Here are the biggest calls on Wall Street on Monday: Morgan Stanley reiterates Nvidia as overweight Morgan Stanley is sticking with the stock heading into earnings later this week. ” Nvidia remains our Top Pick, and regardless of expectations issues, the fact that headwinds simply do not affect the company’s strong momentum drives our thoughts.” Morgan Stanley reiterates Taiwan Semiconductor as overweight Morgan Stanley named the stock a catalyst-driven idea, calling it a beneficiary of robust Nvidia earnings. “We would expect TSMC’s share price to rise if NVDA’s guidance were to beat expectations.” Morgan Stanley upgrades Petrobras to overweight from equal weight Morgan Stanley said the Brazilian oil producer is seeing resilient cash flow. ” PBR’s investment case remains centered on shareholder remuneration, which — for better or worse — is directly tied to capital allocation.” JPMorgan upgrades BJ’s Wholesale Club to neutral from underweight JPMorgan upgraded BJ’s Wholesale Club following earnings last week. “Looking ahead, we expect modest reflation in grocery while the company is benefiting from its efforts to drive [market] share by reinvesting in the business while we are squarely at the point where the channel is seeing a lift from trade down in a hyper-value seeking consumer environment.” Baird names Planet Fitness a top pick Baird named the stock a “bullish fresh pick” through year-end. “We are highlighting PLNT as an attractive idea for a slowing growth environment. New leadership has addressed unit economic challenges, and we see multiple potential drivers – especially better marketing – lining up for 2025.” Morgan Stanley initiates Summit Materials at overweight Morgan Stanley said it’s bullish on shares of the cement company. “Initiating Summit Materials (SUM) at Overweight with a $51 price target (~26% upside).” Wells Fargo reiterates Amazon as overweight Wells said it’s bullish on Amazon’s long-term opportunity with its global broadband access initiative known as Project Kuiper but that it’s lowering its price target to $225 per share from $232. “Heavy upfront costs related to satellite launches, commencing in 2H24, reduce [operating income] forecasts ’25-’27. Attractive oppty longer term, but unclear synergy w/ core operations.” Wells Fargo reiterates Microsoft as overweight Wells said it sees significant upside ahead for the stock. “We still see a bright future ahead for Microsoft, driven by continued growth prospects in huge categories of IT spend, ability to further monetize strong positioning in multiple end markets, and a financial profile that continues to exhibit durable margin expansion.” Bank of America initiates Biohaven at buy The bank said it’s bullish on the biotech company and that its “Neuropsych drug can be best-in-class in large markets.” “We initiate coverage of Biohaven , Ltd. (BHVN) with a Buy rating and a $52 price objective.” Wells Fargo reiterates D.R. Horton as a top pick Wells said the homebuilder has an attractive risk/reward. ” DHI’s risk-reward is best-calibrated w/ torque on lower rates but low [average selling prices] offer defense against rising inventories.” Wells Fargo upgrades Mid-America Apartment Communities to overweight from equal weight Wells said the real estate investment trust has an attractive valuation. “We also note MAA is an anti-consensus OW rating.” Wells Fargo upgrades American Homes 4 Rent to overweight from equal weight Wells said the real estate investment trust has “defensive growth” characteristics. ” AMH offers investors defensive growth.” UBS upgrades PTC Therapeutics to buy from neutral UBS sees several catalysts ahead for the pharmaceutical company. “We resume coverage of PTCT with a Buy rating and $47 PT.” Gordon Haskett upgrades Ollie’s to buy from accumulate Gordon Haskett said it’s getting bullish on shares of the discount retailer. “Finally, we are upgrading Ollie’s to Buy-Rated from Accumulate-Rated for a variety of reasons including: (1) additional store closings provide incremental market share/real estate opportunities; (2) consumers increasing focus on value (as evidenced by recent reports from WMT, TJX, ROST)…” Maxim initiates Light & Wonder at buy Maxim says the gambling company is well positioned in a digital future. “Light & Wonder is well-positioned to exploit all three markets, and the balance sheet has been strengthened following the 2022 divestitures of its lottery and sports betting businesses that reduced leverage.” Argus downgrades Wayfair to hold from buy Argus said in its downgrade of the furnishing retailer that the “company’s prospects appear muted amid the current environment of high interest rates and fewer home sales.” “We are downgrading Wayfair to HOLD from BUY. We continue to believe W is set for strong growth when the housing market recovers; however, the company’s prospects appear muted amid the current environment of high interest rates and fewer home sales.”
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