Here are Tuesday’s biggest calls on Wall Street:
KeyBanc reiterates Nvidia as overweight
Key said the stock remains best positioned.
We see NVDA as remaining uniquely positioned to benefit from AI/ML secular data center growth within the industry.
JPMorgan reiterates Apple as overweight
The firm raised its price target to $345 per share from $325 in Apple.
However, even as short-term consumer responses to the unprecedented price increases, precipitated by the rise in memory costs, are being debated by investors, we believe there are several drivers to lead the revenue and earnings outcomes to be much more favorable than currently feared by investors.
Morgan Stanley initiates Kingsoft Cloud as overweight
Morgan Stanley said it sees plenty of upside for the cloud company.
We like Kingsoft Cloud’s early and firm transition from a mid-tier commodity cloud player to AI cloud, with rapidly accelerating AI revenue and improving profitability, anchored by powerful ecosystem support from Xiaomi and Kingsoft Group.
Morgan Stanley initiates SpaceX as overweight
Morgan Stanley said in its initiation of SpaceX that the company has plenty of upside.
With an ‘X of 1’ position in space infrastructure, we believe SpaceX can convert energy into intelligence at scale with optionality to monetize through a range of consumer and enterprise solutions for the next era of AI… the final frontier.
Bank of America upgrades Figma to buy from neutral
Bank of America reinstated coverage and upgraded the stock, saying it’s too attractive to ignore.
We are reinstating coverage of Figma with a Buy rating and a $30 PO, based on 8x CY27E EV/Sales. The stock is down 85% from its 52-week high amid concerns that generative AI could disrupt the design layer and compress its value.
Bank of America reinstates Shopify as buy
Bank of America said the company is ready for the next phase of growth.
We are reinstating coverage with a Buy and a $150 PO, based on 22x CY27E EV/Gross Profit, as we believe Shopify could be a core beneficiary of the shift toward AI-driven, agentic commerce rather than being disintermediated by it.
JPMorgan reiterates Eli Lilly as overweight
The firm raised its price target to $1,400 per share from $1,300.
Heading into LLY’s 2Q results (August 5), our estimates are above consensus and we see strong results based on the continued ramp of Mounjaro internationally and healthy growth in the US obesity market.
RBC reiterates Tesla as outperform
RBC raised its price target to $500 per share from $475.
....we raise our Tesla PT to $500 by incorporating a 25-30% premium to current trading levels, (and a 15% premium to the stock’s intrinsic value), owing to a potential SpaceX acquisition scenario based on unconfirmed media reports.
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