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Listed here are Friday’s greatest calls on Wall Avenue: Stifel downgrades Twilio to carry from purchase Stifel downgraded the communications firm after its disappointing earnings report on Thursday. “We’re downgrading TWLO shares to Maintain and decreasing our goal value from $200 to $90. Whereas complete income and non-GAAP working margin beat throughout the quarter, the corporate provided an outlook for 3Q22 that got here in beneath consensus on the highest and bottom-lines.” Learn extra about this name right here. JPMorgan downgrades Hyzon to underweight from chubby JPMorgan stated it sees a lack of early mover benefit for the hydrogen gas cell firm. “Downgrading to Underweight on Subpar Inside Controls, Operational Inefficiencies & Lack of Early Mover Benefit.” Barclays initiates Sunrun as chubby Barclays stated sees Sunrun and Sunnova as greatest positioned resulting from “recurring income streams and a extra seen highway to restoration.” “Inside residential photo voltaic we see installers NOVA and RUN as greatest positioned. Each have recurring income streams and a extra seen highway to restoration, with the federal revenue tax credit score doubtlessly being upped and prolonged to 30%, from the 26% right now that was slated to drop to 10% over the subsequent 17 months.’ Learn extra about this name right here. JPMorgan downgrades Paramount to impartial from chubby JPMorgan stated in its downgrade of the inventory that it sees softer direct-to-consumer income. “In the present day we downgrade Paramount to Underweight from Impartial with a $25 value goal resulting from softer DTC income and better losses this yr, in addition to an expectation of weakening EBITDA and money move over the subsequent yr.” Susquehanna downgrades Twitter to impartial from optimistic Susquehanna downgraded Twitter resulting from an excessive amount of uncertainty and adverse catalysts. “We’re downgrading TWTR to Impartial given the pending takeover, related uncertainty and disruption, latest monetary outcomes, and restricted visibility into enterprise developments.” Truist downgrades Virgin Galactic to promote from maintain Truist downgraded Virgin resulting from money burn and extra flight delays. “Moreover, money burn continues to develop amid greater R & D. We at the moment mannequin for the corporate to burn by way of its $1.1B money steadiness by 3Q24 and yesterday’s $300M inventory distribution settlement factors to additional dilutive fairness choices. Amid an absence of operational exercise and provide chain dangers we transfer to SELL.” Learn extra about this name right here. Deutsche Financial institution downgrades Ingersoll-Rand to carry from purchase Deutsche stated it sees no near-term optimistic catalysts for the economic inventory. “Our determination to downgrade IR to Maintain is under no circumstances indicative of a change in our view in regards to the prime quality nature of the corporate or the power of its medium- to longterm technique.” Wedbush downgrades Zillow to impartial from outperform Wedbush stated there could also be softening enterprise developments for Zillow. “Whereas we’re favorable on ZG ‘s internet money steadiness sheet and the long run partnership with OPEN introduced yesterday (8/4), we can’t keep away from the truth that each of ZG’s main enterprise strains, IMT (web, media and expertise) and mortgage, and ancillary strains like closing and title are dealing with softer developments within the close to time period.” Credit score Suisse downgrades Duke Power to impartial from outperform Credit score Suisse stated there is a extra balanced danger/reward outlook for the power firm. “We now have beforehand been bullish on DUK as a result of firm’s measurement & scale advantages to fight inflation in addition to the corporate having one of many largest renewable transition alternatives within the sector. The transition continues to be intact, however the path to appreciate a 5-7% EPS CAGR on the excessive finish within the out years is more and more tough in our view.” Needham reiterates Apple as purchase and Meta as underperform Needham stated in a observe on Friday that Meta’ s outlook is now “worse.” The agency additionally believes Apple is constructing a strong ad-tech platform. “The outlook for META acquired worse this week, in our view. We imagine AAPL is constructing an AdTech platform that may enable it to put cellular adverts into its iOS ecosystem apps in a privacy-first approach.” Financial institution of America upgrades Teva to purchase from impartial Financial institution of America stated lots of Teva’s adverse catalysts are starting to dissipate. “Within the aftermath of TEVA’s opioid settlement announcement, we imagine TEVA is making materials progress in direction of cleansing up its authorized litigation overhangs which together with a strong 2023-24 new product cycle must be sufficient to shift the corporate again towards EBITDA progress.” SocGen upgrades Chevron to purchase from maintain SocGen cited sturdy buybacks for its Chevron improve. “Robust 2Q earnings together with a 50% hike to the highest finish of its 2022 buyback vary to $15bn have been spectacular.” Financial institution of America names Callaway Golf a prime decide Financial institution of America stated after the corporate’s earnings report that it sees no indicators of a “reversion in golf consumption. “Callaway Golf r eported 2Q22 adj. EBITDA of $207.3mm (vs. our $181.1mm) led by sturdy Topgolf profitability with phase adj. EBITDA margin growing to 21.4% (vs. 17.5% final yr) on advantages from a rebound in greater margin corp. occasions, operational efficiencies, and decrease staffing ranges.” Financial institution of America reiterates Lowe’s and Residence Depot as purchase Financial institution of America stated it is barely extra bullish on Residence Depot than Lowe’s heading into earnings later this month. “Working prices possible remained elevated in 2Q as in 1Q as wage will increase and investments in retailer enhancements cited final quarter are nonetheless rolling by way of the P & L. … We anticipate LOW to both keep its full-year outlook as top-line progress stays supported by sturdy pricing and margins stay top-of-mind for the LOW administration crew.”
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