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What has Wall Street been buzzing about this week? Here are the top 5 buy calls and the top 5 sell calls made by Wall Street's best analysts during the trading week of Sept. 9-13, 2024. First, here are the top 5 buy calls of the week.

1. Meta Platforms Initiated With a Buy at DA Davidson

DA Davidson initiated coverage of Meta Platforms (META) with a Buy rating and a $600 price target. The firm calls Meta a top pick within the mega-cap space, citing its "combination of emerging leadership in the most important future technology platforms and an attractive relative valuation."

Aside from Alphabet (GOOG), Meta is the least expensive mega cap, even before factoring for the option to sever Reality Labs losses, which would take the multiple down to 16-times, "thus providing downside protection," DA Davidson tells investors in a research note. The firm says it will be monitoring short-term challenges such as tougher comps and the upcoming election cycle

2. Wolfe Upgrades Roku to Outperform on Falling Risks, Accelerating Growth

Wolfe Research upgraded Roku (ROKU) to Outperform from Peer Perform with a $93 price target. Amid industry and Roku-specific fears about connected TV, or CTV, ad sales, management's rising focus on monetization supports acceleration and "should bury the profitability debate," says the firm, which lifted its estimates above consensus.

The company's recently trimmed cost structure, evolving sales strategies, and successful defense of its lead in connected TV have convinced Wolfe that Roku's fundamental risks are falling while its sales growth is poised to accelerate.

3. Stephens Starts Carvana at Overweight on Superior Economics, Scaled Processes

Stephens initiated coverage of Carvana (CVNA) with an Overweight rating and a price target of $190.

The company combines a digital virtual showroom with a regionally centralized back end that enables economies of scale and generates superior financial metrics in virtually every area of the business, the firm tells investors in a research note, adding that Carvana's superior economics and scaled processes enable it to provide a higher quality, more convenient, and lower cost consumer experience. Carvana is already the most profitable used vehicle player on a per-unit basis and will be so on an EBITDA basis by year-end, Stephens states.

4. Oracle Upgraded to Outperform at JMP Securities

JMP Securities upgraded Oracle (ORCL) to Outperform from Market Perform with a price target of $175. The company reported better-than-expected fiscal Q1 results, while guidance was better on earnings and in line on revenue, the firm tells investors in a research note.

JMP says that after 13 years of single-digit organic total revenue growth, Oracle is reaccelerating into the double digits, with CEO Safra Catz commenting on the call that "we remain very confident and committed to full-year total revenue growth growing double digits." The company's revenue growth is accelerating because it has "successfully evolved into a leading strategic cloud platform services provider," contends the firm.

5. Bernstein Starts GE Aerospace with Outperform on Aviation Position

Bernstein initiated coverage of GE Aerospace (GE) with an Outperform rating and a $201 price target. As a focused aerospace company, GE is "set in a commercial aviation market at a uniquely positive time," the firm tells investors in a research note.

Bernstein says the company is the largest player in aircraft propulsion, and it consistently delivers the highest margins. The firm is above consensus on the company's revenue and cash outlook. Near-term, GE is set to continue benefiting from engine aftermarket demand with the largest percentage of revenue exposure after MTU, contends Bernstein.

Next, here are the top 5 sell calls of the week.

1. Micron Downgraded to Underperform from Outperform at Exane BNP Paribas

Exane BNP Paribas double downgraded Micron Technology (MU) to Underperform from Outperform with a price target of $67, down from $140.

While some investors correctly anticipate downside risk to near-term results, Micron will underperform its artificial intelligence peers through 2025 as high bandwidth memory capacity oversupply leads to a faster-than-expected market correction of conventional DRAM selling prices, the firm tells investors in a research note. Exane's 2025 and 2026 earnings estimates for Micron are 34% and 45% below consensus, respectively.

2. Ulta Beauty Initiated With a Sell at B. Riley

B. Riley initiated coverage of Ulta Beauty (ULTA) with a Sell rating and a $300 price target. As the largest player in U.S. beauty specialty retail, Ulta has been a key beneficiary of the category's strong growth over the past 10 years, the firm tells investors in a research note.

B. Riley says that although the stock is down 20% year-to-date, it still sees earnings risk as outweighing the positive of a low valuation relative to historical ranges, particularly as it contemplates the potential for further category deceleration and intensifying competitive threats.

3. Interpublic Group Downgraded to Sell at UBS

UBS downgraded Interpublic Group (IPG) to Sell from Neutral with a price target of $29, down from $34. The firm thinks consensus estimates have not fully factored in the impact of account losses, such as the recent Amazon media loss.

UBS expects Interpublic's organic growth in 2025 to decline by 1.1% versus the consents estimate of up 1.4%. A decline in revenues will impact margins as the company's staff incentives are already low versus history, the firm tells investors in a research note.

UBS thinks the market is not sufficiently pricing in the risk that there might be structural reasons that Interpublic is losing clients, and that its strategic initiatives underway may not be sufficient to resolve them quickly.

4. Fulcrum Therapeutics Downgraded to Underperform at BofA

BofA downgraded Fulcrum Therapeutics (FULC) to Underperform from Neutral with a price target of $2, down from $10, following "disappointing" Phase 3 REACH study results. Management guides to suspending future development of losmapimod to treat FSHD, which was the key driver to the firm's valuation, and expects to share the full results at an upcoming medical meeting.

While "disappointed by the study miss," the firm adds it was "not surprised" given an earlier view that the RWS is a relative new endpoint, and while easier to achieve than the previous attempt at measuring a biomarker called DUX4, there was significant risk of how the control arm could respond.

5. Moderna Cut to Underweight at JPMorgan

JPMorgan downgraded Moderna (MRNA) to Underweight from Neutral with a price target of $70, down from $88. While the reset to Moderna's long-term guidance should not come as a surprise, JPMorgan is still lowering estimates, the analyst tells investors. The firm is projecting the launch of multiple new products over the coming years, buts 2028 revenue estimate falls shy of the $6 billion targeted to achieve operating cash breakeven that year.

The update that the Phase 3 trial for individualized neoantigen therapies in adjuvant melanoma will be fully enrolled this year was overshadowed by initial feedback that the FDA does not support filing for accelerated approval, contends JPMorgan. It believes the update defers a potential catalyst for an asset that has captured the Street's attention. As such, it could be challenging for Moderna shares "to perform apace with the group," the firm concludes.

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