Here are Tuesday’s biggest calls on Wall Street:
Barclays reiterates Apple as underweight
Barclays said it’s very cautious heading into Apple earnings on May 2.
“We see an in-line Mar-Q. We expect June-Q guide will miss Street estimates due to softening hardware demand, which would continue a multi-quarter trend for AAPL.”
KeyBanc reiterates Nvidia as overweight
Nvidia remains a top idea at the firm.
“From a stock perspective, we recommend positioning in stocks indexed to gen AI and/or are further through the destocking process and thus favor MU, NVDA, and QCOM.”
Barclays reiterates Tesla as equal weight
Barclays said it sees Texas as key to the company’s robotaxi strategy.
“Although considerable uncertainty remains around the specifics, it’s clear that there has been a shift within Tesla towards a stronger pursuit of Robotaxi.”
BMO reiterates Amazon as outperform
BMO raised its price target on Amazon to $215 per share from $205.
“We raise our ’24 AWS growth to 15% (from 14%) on an uptick in demand from gen AI workloads and shift away from on-prem IT spending as companies move from optimizations to incremental workloads positions AWS well for potential ’24 acceleration.”
Evercore ISI reiterates Alphabet as outperform
Evercore said it’s bullish on the stock heading into earnings later this week.
“We are constructive on GOOG into the print.”
Wells Fargo reiterates Disney as overweight
Wells raised its price target on the stock to $141 per share from $128.
“With the proxy fight over, we think DIS mgmt will focus on execution, incl. DTC margins and transitioning Sports. Parks are humming, while creative and succession are the big To Dos.”
Benchmark initiates Qualcomm as buy
Benchmark said the stock is well positioned as an AI leader.
“We believe Qualcomm is particularly well positioned to capitalize on the industry’s trends of shifting AI computational inferencing workloads to the very edges of the network, where the company is leveraging its strengths in wireless connectivity.”
JPM reiterates General Motors and Ford as overweight
JPMorgan said the stocks will benefit from “lower commodities & higher production outside China.”
“Prefer GM & F to TSLA & RIVN on Undemanding Valuation.”
JPMorgan upgrades Roblox to overweight from neutral
JPMorgan said it sees a “compelling entry point” for the stock.
“We are upgrading Roblox (RBLX) to Overweight and raising our December 2024 price target to $48.”
Berenberg upgrades STMicroelectronics to buy from hold
Berenberg said “end-market weakness” is already priced into the semis company.
“In this note, we upgrade STM to Buy because we believe the end-market weakness (industrial and consumer, and auto to a certain extent) has already been priced into the share price.”
KeyBanc downgrades Sunnova to sector weight from overweight
Key said the solar company remains under too much pressure and sees slowing cash growth.
“Despite an undemanding valuation at present, we are downgrading NOVA to SW and removing our PT. The overall residential solar landscape in the U.S. remains challenging due to the combination of lower energy prices and elevated financing costs.”
Loop initiates MongoDB as buy
Loop sees growth accelerating for the developer data platform company.
“We are initiating coverage of MongoDB with a Buy rating and $415 PT.”
Wells Fargo upgrades Datadog to overweight from equal weight
Wells said it sees “many way” for upside for the cloud application company.
“We are upgrading DDOG to OW, raising our PT to $150 (prev. $130) as cost optimization comes to an end.”
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