Here are the hottest stocks on Wall Street on Friday: Evercore ISI reiterated Nvidia as an outperform: “We continue to view NVDA as a top pick for a tectonic shift in computing. With its full-stack ecosystem, NVDA is positioned to capture 70-80% of the value created in the parallel processing era.” Piper Sandler upgraded Chewy to overweight from neutral. “While sales trends appear to remain muted, CHWY appears to be at an inflection point in profitability, supported by both gross margin expansion (mix shift to higher margin revenue streams, well-managed discounts – our research shows 2Q24 is below last year’s levels on average) and SG&A leverage (automation and increased efficiency).” JMP upgrades Warby Parker to Market Outperform from Market Perform “We are raising our sales and earnings expectations to reflect our company and industry analysis and see potential for stock appreciation as near-term industry volatility subsides and WRBY continues to expand its comprehensive vision care offerings and expand in-network coverage.” RBC Capital Markets upgrades Westlake to Outperform from Sector Perform “We are raising our sales and earnings expectations to reflect our company and industry analysis and see potential for stock appreciation as near-term industry volatility subsides and WRBY continues to expand its comprehensive vision care offerings and expand in-network coverage.” “We upgraded WLK to Outperform from Sector Perform due to solid capital allocation to M&A.” JP Morgan downgraded Peloton to Neutral from Overweight “Thursday’s +35% gain (SPX Following the company’s 2019 downturn (-1% vs. 2019), we upgrade PTON’s CF subscriber and revenue growth recovery to Neutral from Overweight as the outlook remains challenging and secular and macro pressures limit the outlook.” Bank of America reaffirms Uber as a Buy: “Given Cruise’s recent service interruptions and limited early details on the Uber-Cruise partnership, we believe an expanded partnership with Waymo (possible) or a new partnership with Tesla (not expected in the near future) would be a bigger near-term upside for Uber shares.” Nomura upgrades Bilibili to a Buy from Neutral: “We believe this deep discount to Bilibili is no longer justified as Bilibili’s financial outlook brightens due to strengthening gaming and advertising businesses.” Wells Fargo reaffirms Burlington Stores as a Top Pick: “We reaffirm Burlington Stores as a ‘top pick’ and see a very visible growth/margin bull scenario unfolding in real time. The combination of 1) accelerating competition and 2) freeing up margins should be strong, lifting our Q2/full year numbers to above-Street PT$325. “Wells Fargo upgrades BJ’s Wholesale Club to Overweight from Equal Weight “Margin investing is the right strategy shift despite n/t pain and complements solid membership growth. MFI should provide more firepower. Valuation is challenging, but a return to 25-year competitive ramp/algorithm suggests upside.”Goldman Sachs downgrades Bill.com to Neutral from Buy “Given rising investment and weaker valuation support in the near term, we downgrade the stock to Neutral and reduce our price target to $54.”Guggenheim upgrades Roku to Buy from Neutral “We expect investor enthusiasm for the ROKU story to grow going into third-quarter earnings in November as ROKU makes progress toward expanding video inventory ad sales and improving home screen monetization through its third-party demand-side platform.”
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