Here are Tuesday’s biggest calls on Wall Street: Goldman Sachs reiterates Alphabet and Meta as buy Goldman said it’s sticking with its buy rating on shares of Alphabet and Meta. “We raise our 12-mo. PT on GOOGL to $211 (from prior $195) and on META to $522 (from prior $500 prior) driven by both raised estimates and valuation multiples.” Stifel initiates RH as buy Stifel said the furniture company is an “unmatched position.” “But performance deserves context around unique headwinds – context that drives our confidence in an inflection from internal growth initiatives which we believe will drive renewed enthusiasm for RH’s unmatched position of strength dramatically undervalued at current levels.” Jefferies reiterates Amazon as buy Jefferies raised its price target on the stock to $235 per share from $225. “We updated our AMZN SOTP [sum of the parts] analysis, which highlights ~3/4 of EV comes from AWS and Advertising – the 2 fastest growing and highest margin segments.” TD Cowen reiterates Netflix as buy TD Cowen raised its price target on the stock to $775 per share from $725 ahead of earnings next week. “Our 2Q24 consumer survey shows NFLX is still the top choice for living room viewing, while YouTube leads Mobile. Net-net, PT to $775; reiterate Buy.” Stifel initiates Sealed Air as buy Stifel said it’s bullish on shares of the air packaging company. ” Sealed Air organic volumes have been largely flat since 2014 with weak volumes in 2022/23 (12% in aggregate) from the reversal of the pandemic-related volume boost in 2021 and destocking in 2023, wiping out modest growth in the years prior. However, we believe the tide is turning.” Piper Sandler upgrades Bank of America to neutral from underweight Piper upgraded the stock ahead of earnings later this week. “We are raising our rating on BAC from UW to Neutral as we refresh our thoughts & preferences on the large banks ahead of earnings, which kick off this Friday.” Bank of America reiterates Apple as buy Bank of America said its checks show App Store revenue increasing for Apple. “As per SensorTower data, App Store revenues in F3Q (full quarter) increased to $7.5bn (+13% y/y, according to data on developer revenues from SensorTower), with total downloads.” KeyBanc reiterates Nvidia as overweight KeyBac said it’s sticking with its overweight rating on Nvidia shares. “We are increasing our estimates and raising our price target from $130 to $180, based on 35x our FY26 EPS estimate of $5.16.” UBS upgrades Chemours to buy from neutral UBS said in its upgrade Chemours that it sees potential for the chemicals company to outperform. “Low valuation and troughing estimates lead to attractive setup.” Raymond James upgrades Principal Financial Group to strong buy from market perform Raymond James said the financial services company is a “high quality” business. “We are upgrading PFG to Strong Buy from Market Perform. Our target price is $99, implying 27% upside potential. We like the company’s high-quality businesses and see opportunities for revenue and cash flow generation to accelerate.” Jefferies initiates First Citizens as buy Jefferies said it’s bullish on shares of the regional bank. “We initiate on First Citizens BancShares with a Buy rating and a $2,005 PT.” TD Cowen initiates Exscientia as buy TD Cowen said the biotech company has a “novel AI platform.” ” EXAI’s novel AI platform + pipeline of next-gen oncology assets address specific shortcomings of first-gen drugs.” Morgan Stanley initiates Tempus AI as overweight Morgan Stanley said the testing lab company has a differentiated platform. ” Tempus AI is a unique platform company that sits at the intersection of healthcare and data/AI.” Wolfe initiates Monday.com as outperform Wolfe said it’s bullish on shares of the workflow solutions software company. “As the growth narrative gets evermore scarce in SaaS, you need a product cycle, the ability to take price and enter new buying centers, and do all of that while having robust incremental margins. MNDY has all of that.” TD Cowen initiates Markel as buy TD Cowen said it’s bullish on shares of the insurance company. “MKL’s specialty (re)insurance business is poised for growth, and feeds capital into its Investment and Ventures “engines” which provide diversified income to the company.” Mizuho upgrades Regency to outperform from neutral Mizuho said the real estate investment trust shopping center company has “earnings upside potential.” “Among our coverage, we see the most FY24 earnings upside potential in BRX and REG, and herein upgrade REG to Outperform.” Raymond James initiates First Bancorp as outperform Raymond James said it’s bullish on the Puerto Rico bank. “We initiate coverage on First Bancorp (FBP) with an Outperform rating and $21 price target. We believe FBP is well-positioned to reap the benefits of the economic resurgence of Puerto Rico, which has been spurred by significant fiscal stimulus that is expected to continue through 2035.” Bank of America initiates Smurfit WestRock a buy Bank of America said it’s bullish on shares of the packaging company. “We initiate coverage on Smurfit WestRock with a BUY recommendation, price objective $56.” Morgan Stanley upgrades CRH to overweight from equal weight Morgan Stanley said in its upgrade of CRH that it’s getting bullish on shares of the building materials company. “We move Overweight given 1) pricing stickiness, which supports estimates 4-5% ahead of consensus, 2) M & A growth optionality, and 3) discounted exposure to attractive verticals post 14% EV/ EBITDA de-rating.” JPMorgan upgrades C.H. Robinson to neutral from underweight JPMorgan upgraded the logistics company following earnings. “We put CHRW on our list of stocks that were more attractive after 1Q24 earnings – something had clearly changed with the new ‘Operating Model’ in a business that was struggling for consistency.” Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it’s sticking with its overweight rating on Tesla shares. ” Tesla’s share of the global BEV [battery electric vehicle] market in the month of May 2024 is 15%, vs. 12% share last month and 16% share on a YTD basis.” Benchmark initiates Jumia Technologies as buy Benchmark said it’s bullish on shares of the Pan-African marketplace tech company. “We initiate coverage on JMIA with a Buy rating and a PT of $14.”
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