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Monday’s Biggest Analyst Calls: Nvidia, Apple, Meta, PNC, Domino’s, Charles Schwab, Roblox, Solaredge & More

July 8, 2024
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UBS Reiterates Buy Rating for Nvidia

UBS has reaffirmed its buy rating for Nvidia, increasing the price target from $120 to $150 per share. UBS justifies this by stating, "Given all of this, we believe a $150 PT can be supported (prior $120) and we maintain our Buy rating as we roll our valuation basis forward from C2025 EPS [Calendar] to an average of C2025/C2026."

Stifel Upgrades Ecolab to Buy

Stifel has upgraded Ecolab from hold to buy, expressing optimism about the food safety company's prospects. The firm stated, "The ECL story sounds better to us than it has in many years, and we expect the positive trajectory to continue."

Morgan Stanley Reaffirms Overweight Rating for Taiwan Semiconductor

Morgan Stanley continues to maintain an overweight rating for Taiwan Semiconductor ahead of its earnings report on July 18. The firm highlighted, "AI semi demand sustainability and TSMC’s wafer pricing trend should be key focus of TSMC 2Q results earnings call."

KBW Upgrades Charles Schwab to Outperform

KBW has upgraded Charles Schwab from market perform to outperform, citing a strategic shift. The firm mentioned, "Solving for Liquidity Risk with a Shift in Balance Sheet and Deposit Strategy; Upgrading to OP."

Guggenheim Downgrades ServiceNow to Sell

Guggenheim has downgraded ServiceNow from neutral to sell, citing potential risks in the latter half of the year. The firm noted, "While we believe 2Q24 will be fine when NOW reports on 7/24, we believe 2H24 presents risk to consensus Subscription, presenting material risk in the stock, currently trading at a rich 15x EV/NTM likely recurring revenue."

Wells Fargo Reiterates Overweight Rating for Meta

Wells Fargo has raised its price target for Meta from $593 to $625 per share while maintaining its overweight rating. The firm commented, "Checks suggest robust 2Q ads performance. Raising 2Q to HE [high end] of guide despite some incr. FX headwind. 3Q guide likely constructive."

B. Riley Upgrades Cinemark to Buy

B. Riley has upgraded Cinemark from neutral to buy, noting missed opportunities but potential future gains. The firm stated, "While we missed the recent stock move, we see further upside with a focus on 2025 and are upgrading from Neutral to Buy."

Redburn Atlantic Equities Initiates Buy Rating for Emerson

Redburn Atlantic Equities has initiated coverage on Emerson with a buy rating, praising its recent transformation. The firm remarked, "Emerson has undergone a significant transformation over the past three years to focus on automation and is now very well positioned to capitalize on positive secular drivers."

Wolfe Downgrades JPMorgan to Peer Perform

Wolfe Research has downgraded JPMorgan from outperform to peer perform, citing balanced risk/reward. The firm explained, "JPM has outperformed S&P / S&P Fins. since our upgrade last July, and while we still see ~10% upside to cons., concerns on short-end gearing, valuation, and buyback support more balanced risk-reward."

Raymond James Upgrades Gilead to Outperform

Raymond James has upgraded Gilead from market perform to outperform, noting several growth drivers. The firm mentioned, "Amid Gilead’s evolution into a diversified company with contribution from oncology products, two intriguing growth drivers have emerged."

UBS Upgrades PNC to Buy

UBS has upgraded PNC from neutral to buy, citing the regional bank's strong positioning. The firm stated, "As we await the long anticipated return to broader loan growth in 2H24, we think PNC appears better positioned than most to benefit from an improvement in demand."

Wells Fargo Downgrades Bumble to Equal Weight

Wells Fargo has downgraded Bumble from overweight to equal weight, pointing out various challenges ahead. The firm noted, "While late April app relaunch drove a ‘bump’ in trends, we haven’t observed a sustained benefit and believe 2H expects for reacceleration likely more challenging. We downgrade to Equal Weight."

Wells Fargo Upgrades EnLink Midstream to Overweight

Wells Fargo has upgraded EnLink Midstream from equal weight to overweight, raising its price target to $17 per share. The firm commented, "We’re upgrading ENLC to Overweight & raising our PT to $17/sh."

TD Cowen Upgrades Fortive to Buy

TD Cowen has upgraded Fortive from hold to buy, noting the industrial conglomerate's financial performance. The firm remarked, "Benchmarked vs. compounder peers, FTV’s financial performance and profile are attractive, and if investors gain confidence in deployment, we’d expect valuation to rerate higher towards the group from cycle lows."

Bank of America Upgrades SolarEdge to Neutral

Bank of America has upgraded SolarEdge from underperform to neutral, noting that "negative overhangs are now reflected in discount valuation." The firm stated, "While valuation looks appealing at current levels, we look for a more tangible path for margin and cash flow recovery before getting incrementally bullish on the stock."

Stifel Upgrades Columbia to Buy

Stifel has upgraded Columbia from hold to buy, citing a "revenue inflection" for the clothing company. The firm mentioned, "We are opportunistically upgrading COLM shares to BUY and raising our 12 mos. TP to $92 from $84."

Oppenheimer Upgrades Clearwater Analytics to Outperform

Oppenheimer has upgraded Clearwater Analytics from perform to outperform, establishing a $25 price target. The firm noted, "We upgrade CWAN to Outperform from Perform and establish a $25 PT."

Jefferies Initiates Buy Rating for Revolution Medicines

Jefferies has initiated coverage on Revolution Medicines with a buy rating, noting significant upside. The firm commented, "We see sig upside on a catalyst-rich 2H. Initiate Buy and $63 PT."

Baird Upgrades Domino’s to Outperform

Baird has upgraded Domino’s from neutral to outperform, citing an attractive risk/reward. The firm stated, "With shares down 7.5% from the June peak and with our confidence level in the fundamental outlook having risen, we now see a more appealing risk/reward on DPZ."

Morgan Stanley Resumes Underweight Rating for Norfolk Southern

Morgan Stanley has resumed coverage of Norfolk Southern with an underweight rating, citing challenges. The firm noted, "Even as the dust settles on a tumultuous 18 months for NSC, we believe (unlike consensus) that it faces revenue challenges rather than cost hurdles."

Wedbush Reiterates Outperform Rating for Apple

Wedbush has reiterated its outperform rating for Apple, noting signs of iPhone stabilization. The firm stated, "We are also seeing more signs of iPhone stabilization based on our recent Asia supply chain checks which is a very good sign heading into a monumental iPhone 16 upgrade cycle."

Wolfe Upgrades Autoliv to Outperform

Wolfe Research has upgraded Autoliv from peer perform to outperform, citing the stock's attractive entry point. The firm mentioned, "Now, with the stock having pulled back approximately 18% from highs in late-May due to cyclical concerns about the near-term outlook, we see a more attractive re-entry point."

Wells Fargo Reiterates Overweight Rating for Roblox

Wells Fargo has raised its price target for Roblox from $41 to $43 per share, maintaining its overweight rating ahead of earnings on August 1. The firm stated, "We are looking for incremental details on 2Q usage drivers as well as steps RBLX has taken to minimize future engagement degradation."

JPMorgan Reiterates Overweight Rating for Disney

JPMorgan has reiterated its overweight rating for Disney, advising investors to buy the dip. The firm commented, "We continue to see that reaction as overdone, noting that management had already signaled future growth would be driven more by capacity increases."

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

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