Here are Thursday’s biggest calls on Wall Street:
Wells Fargo reiterates Tesla as underweight
Wells said Tesla is not a threat to the auto industry anymore and that the China “dragon has awakened.”
“TSLA is likely no longer the biggest disruptive threat to autos.”
Piper Sandler reiterates Nvidia as overweight
Piper said it’s sticking with its overweight rating heading into earnings on May 22.
“Overall, NVDA remains our top large-cap pick and we remain bullish that the Blackwell series will provide meaningful acceleration to revenues longer-term.”
JPMorgan reiterates Netflix as overweight
JPMorgan said it’s sticking with its overweight rating following Netflix’s upfront advertising presentation.
“We remain positive on NFLX following the formal announcement for rights to Xmas Day NFL games and the 2024 Upfront presentation announcements, & we expect to learn more after spending time with the company [today].”
Evercore ISI reiterates Dell as outperform
Evercore raised its price target on the stock to $165 per share from $140 and said it thinks Dell has won some business for Tesla’s AI server build.
“Our understanding is that DELL has won a large portion of business for Tesla’s AI server buildout which would be INCREMENTAL to their current ~$2.9B AI backlog (shipped ~$800M in AI server revenues LQ) but was likely embedded in their pipeline commentary.”
JPMorgan reiterates Palo Alto Networks as overweight
JPMorgan raised its price target to $340 per share from $330 ahead of earnings on May 20.
“We remain Overweight rated as we continue to view PANW well positioned within our coverage to consolidate share within several of the largest and highest priority enterprise security markets. Our price target moves to $340, reflecting channel commentary and recent multiple appreciation.”
Goldman Sachs reiterates FedEx as buy
Goldman said it’s standing by the stock heading into earnings in late June.
“We remain Buy rated on FDX, and we keep FY 4Q/FY24 EPS estimates unchanged at $5.25/$17.65 with minor adjustments.”
Wells Fargo initiates Texas Instruments as overweight
Wells said in its initiation of the stock that “shares seem to price in chip cycle recovery.”
“We are initiating coverage of TXN with an Underweight (UW) rating and $150 price tgt.”
UBS upgrades Coupang to buy from neutral
UBS said the market is underestimating the Asian e-commerce company.
“With Coupang’s recent share price strength, investors are questioning its potential for future growth, particularly amidst its dominance in a saturated market and increasing competition from Chinese cross-border platforms.”
Argus upgrades Wayfair to buy from hold
Argus said the company is well positioned to “benefit from growth in online purchases of home furnishings.”
“We are upgrading Wayfair Inc. to BUY from HOLD, with a price target of $83.”