Netflix and a popular beauty stock were featured among Friday's biggest analyst calls. Canaccord Genuity downgraded Netflix after the streaming giant posted its first-quarter results. Ulta Beauty also got a downgrade from Jefferies. Check out the latest calls and chatter below. All times ET. 6:06 a.m.: Morgan Stanley upgrades Shopify, says shares can rally more than 20% Morgan Stanley is turning more bullish on Shopify .
mountain SHOP year to date Underpinning the firm's overweight rating is a bet that Shopify will expand its international traction and hold onto 20% growth even as consumer expectations moderate. Weiss also estimates that advertising can add 100 basis points to the company's take rate by 2030, while a "largely flat headcount" should benefit 2024 operating margins. The take rate refers to the fees collected on a sale.
mountain NFLX falls Along with the results, Netflix also said it plans to stop reporting quarterly membership numbers and average revenue per member, which Ripps views as further contributing to this "uncertainty.
mountain ULTA year to date — Fred Imbert