Here are the key calls on Wall Street on Monday: Goldman Sachs reiterates Nvidia as a buy Goldman says it is bullish on the stock ahead of next week’s earnings release. “From an equity perspective, we believe the setup for NVDA is constructive as the stock trades at 42x consensus NTM (next twelve months) EPS, or a relative premium of just 46%, and our updated bull/bear framework indicates a favorable risk/reward.” RBC upgrades Gates to outperform from neutral RBC said in its upgrade of Gates that it sees a number of catalysts for the drive maker. “We are particularly excited about the multi-year upcycles in personal mobility, the Chinese auto aftermarket, expansion in India and the shift from chain to assembly line.” Morgan Stanley reiterates Salesforce at overweight Morgan Stanley said it maintained its overweight rating ahead of Salesforce’s earnings release next week. “Stable partner checks, unchanged macro and the closing of broken deals are likely to prove sufficient given low investor expectations and prudent guidance.” Morgan Stanley reiterates Amazon and Walmart at overweight Morgan Stanley says Amazon and Walmart are “leading the way” in retail. “Amazon and Walmart account for 40 cents of every incremental dollar of retail sales. The big guys are getting bigger and there’s nothing standing in their way right now.” KeyBanc reiterates Apple as sector weight Key said its survey checks showed caution ahead of the iPhone 16 launch in September. “Growth expectations for AAPL looking to FY25/FY26 have never been higher, while we remain concerned that there will not be a large increase in upgrade rates, which we expect will still be low.” Bernstein reiterates Tesla as underperform Bernstein says Tesla is a laggard in the robotaxi space. “While Tesla is clearly focused on launching a robotaxis, Waymo and Cruise already operate robotaxis in the U.S. today. The available data is clearly not perfect, but as of today, Tesla appears to be lagging behind the market leaders in this space.” Goldman Sachs upgrades Bradesco to buy from neutral. Goldman upgraded the Brazilian financial services company after earnings. “We upgrade Bradesco to buy as Q2 2024 results were better than expected.” Morgan Stanley rates Lineage a buy. Morgan Stanley called the warehousing company a top pick and describes it as a “cash compounder.” “LINE is the global leader in temperature-controlled warehouses with the highest quality assets and a differentiated, technology-enabled platform to drive efficiencies and margins.” Morgan Stanley downgrades Hewlett Packard to equal weight from overweight Morgan Stanley said in downgrading Hewlett Packard that it sees “limited upside in valuation.” “Our OW thesis was based on the belief that the market underestimated a return to PC revenue growth, stable pressure margins and accelerating returns on capital.” Morgan Stanley reiterates Dell as overweight Morgan Stanley cut its price target on Dell to $142 per share from $155 ahead of next week’s earnings release, but says it is maintaining its overweight rating. “It’s time to ignore the noise and refocus on the fundamentals, which we believe continue to point to the upside relative to consensus.” Piper Sandler downgrades Shake Shack to neutral from overweight Piper says it sees a more balanced risk/reward for Shake Shack stock. “According to that, we think the menu pricing part is going to get a little more difficult going forward and as analysts tasked with picking stocks, we think the risk/reward has become more balanced at current levels, hence the rating change.” Piper Sandler downgrades Sweetgreen to neutral from overweight Piper says it sees a more balanced risk/reward for Sweetgreen. “According to that, we think as analysts tasked with picking stocks, we think the risk/reward has become more balanced at current levels, hence the rating change.” Piper Sandler downgrades Dutch Bros to neutral from overweight Piper has downgraded the coffee chain’s rating. “Nevertheless, we have always viewed BROS as a higher-risk, higher-reward situation due to the industry segment in which it operates and its balance sheet positioning relative to certain growing fast-casual entities.” Goldman Sachs Launches Concentra as Buy Goldman says it sees “strong execution in a stable market” for the healthcare company. “Concentra is a healthcare services company and a market leader in the workers’ compensation market.” Loop Upgrades Prog Holdings to Buy from Neutral Loop says it is becoming bullish on the fintech company’s shares. “We are upgrading PROG Holdings to Buy from Hold and raising our price target to $55 from $41, representing 26% upside from current levels.” Citi Launches Clearwater Analytics as Buy Citi called the stock an “attractive software vertical” stock. “We are initiating coverage on Clearwater Analytics (CWAN) with a Buy rating and a $28 price target. Evercore ISI reiterates McDonald’s as Outperform. Evercore raised its price target on the stock to $320 per share from $300. “We are increasingly optimistic about McDonald’s U.S. business for 2025, given some recent trend of relative market share improvement that we believe will continue through the second half of 2024.” Piper Sandler initiates Rubrik with an Overweight rating. Piper says the cloud-based data protection platform is a top idea. “We initiate coverage of Rubrik with an Overweight rating and a $42 price target, and label it as one of our top ideas.” JPMorgan initiates OneStream with an Overweight rating. JPMorgan says the CFO’s office software provider is well positioned for share gains. “We initiate coverage on OneStream with an OW rating and a $30 price target for Dec. 24.” BTIG upgrades Taylor Morrison to Buy from Neutral BTIG upgraded the homebuilding company on valuation. “We are upgrading TMHC to Buy and setting a $78 price target based on 1.5x current book value per share after holding virtual investor meetings with management last week.” Needham upgrades Onto Innovation to Buy from Neutral Needham says the semiconductor company is undervalued. “ONTO (upgraded to Buy) is a classic example of underperforming in China but outperforming outside of China. The lineup for next year favors names like ONTO, in our view.” MoffettNathanson rates Apple Neutral Moffett says AI is already priced in at Apple. “There are also execution risks. To be clear: We fully expect Apple to execute its strategy very well. But that is also priced in. We just have to decide whether the upgrade cycle that Apple Intelligence is supposed to trigger will be larger or smaller than expected (and priced in).”
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