Here are the biggest calls on Wall Street on Monday: Jefferies reiterates Nvidia as buy Jefferies raised its price target on Nvidia to $150 per share from $135. “NVDA remains both king and kingmaker – for example, we still see growth for MRVL and ALAB alongside NVDA, but NVDA’s decisions on each generation could materially alter that.” Citi reiterates Micron as a top pick Citi raised its price target on the stock to $175 per share from $150 ahead of earnings on Wednesday. “Our Top Pick Micron will report F3Q24 results on June 26 after market close and we expect the company to post results and guidance above Consensus given the DRAM upturn and Micron’s increasing AI memory exposure.” Citi upgrades Carrier to buy from neutral Citi said the transformation is underway for the heating and cooling company. “Ultimately, CARR remains a work-in-progress and we don’t expect “straight-line” improvement, but the company is well run with leading share in one of our favorite end markets, and we see room for further upside.” UBS upgrades Anheuser-Busch InBev to buy from neutral UBS said the beverage giant is at an inflection point. “Over the next 12m, ABI is at the cusp of delivering the ideal consumer staples growth profile, which it has never consistently achieved since pre-2008.” Goldman Sachs initiates IBM as buy Goldman said IBM’s transformation is underway and that the company is well positioned in the long term. “We believe IBM is on a path to successfully complete its pivot to long-term growth, driven by an improving mix of infrastructure software assets focused on open-source and AI offerings aimed at driving enterprise business transformation.” Goldman Sachs upgrades Affirm to buy from neutral After a change in analyst coverage, the firm upgraded the finance company to buy. “We view AFRM as the leading provider of modern credit solutions for consumers, with a diverse portfolio of products for point of sale financing, and every day spending.” Bank of America reiterates Broadcom as buy Bank of America said the company has best-in-class attributes. “Reiterate Buy on top pick, raise PO to $2,150 from $2,000 on AVGO’ s transformation to a growth from a value stock, driven by growing AI and VMWare contributions.” Morgan Stanley initiates Ryder System as overweight Morgan Stanley said the transformation is underway for the transport company. ” Ryder hasn’t gotten much credit for its transformation yet but we may not have to wait much longer, especially with the upcycle upon us.” Morgan Stanley names UnitedHealth a top pick Morgan Stanley said the health-care company is compelling. “With this note, we are adjusting our Top Pick to UNH (from CI), where its relative share price performance presents an opportunity in our view.” Morgan Stanley initiates Elevance Health as overweight Morgan Stanley called out Elevance Health’s earnings power as it initiated coverage of the stock. ” ELV’s Managed Care platform should benefit from diversified profit drivers across multiple health benefits verticals, pharmacy solutions, and provider offerings, supporting consistent +DD [double digit] earnings growth.” Bernstein initiates Cheniere Energy as outperform Bernstein said the energy company has a “moat the size of a gulf.” “….we initiate coverage of Cheniere Energy Inc (LNG) at Outperform, an LNG pure-play and largest exporter of US gas and one of the largest gas exporters on Earth.” Citi initiates Ally Financial as buy Citi said the bank holding company is well positioned. “We are initiating on ALLY with a Buy rating and a $50 TP. Our central case is for a soft landing, and we believe ALLY is the best way to play it within our universe due to fixed rate asset repricing potential combined with a liability sensitive balance sheet.” UBS reiterates Tesla as neutral UBS said it was lowering expectations ahead of the company’s delivery numbers in a few weeks. “We forecast 2Q24 Tesla deliveries at ~420k, which would be -10% y/y but +9% q/q.” TD Cowen upgrades Planet Fitness to buy from hold TD said the fitness company has a “compelling catalyst path.” “We upgrade PLNT to Buy with a $92 price target and name it our top smidcap idea. PLNT is an early turnaround play with a compelling catalyst path & upside to valuation.” Barclays upgrades Synovus to overweight from equal weight Barclays said it’s bullish on shares of the financial services company. “We upgrade SNV to Overweight from Equal Weight, as we believe the work started last June to strengthen capital and earnings is mostly complete.” Melius reiterates Apple as buy Melius raised its price target on Apple to $260 per share from $227. “We think investors will continue to embrace this earnings visibility through at least 2026.” Bank of America reiterates Amazon as buy Bank of America said it’s sticking with its buy rating on Amazon after a report said the e-commerce giant may charge a fee for Alexa. “Reuters reports that Amazon is working to replace its current voice assistant with a two-tiered, AI-powered ‘Remarkable Alexa’ by August.” Citi initiates Zeekr as buy Citi said it’s bullish on shares of the China auto company. ” Zeekr is positioned in the premium intelligent BEV [battery electric vehicle] market and differentiates itself with strong technological expertise, in-house R & D capabilities, and exceptional user experience.” Jefferies reiterates Eli Lilly as buy Jefferies raised its price target on the stock to $1,015 per share from $994. “We’re bullish on LLY for several reasons: 1) LLY has an attractive growth profile in a recessionary environment; 2) we’re bullish on GLP1 and see it as one of the biggest drug classes of all time.” JPMorgan reiterates Royal Caribbean as overweight JPMorgan raised its price target on the stock to $175 per share from $173. “Based on our recent fieldwork and mgmt access – we see RCL as best positioned for accelerating market share gains and continued beat/raise opportunity given its improved & differentiated product/destination offering.”
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