Here are the biggest calls on Wall Street on Monday:
Morgan Stanley reiterates Apple as overweight
Morgan Stanley lowered its price target on the stock to $210 per share from $220 but said it’s sticking with Apple.
“We believe Apple will slightly beat Mar Q ests, but guide to June Q revs/implied EPS 4-7% below Street. At $165, this appears priced in but in today’s volatile market, it’s a tricky setup.”
Bank of America reiterates Apple as buy
Bank of America says Apple is a top pick at the firm.
“Reiterate Buy on benefits from GenAI at edge with gross margin upside and momentum in Services.”
Morgan Stanley reiterates Nvidia as overweight
Morgan Stanley said it’s standing by Nvidia despite last week’s sell-off.
“We remain buyers of NVIDIA post last week’s selloff.”
Bank of America reiterates Tesla as neutral
Bank of America said it’s sticking with its neutral rating on Tesla shares.
“This news flow has largely weighed on the stock, and particularly news of the workforce reduction given potential growth implications for what is viewed to be a ‘growth’ stock.”
Goldman Sachs reiterates Microsoft as buy
Goldman said it’s standing by the stock ahead of earnings on Thursday.
“We reiterate our Buy rating and $450 PT ahead of Microsoft’s F3Q24 earnings on 4/25.”
Goldman Sachs reiterates Amazon as buy
Goldman said the stock is a top idea heading into earnings on April 30.
“We highlight AMZN as our top eCommerce pick into Q1′24 results, as our industry checks and fundamental work point to positive trends across several key metrics.”
Bank of America reiterates Amazon as buy
Bank of America said it’s bullish heading into Amazon earnings on April 30.
“We expect a 1Q beat, and while 2Q set up has some unusual q/q hurdles, we expect positive 1Q metrics and call commentary to be constructive & consistent with the recent Shareholder Letter.”
Bank of America upgrades Sea Limited to buy from neutral
Bank of America said the Singapore-based tech conglomerate has upside potential.
“In our view it is placed well to ride e-com boom in SE Asia given its increasingly dominant online marketplace (Shopee), while its expansion into Brazil offers further long term growth potential.”
JPMorgan downgrades Cisco to neutral from overweight
JPMorgan said it sees a more muted near-term outlook for stock.
“Moderately lower medium-term EPS outlook for Cisco relative to its 2021 targets lead us to argue for the shares to trade close to its long-term historical multiple.”
Morgan Stanley reiterates Spotify as overweight
Morgan Stanley raised its price target on the stock to $350 per share from $270.
“We expect Spotify’s transformation from a great product to a great business to accelerate in 2024, as price increases, market share gains, and operating leverage become even more clear.”
Raymond James downgrades Western Digital to market perform from outperform
Raymond James downgraded the stock on valuation.
“We are downgrading WDC from Outperform to Market Perform, primarily on valuation. While fundamentals in HDD and NAND markets should continue to improve, the stock has rallied past our price target and is trading at 8x prior peak EPS.”
Morgan Stanley upgrades Alcoa to equal weight from underweight
Morgan Stanley said it sees a more balanced risk/reward for shares of Alcoa.
“We think the operational concerns that persisted throughout 2023 have largely been de-risked and we now see a more balanced risk-reward.”
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