Check out today's top analyst calls from around Wall Street, compiled by The Fly.
BUY FEDEX: Bernstein analyst David Vernon upgraded FedEx (FDX) to Outperform from Market Perform with a $225 price target. The analyst expects the company to deliver results better than consensus expectations on better residential pricing, continued strength in Express and air cargo rates, and an inflection in ground margins. E-commerce parcel pricing is expected to remain strong as the pull forward of e-commerce penetration has strained delivery capacity, he adds.
SOCIAL SHOPPING TREND: Morgan Stanley analyst Brian Nowak upgraded Pinterest (PINS) to Overweight from Equal Weight with a price target of $44, up from $34. The analyst, who believes "social online malls" such as those operated by Pinterest and Facebook (FB) are becoming even more important touchpoints in an environment of changing consumer behavior and accelerating e-commerce and social shopping, views Pinterest as "the purest play on this trend." While he was previously uncertain on when or whether Pinterest's investments would lead to structurally higher monetization, the company's recent second quarter results offer the first sign that the company now has the tools in place to drive faster, more durable growth, Nowak argued.
TRAVEL DEMAND REBOUND: JMP Securities analyst Andrew Boone resumed coverage of Booking Holdings (BKNG) with an Outperform rating and $2,000 price target. The analyst noted that travel demand continues to rebound as July newly booked rooms were down "just 35%" from last year. Boone also cited Booking's exposure to the fastest-growing part of travel - alternative accommodations - stating that the company is well positioned to benefit from improving travel demand.
NEW $600 BULL CASE TARGET: Wedbush analyst Daniel Ives raised the firm's price target on Apple (AAPL) to $515 from $475 and established a new bull case price target of $600. The analyst noted that the new Asia supply chain checks conducted by Wedbush's TMT team over the last week show a “discernible uptick” in forecasts for iPhone 12, which bodes well for demand trends heading into this super cycle October launch. He previously expected 4 models with a mix of 4G/5G for the iPhone 12 unveil, however, now based on supply chain checks, Ives is expecting "ONLY 5G models for the Fall launch with a next generation 4G model potentially hitting the market with lower price points in early 2021."
From a 5G perspective, there will be a U.S. and a non-U.S. version introduced, he contended, adding that the U.S. version will have mmWave technology "after some technology wrinkles appear to have been ironed out by Apple and its suppliers, which is a clear positive heading into this pivotal launch." Ives kept an Outperform rating on the shares.
Meanwhile, Deutsche Bank analyst Jeriel Ong also raised the firm's price target on Apple to $480 from $440. The analyst has a Buy rating on the shares.
ELEVATED TRAFFIC GROWTH: Citi analyst Nicholas Jones upgraded Fiverr (FVRR) to Buy from Neutral with a price target of $140, up from $53. The analyst updated his estimates following the company's second quarter results to reflect a “materially stronger performance” than he originally estimated as the company continues to see elevated traffic growth amid COVID-19 and increased remote working. He sees the company being well positioned to benefit from small businesses' accelerated adoption of digital solutions.
FedEx
+9.26 (+5.05%)
+1.3 (+3.71%)
Booking Holdings
+7.07 (+0.40%)
Apple
+8.48 (+1.91%)
Fiverr
-0.83 (-0.76%)