Here are Wednesday’s biggest calls on Wall Street:
Raymond James reiterates Nvidia as strong buy
Raymond James said it’s sticking with the stock.
“Server trends cited by channel partners and supply chain continue to reveal strength from accelerated platforms (i.e., AI machines), including incremental demand/interest from the enterprise side and traditional servers too. Wider availability of Nvidia Blackwell GPUs have improved shipments, and intra quarter supply chain checks reveal continued improvement.”
UBS reiterates SpaceX as buy
UBS said the “next big milestone” is on July 16.
“SpaceX is targeting July 16th at 6:45PM ET for its 13th Starship test flight, which if successful will build on the achievements of Flight 12 and demonstrate further maturity of the rocket.”
Deutsche Bank reiterates Tesla as buy
Deutsche said it’s sticking with Tesla ahead of earnings next week.
“Following 2Q deliveries which were significantly above expectations at ~480k units, we now model auto gross margin ex-credit at 18.0%, still down 120bps sequentially despite growing volume meaningfully QoQ. Going from 1Q to 2Q, the quarter should see incremental benefits from higher volume and increase in FSD monthly subscriptions.”
Citi reiterates Microsoft as buy
The firm lowered its price target to $570 per share from $620.
“We remain positive on MSFT with positive checks particularly on CoPilot, and view the company increasingly strategically positioned in an era of optimizing token spend and AI efficiency.”
UBS reiterates Advanced Micro Devices as buy
UBS raised its price target on AMD to $700 per share from $670 ahead of the company’s AI day.
“In an event likely focused on technology more than customers or financials, we expect AMD to showcase the durability of its CPU and GPU roadmaps.”
Oppenheimer downgrades IBM to perform from outperform
The firm downgraded the stock following its negative pre-announcement on Tuesday.
“Downgrading IBM Post Negative Pre-Announcement; Software Bull Thesis Will Take Longer to Materialize.”
Morgan Stanley upgrades Cava to overweight from equal weight
Morgan Stanley upgraded Cava and said it “stands out” relative to peers.
“And while this is not a cheap stock even after recent weakness, on the growth side of our coverage, it stands out as one of few where we feel good about most of the KPIs that matter – traffic growth, unit growth, new store performance, and margin visibility.”
Mizuho reiterates Palantir as outperform
The firm said it sees accelerating growth.
“On PLTR, we picked up ongoing Federal deal momentum, and we expect a stronger performance in US Commercial. Altogether, we believe PLTR can accelerate total revenue growth for a 12th consecutive quarter.”
Macquarie initiates UMC as outperform
Macquarie said the semis company is well positioned.
“UMC is a semiconductor foundry focused on mature nodes. We believe we are still in the early stages of an up-cycle...”
