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Monday's Biggest Analyst Calls: Nvidia, Tesla, Apple, Walmart, Microsoft, Disney, Arm, Gm, Draftkings & More

June 10, 2024
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Here are some of Monday's most significant calls from Wall Street analysts:

Truist upgrades Krispy Kreme to buy from holdTruist has upgraded Krispy Kreme to a buy rating, suggesting that the company's value is underappreciated. The firm stated, "Upgrading to Buy; Time to Indulge in an Underappreciated Story."

New Street initiates Microsoft as buyNew Street initiated coverage of Microsoft with a buy rating, indicating strong future prospects. "A set of high-quality franchises, well positioned to profitably grow in the low teens for years to come," the firm noted.

Morgan Stanley resumes Broadcom as overweightMorgan Stanley resumed coverage of Broadcom, rating it as overweight due to its growth potential in AI and recovery in core enterprise semiconductors. "Growth in AI, potential upside synergies from VMW, and recovery in core enterprise semis all make AVGO compelling relative to others in the ‘AI winners’ camp," with a price target of $1,658.

UBS reiterates Apple as neutralUBS reiterated its neutral rating on Apple, citing muted interest in AI. "iPhone purchase intent remains soft while interest in AI is muted," the firm reported.

TD Cowen reiterates Nvidia as buyTD Cowen raised its price target on Nvidia following the company’s stock split, maintaining a buy rating. "No real updates here, just model tweaks (and proving we can divide by ten). Reiterate Buy, Best Idea, and adjust (raise) our PT to $140 from $120."

Bernstein reiterates Tesla as underperformBernstein reiterated its underperform rating on Tesla, doubting that CEO Elon Musk will receive his $56 billion pay package. "We believe that if the pay package is rejected, the stock would likely be down (potentially 5%+) amid fears that Musk might leave Tesla."

Bernstein reiterates Disney as outperformBernstein maintained its outperform rating on Disney despite potential softness in park attendance. "Demand recovery coming out of Covid could lead to softness in attendance in ’24 and potentially in ’25. Given the difference in demand recovery timing between US and Int’l Parks, decline in overall demand may not be too bumpy."

Morgan Stanley names DraftKings a top pickMorgan Stanley designated DraftKings as a top pick despite recent gaming tax issues in Illinois. "We add DKNG back as our Top Pick in North America Gaming & Lodging as we see positive catalysts alleviating recent pressure from the recent tax headlines."

Jefferies upgrades Planet Fitness to buy from holdJefferies upgraded Planet Fitness to buy, citing several positive catalysts ahead. "Shares have been under pressure over the past 6-9 months; however, we believe current headwinds are well understood and now there’s a more visible path to improving trends ahead following 1) new CEO (Colleen) starts TODAY; 2) franchisee model adjustments."

JPMorgan upgrades PG&E to overweight from neutralJPMorgan upgraded PG&E to overweight, seeing long-term growth potential. "As a result, we upgrade PCG to OW and raise our PT to $22 ahead of the company’s June 12 Investor Day, which we expect to highlight these elements in providing more granularity across spend breakdown within the capital plan, outlining net customer benefits, and refreshing wildfire mitigation updates."

JPMorgan upgrades Walmart to overweight from neutralJPMorgan upgraded Walmart to overweight, viewing the stock as a blend of offensive and defensive qualities. "We are upgrading WMT to Overweight as we believe the stock adds a strong balance of defense and offense on both the top and bottom lines in a soft (to softening) consumer backdrop with a highly uncertain 2H24 ahead."

Morgan Stanley downgrades Advanced Micro Devices to equal weight from overweightMorgan Stanley downgraded AMD, stating investor expectations are "too high." "We like the AMD story, but investor expectations for the AI business still seem too high to us."

UBS upgrades Honeywell to neutral from sellUBS upgraded Honeywell to neutral mainly based on valuation improvements. "Valuation reset and growth deficiency should start to improve. U/G to Neutral."

UBS reiterates Micron as buyUBS raised its price target on Micron to $155 per share from $125. "Amid a sector-wide re-rating for anything touching AI and our new C2025 EPS of ~$17.50, we see no reason why valuation should impede a move to our new $155 PT and we remain Buy."

Wells Fargo reiterates Nike as overweightWells Fargo lowered its price target on Nike to $115 per share from $120 but maintained an overweight rating. "We believe NKE numbers are again coming down, as impacts from both 1) a tougher macro and 2) their own needed reset will weigh more heavily on 1H25 than originally thought. We cut numbers below Street and see another re-base ahead. PT to $115."

Raymond James upgrades Mohawk to strong buy from market performRaymond James upgraded Mohawk to strong buy, noting the shares are undervalued. "We upgrade shares of MHK to Strong Buy."

Rosenblatt reiterates Arm as buyRosenblatt reiterated a buy rating for Arm, expressing confidence in the stock. "We reiterate our Buy rating for ARM with a price target of $180. We consider it as a top secular pick alongside NVDA."

JPMorgan upgrades Lithia Motors to overweight from neutralJPMorgan upgraded Lithia Motors following a significant re-rating. "LAD (OW): Move to OW from N after material de-rating since 3Q23 results shifts shares higher in our rank ordering."

Melius downgrades Adobe to hold from buyMelius downgraded Adobe to hold due to rising competition. "While Adobe may be in better shape than - say Salesforce - we have seen a plethora of new competitors get stood up much faster than we could have imagined even a year ago."

Citi reiterates General Motors as buyCiti reiterated a buy rating for General Motors, calling it a top pick. "The next 2-4 months will be important in shaping the GM EV story."

Bank of America reiterates T-Mobile as buyBank of America reiterated a buy rating for T-Mobile, citing growth potential. "We exited the meeting confident in TMUS’s ability to execute against its current plan and to continue identifying new growth segments within a mature market. We are increasing our price objective to $195 (from $175) as we roll forward our valuation basis to 2025E."

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

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