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Here are the biggest calls on Wall Street on Monday: Bernstein reiterates Nvidia as outperform Bernstein says it’s bullish on Nvidia’s data center opportunity. “The datacenter opportunity is enormous, and still early, with material upside still possible.” Citi reiterates Meta as buy Citi sees a “healthy performance ad environment” for the Facebook and Instagram parent. ” Meta remains our Top-Pick across the Internet sector, and we reiterate our Buy-rating & raise our [target price] to $645 (from $580).” Citi upgrades Ciena to buy from sell Citi said gthe networking company has worked its way through an excess inventory overhang. ” CIEN, along with other networking providers, have called the bottom in telco/cable demand, and expect to see sequential improvement in bookings, particularly from North America service providers.” Morgan Stanley initiates Structure Therapeutics at overweight Morgan Stanley says the biotech company is an “oral obesity player.” “We initiate coverage of GPCR with an OW rating and $118 [price target].” Piper Sandler upgrades Wix to overweight from neutral and downgrades GoDaddy to neutral from overweight Piper said in its upgrade of Wix that the web development company is compelling. The firm also downgraded GoDaddy, saying the good news is already priced in to the stock. “Looking to 2025, we believe the differentiator for stock performance will be potential for improving growth and horizon for continued margin improvements. Thus at current levels, we believe there is a more compelling ownership thesis for WIX. We are upgrading WIX to Overweight ($200 PT) and downgrading GDDY to Neutral.” TD Cowen downgrades Ulta Beauty to hold from buy TD Cowen sees too many negative catalysts for Ulta Beauty. “Promo intensity, increased distribution points at Sephora & AMZN, and category normalization are likely to persist for the next year.” Goldman Sachs reiterates Apple as buy Goldman is sticking with its buy after a series of iPhone 16 delivery lead time checks. “Although shorter lead times could imply weaker demand trends, lead times provide an incomplete picture of demand when viewed without an accurate view of channel inventory. AAPL channel inventory going into the iPhone 16 launch was particularly lean, which may have been a key driver of shorter lead times.” Raymond James downgrades Palantir to market perform from outperform Raymond James says the stock’s valuation is too rich right now. “While we remain enthusiastic about Palantir’s longer term positioning in AI, we are downgrading our rating to Market Perform from Outperform given our view that shares need to consolidate stellar gains over the last couple of years and grow into its rich valuation.” BMO initiates OneStream at outperform BMO says the chief financial officer software company is well positioned for share gains. “We are initiating coverage of enterprise planning and ‘Office of the CFO’ software provider OneStream (OS) with an Outperform rating and $38 target price.” Bank of America upgrades On Holding to neutral from underperform Bank of America said in its upgrade of On Holding AG that it sees robust growth for the shoe company. “We upgrade our rating to Neutral (from Underperform) to reflect ongoing strong growth. We raise our PO to $55 (from $21) after a change in valuation methodology.” Citi upgrades Keurig Dr Pepper to buy from neutral Citigroup sees an improvement in the coffee coffee side of the beverage company. “We are upgrading KDP to Buy from Neutral, as we see a volume improvement in U.S. Coffee in 2H24 supported by easier comparisons, the recent improvement in scanner data, new brands contributions, and potential upside from pricing and recently launched K Brew + Chill.” Deutsche Bank initiates Pinterest at buy Deutsche called Pinterest an “under-monetized, scaled, increasingly personalized ‘digital catalog’ that attracts an affluent, high purchase-intent user base.” “We initiate coverage of Pinterest, Inc. with a Buy Rating and a $43 Price Target.” Wells Fargo initiates Core & Main at overweight Wells sees an attractive entry point for the infrastructure water and drainage company formerly known as HD Supply Waterworks . “We initiate on CNM at Overweight, $52 PT.” Barclays reiterates Tesla as equal weight Barclays thinks Tesla delivery numbers could come in better than expected. “We estimate 3Q deliveries of ~470k units, above consensus ~461k; near-term positive for the stock.” Canaccord initiates Core Scientific at buy Canaccord says it’s getting bullish again on the bitcoin miner’s turnaround. “Via perhaps both good strategy and some luck, Bitcoin miners, including Core, were ahead of the curve here on procuring large sums of power. Long story short, in June Core Scientific announced what we view as the first and landmark ‘mega deal’ signed by a Bitcoin miner to provide high-performance compute data center hosting capacity to Nvidia partner Coreweave.” Deutsche Bank upgrades Bank of New York Mellon to buy from hold Deutsche sees “double-digit annual EPS growth” for Bank of New York Mellon. “Upgrade to Buy, more conviction on sustainable operating leverage.” Bernstein downgrades General Motors to market perform from outperform Bernstein is concerned about “growth in shareholder distributions.” ” GM shares have appreciated +85% since last November, but now our data signals rising earnings headwinds, and we think there is a risk the company will announce additional capital requirements during its October [capital markets day].” DA Davidson downgrades Microsoft to neutral from buy DA Davidson says Microsoft’s stock’s valuation is no longer warranted. “We believe competition has largely caught up with Microsoft on the AI front, which reduces the justification for the current premium valuation.” Needham initiates Flutter at buy Needham sees numerous earnings drivers for the online gambling company. “We initiate coverage on FLUT with a Buy Rating and $270 PT.” JPMorgan adds Nike to negative catalyst watch list The bank is sticking with its neutral rating but is negative heading into earnings on October 1 for Nike. “…increased challenges w/in [direct-to-consumer] factory stores tied to softer low-income consumer —lowering our FY25 EPS to $2.98 (below Street $3.08) on revenues -5.9% and gross margin +10bps.” Truist downgrades Analog Devices & Microchip Technology to hold from buy Truist said in its downgrade of both semiconductor stocks that “industry fundamentals have bifurcated between the haves (AI companies) and have-nots.” “We believe MCHP & ADI are fundamentally strong companies but cannot recommend the stocks at this point in the cycle and downgrade them to Hold (from Buy).”
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https://www.cnbc.com/2024/09/23/mondays-top-wall-street-stocks-include-nvidia.html
