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Here are Tuesday’s biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight Morgan Stanley said it’s standing by it’s overweight rating on Apple shares heading into earnings on Feb. 2. “Dec Q beat now priced in but myriad next twelve months catalysts keep Apple as top pick.” Telsey reiterates Amazon as outperform Telsey said the e-commerce giant is well positioned to gain market share. “Overall, we believe Amazon should still continue to gain market share by leveraging its sticky Prime member base, small business relationships, technological edge, and retail consolidation.” Bernstein reiterates Apple as market perform Bernstein said it’s “ambivalent” about Apple shares heading into earnings next month. “We are ambivalent on the stock and ultimately see risk-reward on AAPL as neutral to slightly negative.” Loop initiates GlobalFoundries as buy Loop initiated the semiconductor manufacturer with a buy and said it’s well positioned to benefit from growth in the auto and smart device markets. “We initiate coverage of GlobalFoundries with a BUY rating. We believe GFS is ideally positioned to benefit from the secular growth in key end markets in semis (Autos, IoT, DC and Smart Devices), helped by their purpose-built technologies.” JPMorgan initiates Okta, Palo Alto Networks and CrowdStrike as overweight JPMorgan initiated several cyber security companies on Tuesday and said “accelerating tailwinds within the cybersecurity market are driving demand.” “We are initiating on the Security Software industry with Overweight ratings on PANW, FTNT, CRWD, S and OKTA , Underweight ratings on VRNS and QLYS, and Neutral ratings for CYBR, TENB, ZS, CHKP, RPD and NABL.” KeyBanc upgrades Lyft to overweight from sector weight KeyBanc said its survey checks show ridesharing data appears stable. “When we layer this in with aggressive cost-cutting action in recent quarters and an ongoing recovery along the West Coast, we see meaningful opportunity for improvement in Lyft’s EBITDA over the course of 2023.” Read more about this call here. Bernstein downgrades Advanced Micro to market perform from outperform Bernstein said it’s concerned about a deteriorating PC market. “And our belief that AMD would prove relatively more immune to channel degradation proved unfortunately incorrect, and in recent months we have been growing more wary of potential PC dynamics, both given the market outlook as well as exacerbated by Intel’s semidestructive behavior as of late as…
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