Calls of the Day: Chipotle, Starbucks, Oklo, ConocoPhillips, KKR, Ulta and American Express

Stock Upgrades and Downgrades - Chipotle was upgraded to overweight by Piper Sandler, but the price target was trimmed to $50 from $53, citing a favorable risk-reward profile [1] - Starbucks was upgraded to outperform at Bear, with high conviction in the effectiveness of turnaround strategies under new leadership [3] - Olo's price target was increased by $5 to $80 with an outperform rating at Wed Bush, driven by solid results and significant tailwinds [3] Company Performance and Outlook - Chipotle is expected to benefit from easy comparisons in the second half of the year, driven by new products and high single-digit unit growth [2] - Starbucks is estimated to be 50-60% through its turnaround, with another four to six quarters remaining [3] - KKR is Goldman Sachs' top pick in private equity, favored for its potential to see accelerating growth and reasonable multiples, despite being down 11% from its highs [5][6] - Ulta Beauty's price target was raised to $600 from $510 by Oppenheimer, indicating that the bull run is still in the early to middle stages [6][7] - American Express has been a strong performer, purchased in July 2023 at $168, consistently delivering on revenue growth, although momentum has flattened to 2% year-to-date [8][9] Investment Themes - The nuclear trade is favored, particularly small modular reactors being built with the help of open AAI in 2027, expected to generate strong recurring revenue [4] - Integrated oil companies like Chevron and Exxon are favored, with Kico Phillips also delivering strong performance as a dividend juggernaut [5]