Here are Monday’s biggest calls on Wall Street:
UBS downgrades Vale to neutral from buy
UBS said in its downgrade of Vale SA that it’s concerned about “iron ore fundamentals” for the metals and mining company.
“However, we remain concerned about iron ore fundamentals medium-term (note) & see downside to the spot price; in our opinion, China steel exports are vulnerable to global restrictions & unlikely to be fully offset by stimulus.”
Wedbush upgrades Pinterest to outperform from neutral
Wedbush said the company is executing well.
“We are upgrading shares of Pinterest, Inc. to Outperform from Neutral. We think the company is executing well against its user engagement and monetization strategies and remains on pace to deliver growth and profits in line with its multi-year guidance framework.”
Piper Sandler names Nvidia a top pick
The firm said Nvidia is a new top pick.
“With this preview, we are making NVIDIA Corp our top large-cap pick given the company’s dominant positioning in AI accelerators and the upcoming launch of the Blackwell architecture.”
Bernstein reiterates Burlington as a top pick
The firm said Burlington is an “off price underdog.”
“ Burlington is our top pick both into the quarter and medium-term, as the Off-price Underdog shows continued steady performance.”
Citi reiterates Apple as a top pick
The firm said it’s sticking with its buy rating even as the stock is highly exposed to China.
“China is the main manufacturing location for Apple with more than 90% manufacturing in China, in our estimates.”
JPMorgan upgrades Valley National to overweight from neutral
The firm said the regional bank is doing well at reducing its commercial real estate concentration.
“We are upgrading Valley National shares from Neutral to Overweight.”
Morgan Stanley reiterates Dell as overweight
Morgan Stanley raised its price target on Dell to $154 per share from $136.
“While our 3Q24 CIO Survey showed that Dell Technologies Inc. is the best-positioned hardware vendor to capture traditional enterprise spend over the next 3 years, our recent AI server checks show that DELL’s AI infrastructure momentum is building even faster.”
Wolfe upgrades Warner Bros Discovery to peer perform from underperform
Wolfe said the risk/reward now looks more balanced.
“We’ve downgraded Warner Bros. Discovery twice since July ’23 anticipating accelerating ad sales problems and the NBA loss, but DC change + distributor openness to DTC bundles create positive optionality w/ values above today’s price. Risk/reward looks balanced. Upgrade to Peer Perform.”
Morgan Stanley reiterates Nvidia as overweight
The firm raised its price target on NVIDIA Corp to $160 per share from $150.
“The current environment is completely supply constrained on Blackwell, and also partly on H200; we expect another very good quarter, but we think the bigger upward revisions happen later in the year.”
Deutsche Bank upgrades Cboe to buy from hold
Deutsche Bank said it’s bullish on the exchange trading company.
“Our upgrade is driven by our revised view that Cboe Global Markets, Inc will maintain healthy revenue growth in at least 2025, supported by our belief that equity markets may remain volatile over the intermediate term post the US election results, at least episodically, driving greater use of index & volatility options & futures products.”
JPMorgan upgrades Cisco to overweight from neutral
“The firm said it sees “enterprise networking demand” for Cisco.
“We are upgrading Cisco from Neutral to Overweight despite the strong run in the shares since reporting F4Q24 (Jul-end) earnings in the middle of August, driven by our expectation of further headroom for upside in the medium term...”
Wedbush reiterates Tesla as outperform
The firm said Tesla remains well positioned.
“We are raising our price target on Tesla Motors to $400 from $300 as we believe the Trump White House win will be a gamechanger for the autonomous and AI story for Tesla and Musk over the coming years.”
Raymond James downgrades Bloomin’ Brands to market perform from outperform
Raymond James downgraded the owner of brands like Outback due to lower visibility.
“We are lowering our rating on Bloomin to Market Perform from Outperform as 1) near-term visibility (and 4Q guide) was worse than we anticipated and 2) proceeds/accretion on the sale/ franchising of its Brazil segment also came in below our expectations.”
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