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Monday’s biggest analyst calls: Nvidia, Apple, Mattel, Amazon, Tesla, Charter, Cigna, Tapestry and more

February 5, 2024
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Monday's notable calls on Wall Street offer insights and strategic recommendations from various financial institutions, shedding light on potential market movements and investment opportunities.

Goldman Sachs on Nvidia:Goldman Sachs reiterates Nvidia as a buy, raising its price target from $625 to $800 per share. The updated 12-month price target suggests a 21% potential upside from current levels. The bullish stance is reinforced by a favorable risk/reward profile.

Cantor Fitzgerald on Cigna:Cantor Fitzgerald upgrades health insurer Cigna from neutral to overweight, highlighting the potential of entering an insurance underwriting cycle. The price target is raised from $334 to $372.

Goldman Sachs on Klaviyo:Goldman Sachs upgrades marketing automation company Klaviyo from neutral to buy, maintaining a 12-month price target of $36. The analysis sees a buying opportunity, with potential catalysts expected to unlock equity value in the coming year.

Bank of America on Apple:Bank of America reiterates a buy rating on Apple, emphasizing optimism about Apple's Vision Pro product. The unique and immersive experience provided by Vision Pro is acknowledged, with the understanding that first-generation product challenges are inherent.

Piper Sandler on Tesla:Piper Sandler reiterates Tesla as overweight, expressing bullish sentiments toward Tesla's energy business. Although the price target is lowered to $225 per share from $295, the focus remains on Tesla's potential in other business segments, particularly Tesla Energy.

B. Riley on Six Flags:B. Riley downgrades theme park company Six Flags from buy to neutral, citing regulatory concerns surrounding its proposed deal with Cedar Fair. The downgrade reflects caution regarding potential impacts on valuation due to ongoing regulatory uncertainties.

Citi on Citizens Financial:Citi upgrades regional bank Citizens Financial to buy from neutral, highlighting its favorable position in the current environment. The analysis underscores the embedded growth potential, driven by significant underearning on net interest income that is expected to correct over the next couple of years.

JPMorgan on Charter:JPMorgan downgrades cable company Charter from overweight to neutral, citing weakening subscriber trends. Concerns about core broadband performance and slowing EBITDA contribute to the decision to move to the sidelines.

Redburn Atlantic Equities on TJX Companies:Redburn Atlantic Equities downgrades TJX Companies from buy to neutral, expressing the view that consensus expectations are too high. The company's strong operating outperformance relative to peers is noted, and a moderation in expectations is anticipated.

TD Cowen on SkyWest:TD Cowen upgrades regional airline SkyWest to outperform from neutral following solid fourth-quarter results. The company's reduced pilot attrition and improving block hour production contribute to the positive outlook.

JPMorgan on Smith Douglas Homes:JPMorgan initiates coverage of regional homebuilder Smith Douglas Homes with an overweight rating and a December 2024 price target of $31.50.

JPMorgan on GlobalFoundries:JPMorgan downgrades semiconductor company GlobalFoundries to neutral from overweight, anticipating lagging semiconductor recovery trends. The decline in specialty/mature node foundry manufacturing activity is a key factor in the decision.

JPMorgan on LyondellBasell:JPMorgan upgrades chemical company LyondellBasell to overweight from neutral, anticipating a potential dividend increase in the months ahead. A 5% dividend increase in May is considered a reasonable probability.

JPMorgan on Mattel:JPMorgan downgrades toy company Mattel from overweight to neutral, emphasizing that the boost from Barbie was short-lived. The duration of the positive impact proved unexpectedly brief, leading to challenging comparisons and concerns for investors.

Evercore ISI on Tapestry:Evercore ISI upgrades Tapestry to outperform from in line, citing the acceleration of Tapestry's Coach brand. The analysis suggests that Tapestry's price-to-earnings ratio has lagged behind peer group re-rating due to factors posing less risk.

MoffettNathanson on Take-Two Interactive:MoffettNathanson downgrades video game company Take-Two Interactive to neutral from buy, citing multiple negative catalysts. The stock is viewed with conflicted sentiments due to prevailing concerns.

Guggenheim on SharkNinja:Guggenheim initiates coverage of appliance company SharkNinja with a buy rating and a $60 price target. The company is recognized for its unmatched value, with leading small household appliance brands in the United States and growing international presence.

D.A. Davidson on Clorox:D.A. Davidson downgrades Clorox from buy to neutral, primarily driven by valuation considerations. The swift recovery from a cyberattack and near-normal market share recovery contribute to the decision.

JPMorgan on Amazon:JPMorgan reiterates an overweight rating on Amazon, maintaining its status as the top idea. The reaffirmation follows strong fourth-quarter earnings, positioning Amazon as the best idea on the analyst focus list.

JPMorgan on PayPal:JPMorgan reiterates an overweight rating on PayPal, expressing confidence heading into earnings. The focus is on management's strategic framework and the outlook for fiscal year 2024, with limited visibility due to recent changes in leadership.

These calls provide a comprehensive overview of diverse market sectors, reflecting the dynamic nature of Wall Street recommendations and strategies. Investors can consider these insights while making informed decisions in response to evolving market conditions.

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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