Micron Technology’s hard drive for data center customers is presented at a product launch event in San Francisco, October 24, 2019.
Stephen Nellis | Reuters
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Here are the biggest calls on Wall Street on Thursday:
Oppenheimer upgraded Estee Lauder to outperform from perform
Oppenheimer said in its downgrade of the stock that it sees “rapid” recovery primarily driven by the Chinese consumer among other things.
“Based on our work, we are upgrading EL shares to Outperform and again establishing the name as a top pick. We see a more rapid profit recovery than previously envisioned driven by the Chinese consumer, a resilient skincare category, and accelerated online growth. EL and CHD again rank equally as our top consumer staples picks.”
Deutsche Bank downgrade Micron to hold from buy
Deutsche downgraded the computer memory and data storage company and said its checks on Micron show supply-demand issues for the memory sector over the “next several quarters.”
“Following WDC’s lackluster guidance on August 5th, we did extensive checks with the supply chain and came away more negative on the supply-demand balance for the memory sector over the next several quarters. Inventory accumulation at cloud data center customers appears more acute than we originally anticipated, while demand from other end markets, including enterprise, mobile and PCs are all weakening.”
Originally published at CNBC