Here are Wall Street’s biggest calls on Friday: Wedbush reiterates Carvana as underperform Wedbush said in a note that bankruptcy is a possibility for Carvana. “Near-term bankruptcy is not out of the question, but is less likely than other near-term outcomes given the liquidity timeline and the Garcias’ (largest shareholder Ernie Garcia II and CEO Ernie Garcia III) 47% equity ownership position and 90% equity voting rights position.” Evercore ISI names Apple as a top pick in 2023 Evercore said it sees 2023 as a “moonshot” year for Apple. “We see AAPL ramping up various moonshot projects that start to become material – be that AR/VR deployments (H1:23?), advertising business becomes more material and AAPL Pay starts to gain further scale.” Evercore ISI names BlackRock as a top pick Evercore says BlackRock will be a key beneficiary of a deteriorating macro in 2023. “Our base case is for a tough & choppy equity backdrop given inflation, Fed rate moves, QT & a potential recession; as well as allocations & flows into fixed income strategies, the continuation of the ongoing active-to-passive trend & alts continuing to grow.” Goldman Sachs upgrades Delta to buy from neutral Goldman resumed coverage of Delta and upgraded the stock adding that it sees “recovery tailwinds” remaining heading into 2023. “In this environment, we favor stocks with idiosyncratic earnings drivers, relatively more recovery tailwinds remaining, or characteristics that reduce downside risk. Read more about this call here. Needham reiterates Disney as hold Needham lowered its estimates on shares of Disney and said it sees rising direct-to-consumer losses. “In DTC, we lower our 1Q23 estimates as we expect price increases and ad tier introduction to impact results later in FY23, and we lower our rev estimate by 3% to $5.4B (up 16% y/y), and maintain our operating incoming Loss estimate of $1.2B.” DA Davidson initiates Cyberark as buy DA Davidson said Cyberark is a “clear market leader.” “Security spend remains highly defensible, demand remains robust, & security vendors continue to fair better than most other SaaS players.” JPMorgan upgrades Meta to overweight from neutral JPMorgan said it sees “increased cost discipline” for the social media giant. “However, heading into 2023, we believe some of these top and bottom line pressures will ease, and most importantly, Meta is showing encouraging signs of increasing cost discipline, we believe with more to come.” Read more about this call…
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