Here are the biggest analyst calls of the day: Apple, Micron, Amazon & more

“WDC‘s shares went through a roller coaster ride in the past few months, down -35% from the April peak and up more than +50% since mid-June. While inventory build and the Huawei ban negatively impacted the early part of C2Q, the power outage at Toshiba Memory Corp and the Huawei ban reprieve drove increasing optimism that the NAND industry will soon return to supply-demand balance. Although we see some downside to our C2Q estimates (we cut our estimates on June 3 to reflect the Huawei ban), there could be upside risks to our C3Q estimates given a better pricing environment and the resumption of shipments to Huawei. “

“Given recent events, we have more confidence that F4Q19 (Aug) will be the trough quarter for MU for this cycle, and we are raising our estimates to reflect that. We also raise our target multi-ple from ~1.4x to ~1.6x as the risks of further negative estimate revision seem less likely, resulting in our price target moving up from $45 to $55. “

“Heading into AAPL‘s Jun-qtr EPS call, we think there are several key points worth highlighting – a) iPhone units will likely remain muted, impacting iPhone/product sales, b) commodity prices should be an incrementally larger tailwind, c) services we think accelerates in Jun-qtr and beyond, d) buybacks could be more sizable vs. current street models, and e) China smartphone data is stable/less bad for AAPL in Jun-qtr vs. last 2-3 quarters…We think AAPL remains a ‘re-valuation’ story as the focus shifts from growing the install base to monetizing the install base. “

“We lower our operating income forecast for 2H19/2020 as we expect Amazon to underwrite faster Prime shipping across a greater selection of products, with a rationale consistent with past practice – to place greater distance between its consumer value proposition vs its competitors. “

“We upgrade PHM to Sector Perform from Underperform following strong 2Q results and the pullback in the stock. We had been concerned about a high bar for orders and gross margin guidance given rising investor expectations, coupled with a premium relative valuation. “

“Our estimates and price target move lower with this report as we expect disappointing 2Q19 results and downwardly revised FY19 guidance (details within), but we believe this is largely reflected in investor expectations based on our conversations and shares down 28.3% (vs. S&P 500 +2.7%) over the past 90 days.”

“SNAP‘s Q2’19 EPS report demonstrated across the board progress on all three key debates – user growth (better than expected net adds with significant contribution from AR lense innovation & flow thru into mgmt Q3 guide), revs (solid ad revs beat & continued momentum implied in Q3 guide) & leverage (continued progress demonstrated). “

“Recent Valuations Fairly Reflect United’s Better Than Expected Operating Performance…While UAL has recently outperformed its peer, American Airlines (AAL), shares are trading at a 35% premium to AAL on FY20 EPS despite relatively similar unit revenue and margin outlooks. “