Why Wall Street Is Warming Up To Apple

In the first couple of days following Black Friday, Apple stock climbed about 7%. The market value gain came as Wall Street turned even more bullish on the Cupertino company.

Sell-side upgrade on the stock

It all started on November 30, a day when the broad market did not fare all that well. Loop Capital’s analyst Ananda Baruah saw enough reasons to upgrade Apple from hold to buy. According to him:

“Apple shares have historically outperformed in scenarios of consistent upside to Wall Street forecasts or as negative trends, principally iPhone shipments, stop worsening.”

The analyst did not seem to forget any major area of the business to justify the upgrade: Mac, iPad, AirPod, Watch and Services. Even optimism towards the speculated iPhone 13 supported bullishness. Ananda’s earnings-per-share estimate is now about 10% above consensus.

Not to be outdone, old-time Apple bull Katy Huberty, from Morgan Stanley, also weighed in.

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Stock futures mostly flat as Wall Street awaits news on stimulus, vaccines

U.S. stock futures held steady on Wednesday evening as investors awaited news on stimulus negotiations and the vaccine approval process.

Futures contracts tied to the Dow Jones Industrial Average and the S&P 500 ticked down 0.1%, while those for the Nasdaq 100 gained 0.1%.

The move in futures comes after a relatively quiet day on Wall Street as investors monitored developments in Washington about a possible stimulus bill. During Wednesday’s session, the Dow and S&P 500 gained 0.2%, while the Nasdaq Composite slipped 0.1%. The slight move higher for the S&P 500 resulted in a new record high.

On Capitol Hill, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer issued a joint statement calling on Republicans to work with them on another round of Covid relief funding, using a bipartisan proposal from Senate moderates as a starting point.

Senate Majority Leader Mitch McConnell rejected the $908 billion proposal

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Airbnb Has a Good — But Not Necessarily Great — IPO Story to Sell Wall Street

Between the enthusiasm that markets have been showing both towards Internet growth plays and (more recently) towards companies seen as reopening plays, Airbnb should get a post-IPO valuation comfortably above the $18 billion valuation it received in an April funding round, and perhaps also above the $31 billion valuation it got in a 2017 funding round.

But a little bit like Uber (UBER) ahead of its 2019 IPO, Airbnb’s story is pretty complicated, featuring several things to be encouraged by but also a few things to be concerned about.

Key positives for Airbnb’s story:

  1. The company was seeing strong double-digit growth before COVID hit. Revenue was 32% in 2019 to $4.81 billion, while gross booking value (GBV – the total value of bookings on Airbnb’s platform, minus cancellations and alterations) rose 29% to $37.96 billion. (source: Airbnb’s IPO prospectus)
  2. Though Airbnb is still seeing revenue/bookings declines, demand has improved a
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Stocks edge higher on Wall Street on latest vaccine hopes

Stocks edged higher in afternoon trading Monday after investors received several pieces of encouraging news on COVID-19 vaccines and treatments, tempering concerns over rising virus cases and business restrictions

The benchmark S&P 500 index rose 0.3%, led by banks, industrial companies and other businesses that have been beaten down by the virus.

The latest vaccine developments are helping to raise hopes that some normalcy will eventually be restored to everyday life and the economy. It is also tempering lingering concerns about new government controls as the virus spikes in

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Workday Drops Despite Q3 Beat: What Wall Street Is Saying

Shares of accounting software maker Workday  (WDAY) – Get Report dropped premarket Friday following its third quarter earnings release despite topping earnings and revenue estimates as the company also issued weak guidance for 2021. 

The company said it expects software demand to continue to come under pressure in 2021 due to the coronavirus pandemic. 

Shares fell 3.5% to $222.80 in premarket trading Friday.

Here’s what Wall Street is saying about Workday:

Barclays (Equal Weight rating maintained, PT lowered to $234 from $238)

The big debates for investors post a healthy Q3 will be how conservative guidance is, especially around Q4 subscription backlog growth (14-16% YoY vs 20% plus so far this year), and how this year’s bookings numbers translate into next year’s subscription revenue. We believe that there was a fair amount of investor excitement going into earnings that a healthy Q3 would translate into positive estimate revisions

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Why Is Citi Helping Big Tech Storm Wall Street?

(Bloomberg Opinion) — Alphabet Inc.’s deeper dive into the U.S. financial system shouldn’t come as much of a surprise. Technology giants have found a way into all corners of people’s lives; the latest plan to offer consumers new forms of bank accounts is simply one of the final frontiers.

a sign on the side of a brick building: WESTBURY, NEW YORK - MARCH 20: A general view of a Citibank sign as photographed on March 20, 2020 in Westbury, New York. (Photo by Bruce Bennett/Getty Images)

© Photographer: Bruce Bennett/Getty Images North America
WESTBURY, NEW YORK – MARCH 20: A general view of a Citibank sign as photographed on March 20, 2020 in Westbury, New York. (Photo by Bruce Bennett/Getty Images)

The puzzling part of Alphabet’s expansion of Google Pay is why Citigroup Inc. is a willing participant in Silicon Valley’s invasion of Wall Street’s turf.


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Last week, Bloomberg News and others reported that Citigroup and a California credit union were Alphabet’s initial partners for a venture that would offer checking accounts through Google Pay. The official announcement on Wednesday revealed that 11 banks and

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Target Sales Just Shocked Wall Street. Here’s How CEO Brian Cornell Did It.

As the Covid-19 pandemic surges, shaking how Americans work, shop, and live—Target’s sales continue to soar.

On November 18, Target announced its third quarter financials that blew away Wall Street estimates. A few key stats: Comparable sales rose 20%. Total revenue climbed $22.6 billion—an increase of more than 21% over the same time last year. Digital sales jumped 15%. New digital-driven services like in-store pickup, curbside, and personal shopping via Shipt grew 200%. Target’s 1,800 stores fueled more than 95% of sales. Most impressive, Target grabbed $5 billion worth of market share from competitors over the last three months—and that’s after a year of gains that has seen its shares climb 45%

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Where Wall Street Currently Stands

By my count, eleven major sell-side analysts published reports on Apple in November. Today, I look at a few of them to gauge where Wall Street stand on the Cupertino company’s stock.

Still an overwhelming buy

First, let’s look at a higher-level picture of what analysts think of Apple as an investment opportunity at current levels.

The chart below shows that Wall Street experts remain overwhelmingly bullish. Nearly 20 out of 25 consider the stock a “buy”, and bear have become a rarity.

What bears say

Speaking of bears, let’s start with Goldman Sachs’ Rod Hall. As far as I know, he has been the only top analyst to lower his price target on Apple in the past couple of weeks, down $5 to $75 per share for a total of 35% downside risk.

Mr. Hall believes that Apple “expects just single digit growth for iPhone in Q1, which he

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CEO Of $10 Billion RIA Advocates For An End Of Technology Domination On Wall Street

Richard Bernstein, CEO and CIO of Richard Bernstein Advisors, advocates for moving away from the major technology stocks, citing the technology bubble at the end of the 1990s that left technology and communication as the worst-performing sectors from 2000 to 2010. 

Bernstein, whose New York-based firm manages more than $10 billion in assets, sees similar market conditions today to when enthusiasm got so great that technology stocks performed poorly for a decade, speaking during the Forbes | SHOOK Wealth Management Virtual Summit.

In further comparing the current environment to that time, he expects cyclical sectors to again outperform going forward, including energy, industrials, small-cap, and non-US. He sees 2021 as a bullish year for those in the right stocks.

With the recent positive news on the vaccine front, Bernstein says the corresponding

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Wall Street Legend Bill Miller ‘Strongly’ Recommends Bitcoin

Bitcoin has had an incredible few weeks, adding a staggering 35% over the last month and muscling back into a bull run that could be just getting started.

The bitcoin price fell to under $4,000 per bitcoin in March as the coronavirus pandemic sparked panic among investors but endorsements from high-profile investors and Wall Street giants helped bitcoin make a stunning rebound, hitting $15,000 per bitcoin last week.

Now, Wall Street legend Bill Miller, the founder of investment manager Miller Value Partners, has said he “strongly” recommends bitcoin at current prices—branding it the “single best performing asset class” in the last year, five-year, and 10-year periods.

MORE FROM FORBESKanye West Reveals The ‘True Liberation Of America’ Could Be Bitcoin

“[Bitcoin has]

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