic Services, saying it believes a long-term transformation is underway at the waste collection company. “RSG is striking the right balance of volumes, increasing prices, building solid waste density through proven acquisitions and driving operational leverage after years of bad contract cancellations. While we still maintain a mixed view of RSG’s strategy in hazardous waste (“one-stop shop for environmental services),” The company is baking in a conservative view, and the majority of the business (85%-90%) is still related to solid waste.” Bank of America upgraded waste management to neutral rather than underperforming The company upgraded waste management after a better first quarter of Expected.” “We see a positive outlook for warehouse management given price increases through 2023 (and higher CPI), moderate costs and a resilient business model in the face of increasing overall uncertainty.” Bank of America has scaled back Tesla’s price target to $925 from $1,300 to adjusted price targets from Bank of America across its auto coverage. New Tesla price target indicates 27% higher than Thursday’s closing price.” After the quarter, we raised our forward estimates, but maintained 13 00 USD. However, we are now lowering the price target from $1,000 to $925 on assumed lower multiples with market sell-offs, specifically now based on 13x EV/sales and ~55x EV/EBITDA (18x previously, 78x) based on our 2023 estimates. Wolfe Research downgraded KB Home to underperform Wolfe Research downgraded its home-building sector outlook to market weight and downgraded KB Home.” Potential headwinds in the medium term are numerous, particularly as the Fed appears intent on reining in Curbing flat inflation through sustained, heartening interest rate increases and balance sheet cuts for the foreseeable future.” Barclays has upgraded Endeavor Holdings Group to an overweight of equals Barclays has described the holding company for talent and media agencies as a “defensive growth media game.” “EDR on The supply side of content creation, sporting events and sports betting: The high-growth, high-margin, high-return conversion business must be able to weather a recession.” Goldman SA cut Fluence Energy’s rating was moved to neutral by Goldman’s purchase to downgrade its rating on Fluence Energy’s energy storage after a mixed quarterly report. “The stock’s near-to-mid-term trajectory continues to face a number of headwinds which we believe warrant a more balanced view at this time.” —CNBC’s Michael Bloom contributed to this report.
The United Parcel Service Inc logo is displayed. (UPS) on a truck parked in New York.
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Here are Friday’s biggest calls on Wall Street: