Here are Tuesday’s biggest calls on Wall Street: Goldman Sachs reiterates Tesla and Rivian as neutral Goldman said further price cuts are needed for Tesla and Rivian. “We are Neutral rated on both Tesla and Rivian, and increased confidence on the path to improve margins over the near-to-intermediate term is something that could make us more positive on each stock.” TD Cowen reiterates Arm as outperform TD said after a series of investors meetings that the Arm thesis is “gaining momentum.” “We hosted a lively investor dinner with Arm’s VP of IR Ian Thornton last week. Despite the significant move in the share price and upcoming lock-up expiration, the conversation focused much more on strengthening fundamentals across both the licensing and royalty franchises.” Morgan Stanley downgrades Sunnova to equal weight from overweight Morgan Stanley said in its downgrade of the solar company that it sees stock “dislocation.” “We believe there is a large dislocation between NOVA’s stock price and the value of the company’s asset base, but we see a less clear path to realizing that value over the next 12 months, driving our decision to downgrade the stock to Equal-weight.” Baird reiterates Nvidia as outperform Baird added the stock to its 2024 top AI picks list. “NVIDIA of course has been one of the huge early beneficiaries, but the effects of generative AI will be felt across all technology, along with the broader market.” DA Davidson reiterates Microsoft as buy DA said it’s standing by shares of the tech giant. “We expect Microsoft to maintain its leadership in the commercialization of artificial intelligence as it leverages its scale and technology prowess.” JPMorgan upgrades Sea Limited to overweight from neutral JPMorgan said the Singapore-based internet tech conglomerate is on an “upswing.” “In our view, in the current competitive environment, SE is likely to continue increasing commissions while reducing the intensity of sales and marketing spend.” KeyBanc initiates Array Technologies as equal weight Key said in its initiation of the solar company that it sees a slowing recovery. “However, we believe that ARRY will likely remain in the penalty box for the foreseeable future, as recent commentary and the 2024 outlook point to a slow recovery.” JPMorgan initiates Amphastar as overweight JPMorgan said it’s bullish on shares of the pharmaceutical company. “We see AMPH well-positioned in the space with a diverse (generic injectable, branded and OTC) and attractive (durable and difficult to develop) collection of assets. Jefferies upgrades Bark to buy from hold Jefferies said it sees an attractive setup for the dog company. “We are upgrading Bark to Buy (from Hold) as the company gears up for F25. The outlook has changed since initiating as Bark boasts a favorable set-up going into F25, providing better top-line, profit and margin visibility.” UBS reiterates BJ’s as buy UBS said it’s cautious heading into earnings later this week. “We think BJ’s likely faced continued top line pressure in 4Q, as its grocery business was probably held back by disinflation and its general merchandise reset likely wasn’t immune to macro pressures that have impacted competitors.” Barclays reiterates Oracle as overweight Barclays said it’s cautious heading into earnings next week, but that it’s standing by the stock. “We continue to like the long-term Oracle story but are not sure this quarter specifically is the one to get excited about.” Citi resumes Novo Nordisk as buy Citi said it’s bullish heading into the company’s Capital Markets Day later this week. “We anticipate the upcoming CMD [Capital Markets Day] to reveal the market has underappreciated the scale of Novo’s ambition with respect to scaling GLP-1 supply and, potentially, Ozempic data from FLOW and Wegovy ‘high-dose’ obesity data.” JPMorgan adds NetEase to the positive catalyst watch list JPMorgan said it’s bullish on the China tech company’s upcoming gaming cycle. “We reiterate NetEase as our China online game top pick.” Oppenheimer reiterates Costco as outperform Oppenheimer raised its price target on the stock to $805 per share from $760 ahead of earnings later this week. ” COST Shares Continue to Meaningfully Outperform.” Barclays reiterates Adobe as overweight Barclays said it’s bullish heading into earnings next week. ” Adobe reports earnings on 3/14, and we like the setup for five reasons: (1) upside scenario is $435-440M on net new ARR [annual recurring revenue] driven by Acrobat; (2) Acrobat renewal pricing could be $250M opportunity.” Loop downgrades Williams-Sonoma to hold from buy Loop downgraded the stock mainly on valuation. “We are downgrading Williams-Sonoma to a Hold from a Buy rating while bumping up our price target to $220 from $200. Our downgrade is based on the current valuation, as opposed to a more bearish view of the company’s fundamentals.” JPMorgan initiates Metagenomi as overweight JPMorgan said it’s bullish on shares of the biotech company. “We are initiating coverage on Metagenomi (MGX) with an OW rating and a Dec-2024 PT of $16.” Wolfe upgrades AT & T to outperform from peer perform Wolfe said in its upgrade of the stock that it sees an attractive risk/reward. “Amidst bad headlines about convergence, interest rates, and lead, AT & T is growing its core, gaining efficiency and paying down debt.” Rosenblatt reiterates Apple as neutral Rosenblatt said Apple shares are “at a crossroads.” “Shuttering the 10-year-old Apple car effort, after introducing a not-yet-ready-for prime time Vision Pro, has dimmed Apple’s luster as a historically disruptive innovator, a reputation that is key for its premium valuation. We believe that Apple has potential to regain some of this sheen. MoffettNathanson upgrades Cable One to buy from neutral Moffett said the cable company’s valuation is “too low.” “Take all this into account and we are actually lowering our target price for Cable One quite substantially. And yet, even in doing so, we are moved to upgrade to Buy. Cable One’s valuation is simply too low, and its assets too attractive, for it to remain at this price, in our view.” Argus downgrades Philip Morris to hold from buy Argus said it sees too many challenges for the tobacco company. ” Philip Morris recently reported 4Q23 results that missed consensus expectations. * Pressured by high taxes, government actions, social changes and health concerns, tobacco usage has been on a declining trend, as has the PM share price.” Guggenheim reiterates Dollar Tree as buy Guggenheim raised its price target on the stock to $170 per share from $155. “We regard DLTR as among the best-positioned retailers amid a still-challenging operating backdrop and modestly raise our 4Q and 2024 top- and bottom-line estimates while reiterating our BUY rating.” Argus upgrades Lyft to buy from neutral Argus said it sees rideshare demand improving for Lyft. “We are initiating a 2025 EPS estimate of $0.84, implying meaningful earnings growth (in excess of 60%) over our 2024 estimate. Our estimate assumes continuing positive demand trends in the ridesharing industry and our expectations for further cost reductions.”
This story originally appeared on CNBC
