Monday’s Biggest Analyst Calls: Nvidia, Amazon, Apple, Tesla, Dell, Micron & More

Monday's Major Wall Street Recommendations:

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Melius Reaffirms Apple as a Buy:Melius maintains its positive stance on Apple, anticipating several key catalysts. They believe this upcoming Worldwide Developers Conference (WWDC) might be the most significant since the iPhone's debut in 2007.

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Bernstein Reiterates Dell as Outperform:Bernstein raised Dell's price target to $155 from $120, citing potential revenue growth in Dell’s AI server business for the fiscal year 2025. However, they caution that the earnings per share impact may not be as substantial as investors expect.

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Citi Downgrades Rio Tinto to Neutral:Citi downgraded Rio Tinto from buy to neutral, noting increasing macroeconomic challenges. They highlighted that Rio Tinto's stock has surged about 27% since August 2023, reducing its valuation discount.

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Stifel Reaffirms Nvidia as a Buy:Stifel stands by Nvidia ahead of its earnings report, raising their price target to $1,085 from $910. This increase is based on revised estimates for Nvidia's 2025 earnings per share, maintaining Nvidia as their top pick within the AI infrastructure sector.

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Baird Reaffirms Nvidia as a Buy:Baird also raised their price target for Nvidia to $1,200 from $1,050, driven by strong AI-related demand.

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Goldman Sachs Reiterates Amazon as a Buy:Goldman Sachs continues to favor Amazon, noting several positive developments including accelerating AWS revenue growth, steady North American operating margins, and robust global eCommerce performance.

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Barclays Reaffirms Nvidia as Overweight:Barclays increased Nvidia’s price target to $1,100 from $850, with checks indicating significant upside potential, despite some concerns about possible short-term declines.

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Goldman Sachs Upgrades Teradyne to Buy:Goldman upgraded Teradyne from neutral to buy, expecting positive earnings per share revisions due to a cyclical recovery in the semiconductor test and robotics sectors.

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Barclays Initiates Rubrik as Overweight:Barclays initiated coverage on Rubrik, a cybersecurity software company, labeling it a disruptor in the fragmented $12 billion data protection market.

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Citi Initiates Coverage of Loar as Buy:Citi sees strong revenue and earnings visibility for aerospace parts and systems company Loar, initiating coverage with a buy rating and a 12-month price target of $64.

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Citi Initiates Coverage of Huntington Ingalls as Buy:Citi is bullish on Huntington Ingalls, expecting annual free cash flow to exceed $800 million over the next several years, which should yield over 8% at current prices. They anticipate capital deployment will favor shareholders through dividend growth and consistent share repurchases.

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Goldman Sachs Initiates Marex Group as Buy:Goldman Sachs initiated coverage of Marex Group with a buy rating and a $33 price target, suggesting a 73% upside.

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Redburn Atlantic Equities Reiterates Tesla as Sell:Redburn maintains its sell rating on Tesla, predicting further vehicle price cuts to minimize capital and labor inefficiencies.

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Morgan Stanley Upgrades Micron to Equal Weight:Morgan Stanley upgraded Micron to equal weight from underweight, increasing the price target to $130 from $98. They acknowledged underestimating the economic and narrative impact of AI memory on Micron’s valuation.

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Morgan Stanley Names Hasbro a Top Pick:Morgan Stanley identified Hasbro as a new top pick, expecting significant operating leverage with toy demand bottoming out and improvements in profitability driving visibility to a 20%+ EBIT margin.

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Goldman Sachs Reiterates Salesforce as Buy:Goldman Sachs reaffirmed their buy rating on Salesforce ahead of its earnings report, maintaining a 12-month price target of $345.

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Jefferies Initiates U.S. Steel and Cleveland-Cliffs as Buy:Jefferies initiated coverage on several U.S. steel producers, including U.S. Steel and Cleveland-Cliffs, citing improving demand.

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Morgan Stanley Names Progressive a Top Pick:Morgan Stanley expressed bullish sentiments on Progressive, noting its attractive valuation despite near all-time highs and underappreciated growth and margin potential.

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UBS Upgrades Universal Health Services to Buy:UBS upgraded Universal Health Services to buy, setting a $226 price target due to improved visibility into earnings upside and better operational results.

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JPMorgan Upgrades Huya to Overweight:JPMorgan upgraded Huya, a China game streaming platform, from neutral to overweight with a $9 price target.

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Evercore ISI Reiterates TJX Companies as Outperform:Evercore named TJX Companies a top-five retail pick, highlighting the stock's compelling valuation and potential for same-store sales reacceleration with minor strategy adjustments.

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Seaport Initiates Amphenol as Buy:Seaport initiated coverage on Amphenol, a manufacturer of electronic connectors, with a buy rating and a $150 price target.

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Barclays Reiterates FedEx as Overweight:Barclays reaffirmed FedEx as overweight, calling the stock cheap ahead of earnings, which will conclude a challenging fiscal year 2024 and initiate a new era of financial reporting as FedEx merges its U.S. Express and Ground businesses.

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