BofA Securities analyst Kenneth Bruce downgraded American Express to Neutral, citing concerns over subdued billings growth and a premium valuation. Bruce believes the spending environment is challenging, even for high-end consumers, as evidenced by recent commentary from retailers and travel companies. While Bruce maintains a favorable view of American Express’s long-term strategy, he sees limited upside potential for the stock in the short term.
BofA Securities analyst Ebrahim Poonawala upgraded PNC Financial Services Group (PNC) to ‘Buy’ from ‘Neutral’, citing strong growth prospects and a favorable risk-reward profile. Poonawala sees PNC well-positioned to navigate economic uncertainties while capitalizing on market dislocations, with a potential for NII growth and a strong track record of successful M&A deals.
BofA Securities has upgraded Tesla (NASDAQ: TSLA) stock from Neutral to Buy, citing the electric vehicle giant’s impressive first-quarter performance and optimistic growth prospects. The firm’s $220 price target indicates a substantial 52% potential upside from current levels. Tesla’s recent financial results and management’s positive remarks have alleviated investor concerns and reinforced the company’s growth story.
Analyst Justin Post of BofA Securities upgraded his rating on Amazon.Com Inc (AMZN) to Buy and set a price target of $204. He anticipates positive earnings for Amazon’s first quarter, with revenue estimates of $143 billion, aligning with market expectations. Post highlights AWS and advertising as potential growth drivers and predicts a possible outperformance in the retail segment. The analyst also discusses Amazon’s strategic shifts and operational efficiencies, which he believes will support margin expansion and drive stock performance. Despite a forward P/S multiple increase year-to-date, Post notes that Amazon’s valuation remains below its ten-year average, suggesting potential for multiple expansion.
