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Tesla, Apple, Hershey and more



Elon Musk, CEO of Tesla Inc., arrives at the federal government in New York on Thursday, April 4, 2019.

Natan Dvir | Bloomberg | Getty Images

Here are the biggest calls on Wall Street on Thursday:

Goldman Sachs lowered his Tesla price target to $ 158 from $ 200

Goldman said it looks less likely that up volume will be achieved scenarios for Tesla "

" While the TSLA shares have been under pressure this year, they are currently leaping back on near-term deliveries. And while we believe that 2Q1

9 should be fine – and the company probably achieves volumes near the FactSet consensus – we believe in 2H19 and beyond) volume estimates look high considering that there are fewer levers to pull to Stacking Demand Forward (ie, the company released lower priced variants of Model 3, a leasing option was introduced, and right-hand orders have begun) when combined with a lack of direct impulse to open up new demand pockets (except for introducing incentives or more attractive financing rates) and another cut in the US Federal Tax Credit for TSLA vehicles starting in July 1 – We believe 2Q19 was a better environment for demand and thus supplies, but at a level that is unlikely to be sustainable. We believe it is the biggest issue for investors at this time – what are sustainable demand levels for Model S, Model X and Model 3 – and how to change with the introduction of Model Y production. "

Read more about this call here.

Deutsche Bank initiated Apple as" team "

Deutsche began with a team mainly because of" macro and economic policy "and possible tariffs.

" Our neutral perception is based on 4 main points: 1) We fear a 2019 iPhone cycle lull in front of 5G iPhones by 2020; 2) Other hardware turns into growth (Watch / AirPods), but this is more of the slow and regular variety; 3) Services can provide partial compensation and contribute 2-3 growth points, but the company is increasingly faced with a large number of dynamic; 4) AAPL's balance gives some positive choice factors, but it is largely considered in discretion. Overall, when we balance AAPL's valuation with the company's basic leverage for further EPS upside, we see a balance-sheet profile in relation to the risks. We see services growing at a mid-to-high teen weight y / y growth rate over the next few years, which could provide some relief. "

Deutsche Bank started Dell as" buy "

Deutsche said the likely slowdown in IT infrastructure growth is already reflected in the stock price after a 25% buy-back.

" Our bullish deal is based on 4 key points: 1) Street estimates can prove conservative over the next 2-3 years, as a 15-20% discount on Dell's implicit EPS goals seems too large. 2) Increasing investor fears of slowing IT infrastructure spending are further intensified by Dell's debt level. While we greatly appreciate this risk, we believe that Dell can consistently split its balance sheet through a wide range of cash-generating operations while potentially benefiting from refinancing opportunities that allow lower interest rates. 3) We trust Dell's progression towards its 12% margin target, driven by an improvement in Storage and higher VMware mix; 4) We believe that the latest buyback in Dell's stock price and the resulting valuation provides downward protection. "

D.A. Davidson initiated Hostess Brands as" buy "

D.A. Davidson said" recent "corporate spikes are largely in the mirror.

" We start covering Hostess Brands with a purchase rating and $ 16 pricing targets. We believe that the latest heads (leading revenue, dilution of M&A, mixed pressures and support for lower mass channel promotion) are now largely behind the company and set forth achievable expectations (guidance and consensus) over the next two years. "

Piper Jaffray downgraded Hershey to" underweight "from" neutral "

Piper said the chocolate manufacturer has steady growth, but trades at a historically high premium to his peers.

" Hershey has an American centered portfolio with a generally stable top line and earnings growth, but valuation now does not look to consensus expectations. It is now at a historically high premium over US consumer customers, despite consensus EPS growth expectations that are more consistent with peers. In particular, HSY shares trade with a 70% premium for K shares, even though Hershey's consensus on EPS growth is in line with Kellogg's. We also conduct a reverse DCF analysis, suggesting 3% implicit market expectations for Hershey's top line growth, more than twice the 1.3% consensus growth outlook for 2020-21. We maintain our 2019E / 20E EPS at $ 5.70 / $ 6.00 and raise our goal to $ 125 (based on a higher number of ~ 21x our 2020E EPS of $ 6.00) to recognize a better market temperature for defensive shares, but lower our rating to UW. Wolfe Research initiated Netflix as "outperform"

Wolfe began covering the stock and said it had a "more bullish perception of the Disney versus Netflix debate."

"We start NFLX with an Outperform and $ 442 PT. Our positive dissertation has to do with: 1) NFLX's unparalleled global scale; and 2) our more bullish view of the DIS vs. NFLX debate (we remind you that we are positive about DIS and Disney +). "


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