Here are the biggest calls on Wall Street on Wednesday
Atlantic Equities said it sees a "long runway" for growth for the work messaging company.
"We initiate on Slack with an Overweight recommendation and $37 price target. The adoption of Slack within enterprises is proving as viral as WhatsApp amongst consumers and we see a long runway for growth as messaging fully penetrates the workplace. This in turn is creating the potential for Slack to leverage its integration capabilities and monetise its user base by becoming the main hub used to access all applications, as WeChat has done so successfully in China.
"Bottom line, we left the meeting remaining bullish on Microsoft's fundamentals and the stock. We still believe that the current multiples of 25x FY20e FCF and 23x FY20e EPS are reasonable given the strong growth outlook and the strength of's cloud story . Given the good overall tone, we're raising our PT from $145 to $155, based on a FCF multiple of 26x our FY21 estimate .
"Specifically, while trends for the organic business appear solid, negative sell-through rates have worsened for the acquired battery business , now declining at a high-teens rate which we believe may pressure's ability to achieve guidance this fiscal year.
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