Analysts' screen on COUP, AAPL, GTLB, BYND and more

· $PACCAR Inc(PCAR.US)$ JPMorgan analyst Tami Zakaria sees an opportunity to own shares of Paccar following a survey of truck dealers to gauge sentiment and the current outlook for 2023. The survey supports management's view of an extended truck cycle as demand is outpacing supply with a near-record backlog and a 10%-15% older fleet versus the last couple of years, Zakaria tells investors in a research note. In the near-term, trucking demand should see strength as ocean containers will be hitting the U.S. shores in the coming months, adds the analyst. Zakaria sees upside to consensus gross margins in the second half of 2022 and keeps an Overweight rating on Paccar with a $106 price target.

· $Coupa Software(COUP.US)$ KeyBanc analyst Josh Beck lowered the firm's price target on Coupa Software to $100 from $125 and keeps an Overweight rating on the shares. Coupa beat revenue by ~3% and billings by ~7% with an emphasis placed on subscription billings, guided up for the FY and reiterated a continued interest in BSM projects, Beck tells investors in a research note. The company has a "compelling" leadership position in spend management, which should eventually benefit from an enterprise demand rebound and a highly unique payments monetization opportunity, Beck says.

· $WalkMe(WKME.US)$ Morgan Stanley analyst Josh Baer reinstated coverage of WalkMe with an Equal Weight rating and $13 price target. While the stock "screens inexpensive," it only offers modest upside at current levels given the company's margin profile and risks, Baer tells investors in a research note. The analyst says that while WalkMe's technology is "compelling," he's increasingly cautious on the slow maturation of its new market category.

· $Apple(AAPL.US)$ Morgan Stanley analyst Katy Huberty said Apple's WWDC keynote "played out largely as we expected," bringing together the best of Apple's software and hardware innovation and displaying the company's "innovation engine at full throttle." What incrementally surprised her from the event were that Apple introduced a new M2 SoC for the Mac and that Apple upgraded the 13 inch MacBook Pro in addition to the new MacBook Air, Huberty tells investors. The WWDC keynote brought out what she believes is "the most compelling characteristic of the company," namely Apple's focus on in-house hardware and software innovation combined with an increasing set of features, added the analyst, who keeps an Overweight rating and $195 price target on Apple shares.

· $Gitlab(GTLB.US)$ Piper Sandler analyst Rob Owens lowered the firm's price target on GitLab to $60 from $75 and keeps an Overweight rating on the shares. The company delivered "solid" fiscal Q1 results across nearly all metrics, with sales acceleration and meaningful earnings outperformance, as platform adoption sustains momentum with new and existing customers, Owens tells investors in a research note. The analyst continues to favor the shares but dropped the price target on multiple compression.

· $Beyond Meat(BYND.US)$ Piper Sandler analyst Michael Lavery remains bearish on Beyond Meat saying its retail sales growth continues to decline and early success from its recently launched jerky is "masking a greater acceleration in declines for the rest of its portfolio." Gardein, a plant-based meat competitor, launched a jerky product in June 2020 with some modest early success as well, though has since stalled, Lavery tells investors in a research note. The analyst remains concerned that jerky "may not lend itself to plant-based alternatives as well as other segments." He reiterates an Underweight rating on Beyond Meat with a $12 price target.

· $RLI Corp(RLI.US)$ Raymond James analyst C. Gregory Peters initiated coverage of RLI Corp. with a Market Perform rating and no price target. The analyst views RLI as a premiere specialty property/casualty insurance company that is well positioned to continue reporting results ahead of peers due to its specialty approach and diversified lines of business. However, he views the stock's current valuation as "generous," which drives the neutral rating.

· $Coupa Software(COUP.US)$ Raymond James analyst Brian Peterson raised the firm's price target on Coupa Software to $90 from $75 and keeps an Outperform rating on the shares following the Q1 results. While FX/cloud migration dynamics have created some moving parts on certain reported metrics, Peterson believes Coupa is executing well in a choppy macro environment, and notes that checks at the recent Inspire conference also indicate a potential return in enterprise activity in FY22, as COVID-related headwinds for large deals are increasingly abating, the analyst tells investors in a research note.

· $Gitlab(GTLB.US)$ RBC Capital analyst Matthew Hedberg raised the firm's price target on GitLab to $66 from $64 and keeps an Outperform rating on the shares. The company's Q1 results were "strong" as it continued to execute with revenue growth acceleration to 75% from 69% in Q4, the analyst tells investors in a research note, also citing GitLab's "significant margin expansion". Hedberg further noted the company's management remaining bullish on GitLab opportunity and pipeline.

· $Tractor Supply(TSCO.US)$ Truist analyst Scot Ciccarelli lowered the firm's price target on Tractor Supply to $266 from $275 but keeps a Buy rating on the shares. The company is projecting Q2 to come in above prior expectations despite the challenging weather through April and much of May, the analyst tells investors in a research note, adding that he continues to see upside to guidance for Tractor Supply from its "positive tailwinds and strong execution".

· $GXO Logistics(GXO.US)$ Barclays analyst Brandon Oglenski reinstated coverage of GXO Logistics with an Equal Weight rating and $60 price target. Despite the company's meaningful revenue growth, its earnings expansion "has been a bit less robust," Oglenski tells investors in a research note. GXO management likes to view returns when not factoring in intangibles from prior acquisitions, "which makes the business appear much more favorable," says the analyst.

· $Coupa Software(COUP.US)$ BMO Capital analyst Daniel Jester lowered the firm's price target on Coupa Software to $85 from $110 to reflect broader compression in software valuation multiples and also keeps a Market Perform rating on the shares after its Q1 results. The company reported moderate upside on revenue growth and profitability, but like some peers, it also flagged moderation in Europe as the quarter progressed, the analyst tells investors in a research note. Jester adds that Coupa's forward billings guidance suggests incremental conservatism that is "consistent with a more uncertain macro environment".

· $Praxis Precision Medicines(PRAX.US)$ BofA analyst Tazeen Ahmad downgraded Praxis Precision Medicines to Neutral from Buy with a price target of $4, down from $26, after the company reported that the phase 2/3 ARIA study evaluating PRAX-114 in major depressive disorder did not achieve statistical significance on the primary endpoint. Given the negative ARIA readout, Ahmad removed MDD value from the model for Praxis but thinks a positive essential tremor trial readout in Q4 may help the company recover from the ARIA miss.

· $Vincerx Pharma(VINC.US)$ Chardan analyst Matthew Barcus lowered the firm's price target on Vincerx Pharma to $4 from $11 and keeps a Buy rating on the shares. The company last night announced a strategic update to focus on its Phase lb development of lead program VIP152 in patients with double-hit diffuse large B-cell lymphoma and chronic lymphocytic leukemia, and also stated its implementation of a 33% workforce reduction and other cost reduction measures due to unprecedented market conditions," Barcus tells investors in a research note. The analyst updated his model to reflect a narrower development strategy for VIP152 where the pursuit with the program in solid tumors has been removed. Barcus also anticipates a longer development timeline as he shifts a potential launch of the program into 2026 from 2024.

· $BHP Group Ltd(BHP.US)$ Jefferies analyst Christopher LaFemina upgraded BHP Group to Buy from Hold with a price target of $82, up from $72. While macro risks are elevated and mining shares" should be volatile," the sector is undervalued and poised to outperform, LaFemina tells investors in a research note. The analyst raised his iron ore and coal price forecasts and upgraded a handful of names in the group.