Here are Monday’s biggest calls on Wall Street: UBS initiates Okta as buy UBS said it sees a margin expansion opportunity for the identity access management company. “We see Okta as well positioned to benefit from continued identity tailwinds, a view supported by checks across the customer and partner community highlighting strong identity spending intentions, detailed TAM analysis, and UBS Evidence Lab data.” Read more about this call here. JPMorgan upgrades HP Inc. to overweight from neutral JPMorgan said in its upgrade of HP Inc . that it sees “resilient revenue and margins.” “We expect the combination of structural margin improvement in the Print segment on account of several initiatives undertaken by the company to offset some of the margin moderation in the coming quarters with easing supply, even though margin moderation should be more muted than previously feared on better supply-demand balance.” New Street downgrades Meta to neutral from buy New Street said in its downgrade of the stock that it sees better opportunities elsewhere. “No major change in view but we see better opportunities for upside in our coverage from here after META’s outperformance relative to the group.” JPMorgan upgrades Ollie’s to neutral from underweight JPMorgan said it has more confidence in management’s same-store sales guide. “With OLLI underperforming the SPX by ~30% over the last 18 months, now trading 10% below its pre-pandemic trough valuation and our recent fieldwork and management access pointing to FY23 ‘E’ insulation ( & beat/raise 1Q near-term setup) given macro/micro top and bottom-line drivers – we upgrade OLLI to Neutral raising our Dec ’23 price target to $66. JPMorgan upgrades Lumentum to overweight from neutral JPMorgan said in its upgrade of the optical and laser tech company that it sees upside potential. “Upgrading Lumentum (LITE) to Overweight from Neutral even as there remains likelihood of further downside to consensus estimates from inventory digestion at more customers, which is a temporary and cyclical driver rather than a structural reflection of demand, as well as share loss to new entrants in 3D Sensing with Apple as a customer.” JPMorgan downgrades Dell to neutral from overweight JPMorgan said in its downgrade of Dell that HP Inc. is better positioned right now. “Leveraging our relative rating system, we are expressing our view in relation to the recovery in the second half of calendar 2023 to be more favorable for HPQ than DELL using our…
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