Monday’s top Wall Street analyst calls include Nvidia
Here are Monday’s biggest calls on Wall Street: Loop reiterates Apple as buy Loop says its channel checks show that Apple ‘s iPhone shipments are tracking “stronger than anticipated.” “Reiterating our Buy and $300 PT after the work of Loop Supply Chain Analyst John Donovan suggests that Sep Q iPhone shipments are tracking stronger than anticipated.” Piper Sandler reiterates Tesla as overweight Piper says it’s sticking with Tesla heading into earnings later this week. “The stock has fallen by ~15% since peaking prior to the [robotaxi] event, and the likelihood of additional downside will depend, in our view, largely on gross margin. We expect gross margin to rise vs. last quarter, but if we’re wrong, the next several months could be choppy at best.” Deutsche Bank initiates GE Vernova as buy Deutsche says it’s bullish on the electric power spinoff from General Electric. ” GEV is a pure-play on global investment in power generating capacity, where the growth outlook is robust.” Morgan Stanley initiates BioAge Labs at overweight Morgan Stanley says the biotech company is well positioned. ” BioAge is a clinical stage company focused on developing therapies for metabolic diseases.” Barclays downgrades UPS to underweight from equal weight Barclays sees many near-term challenges for the shipping giant. “Near-term earnings could be pressured by a still weak parcel demand backdrop, but long-term pressures from Amazon, nonunion FedEx competition and limited dividend growth paint a relatively tough outlook for UPS shares.” Stifel downgrades Old Dominion, Saia to hold from buy Stifel downgraded a pair of trucking companies, mainly on valuation. “While Old Dominion and Saia are leading operators who both stand to gain share and structurally increase earnings power across cycles, both stocks have appreciated to within range of our Target Prices, and a modest cyclical recovery means additional juice might be hard to squeeze, so we are downgrading them to Hold.” Goldman Sachs upgrades Warby Parker to buy from neutral Goldman sees customer growth for the eyewear company. “While we acknowledge elevated valuation, we see several emerging tailwinds within WRBY’s business, including the scaling of insurance partnerships into next year, some green shoots in the vision care market and strengthening active customer growth.” Needham upgrades GitLab to buy from hold Needham says the software company has upside. “We upgrade shares of GitLab to a Buy rating with a $70 Price Target. Deutsche Bank upgrades Healthpeak Properties to buy from hold Deutsche says the real estate investment trust is gaining market share. “We believe ARE and DOC will gain market share as the sector continues to adjust to a normalized demand curve post the pandemic-era exuberance.” Deutsche Bank reiterates Reddit as buy Deutsche is bullish on Reddit ahead of earnings later this month. “The overhang from lock-up expiration is now behind us, and from a fundamentals perspective, we think the stock is setup well heading into the print with healthy digital ad sentiment despite some brand weakness and continued support from data licensing deals.” Wedbush upgrades RH to outperform from neutral Wedbush upgraded the furniture company after a series of what it called constructive management meetings. “Following meetings with RH CEO Gary Friedman and CFO Jack Preston last week, we are upgrading RH to OUTPERFORM from NEUTRAL” Barclays reiterates Nvidia as overweight Barclays said it’s sticking with its overweight rating on the dominant maker of AI processors. “Positioning in AI is the most consensus we’ve seen thus far this year, with consolidation around NVDA /AVGO and many spurning AMD post-analyst day.” Baird upgrades Mohawk Industries to outperform from neutral Baird said it sees “green shoots” emerging for the flooring company. ” MHK : Upgrading to Outperform as we see some green shoots for flooring demand emerging.” TD Cowen downgrades Solar Edge to hold from buy TD Cowen downgraded the solar company due to European headwinds. “We are downgrading SEDG to Hold from Buy on deteriorating demand in Europe which we see delaying volume/margin recovery and timeline on achieving $550mn in quarterly revenue/positive FCF.” Morgan Stanley reiterates Home Depot as overweight Morgan Stanley raised its price target on Home Depot to $450 per share from $380. “Priming the business for the next phase of growth while waiting for the macro to turn. Takeaways on the Home Improvement backdrop, complex pro, SRS, and AI/Retailer of the Future. Raising PT to $450.” Goldman Sachs downgrades Prologis to neutral from buy Goldman said in its downgrade of the logistics real estate company that it sees near term softness for Prologis. “Macro uncertainty around interest rates, geopolitical instability, the U.S. election outcome and recent environmental disasters have delayed tenant decision-making and leasing, which is anticipated to continue into 2025.” JPMorgan upgrades Sportradar to overweight from neutral JPMorgan said it’s upgrading the stock after a series of positive investor meetings. “We are upgrading SRAD to an Overweight rating (from Neutral) and raising our year-end 2025 price target to $15 (was $12) following our recent investor meeting at G2E in Las Vegas with SRAD CFO Craig Felenstein and SVP of investor relations & corporate finance Jim Bombassei.” JPMorgan adds a positive catalyst watch on Xpev JPMorgan sees several positive catalysts ahead for the China EV company. “We are placing XPeng on Positive Catalyst Watch ahead of two important near-term events- 1) Oct 24th XPeng Technology Day, where we anticipate various new initiatives and 2) Late Nov 3Q24 result[s] announcement, where we expect a beat.” Morgan Stanley downgrades ServiceNow to equal weight from overweight Morgan Stanley said that expectations are already priced in to the stock. “While we see Q3 results and expectations as achievable, we move to the sidelines on ServiceNow with the stock up +67% over the past year.” Loop upgrading JD.com to buy from hold Loop says the China e-commerce company is well positioned. “We are upgrading our rating on JD to Buy from Hold. We think the company will be among the top beneficiaries from consumption stimulus and think all stocks will continue to see valuation recovery from historic lows.” Bank of America reiterates Amazon as buy The bank is cautious on the company’s Kuiper satellite project but highlighted its large total addressable market. “There are 2.6bn people worldwide who do not have broadband access, and Fortune Business Insights est. a $26bn 2032 global revenue potential. However, there are limitations on disposable income for the unconnected, while Amazon’s satellite service faces established competition (Starlink), requires big upfront investment and has high recurring costs.”
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