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Monday's Biggest Analyst Calls: NVIDIA, Tesla, Netflix, Adobe, Amazon, Eli Lilly, Procter & Gamble & More

March 11, 2024
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Wall Street witnessed notable calls on Monday, shaping investment strategies for various stocks. Here's a breakdown of the significant recommendations from leading financial institutions:

Morgan Stanley Reiterates Nvidia as Overweight:

  1. Morgan Stanley emphasized Nvidia's position as a top idea post its recent TMT conference.
  2. Noted the rally in AI-exposed names, highlighting Nvidia as a likely outperformer.

Oppenheimer Reiterates Netflix as Outperform:

  1. Oppenheimer raised the price target for Netflix and anticipated subscriber upside.
  2. Factors include ARM ramping in 2024 and sustained tailwinds from paid sharing/advertising.

Jefferies Upgrades Choice Hotels to Buy:

  1. Choice Hotels received an upgrade following the abandonment of efforts to acquire Wyndham.
  2. Upgraded to Buy from Underperform based on the ceased acquisition endeavors.

Jefferies Reiterates Adobe as Buy:

  1. Investors are encouraged to buy the dip in Adobe shares.
  2. Expecting Adobe to recover as it unveils more details on its video AI roadmap.

Evercore expressed a more constructive outlook following a tour of Tesla’s Gigafactory.

  1. Maintaining an in-line rating after witnessing the manufacturing process firsthand.

JPMorgan Upgrades Kingsoft Cloud to Overweight:

  1. Kingsoft Cloud is expected to experience margin expansion, surpassing market expectations.
  2. The forecast is driven by a favorable revenue mix shift to higher-margin business.

JPMorgan Initiates Duolingo as Overweight:

  1. Duolingo, the language learning company, is initiated with an Overweight rating.
  2. JPMorgan foresees premium revenue for Duolingo and sets a PT of $270 by Dec 24.

Wolfe Upgrades Xcel Energy to Outperform:

  1. Despite significant losses from Texas wildfires, Xcel Energy is seen as an attractive entry point.
  2. Wolfe anticipates damages to be underinsured, and future fire risk could impact Xcel below prior premiums.

Morgan Stanley Downgrades Hyatt to Equal Weight:

  1. Hyatt is downgraded to Equal Weight from Overweight due to a more balanced risk-reward.
  2. The pivot to asset light and business model simplification led to outperformance.

JPMorgan Initiates Saia as Overweight:

  1. Saia, the freight company, is viewed as entering a new chapter for growth.
  2. The transformation from regional to national LTL carrier contributes to a positive outlook.

Stifel Upgrades Staar Surgical to Buy:

  1. Stifel is bullish on the implantable eye lens company Staar Surgical.
  2. Upgrading to Buy with a future outlook suggesting a $50 stock before a $25 one.

Morgan Stanley Downgrades Petrobras to Equal Weight:

  1. Morgan Stanley downgrades Petrobras, citing lower confidence in dividend yield support.
  2. A split decision about extraordinary dividends prompts a move to the sidelines.

Morgan Stanley Reiterates Eli Lilly as Overweight:

  1. Eli Lilly's next catalyst is anticipated to be results from the company’s sleep apnea trial.
  2. Emphasizing the continuous development of data in the diabesity field.

Truist Upgrades Procter & Gamble to Buy:

  1. Procter & Gamble is nearing an "inflection point," prompting an upgrade to Buy.
  2. Positive volume growth in the coming quarters could result in improved valuation for P&G shares.

Truist Upgrades Freshpet to Buy:

  1. Freshpet, the pet food health company, receives an upgrade based on anticipated volume growth.
  2. Upgraded to Buy, with a raised PT to $135 from $120, maintaining recently raised estimates.

Guggenheim Names Nike a Best Idea:

  1. Guggenheim designates Nike as a top idea, considering a compelling entry point after a pullback.
  2. Presenting a favorable risk/reward ratio for Nike shares.

Jefferies Upgrades Pinduoduo (PDD) to Buy:

  1. Jefferies turns bullish on shares of Chinese retailer Pinduoduo, upgrading to Buy.
  2. Believes concerns about geopolitical risks are priced in, and market share gain story remains intact.

Morgan Stanley Initiates Aptiv as Overweight:

  1. Aptiv, the auto components and supplier company, is initiated with an Overweight rating.
  2. Identified as a key beneficiary of the electric vehicle reset.

UBS Upgrades Foot Locker to Neutral:

  1. Foot Locker sees an upgrade to Neutral from Sell as the thesis has played out.
  2. Anticipates less downward EPS revision risk.

JPMorgan Initiates Kaspi as Overweight:

  1. Fintech company Kaspi is initiated with an Overweight rating, identified as a leading super payment app.
  2. JPMorgan sets a PT of $159 by Dec 24, reflecting a 50% upside from current levels.

UBS Reiterates Apple as Neutral:

  1. UBS maintains a Neutral rating on Apple as sales in China continue to face pressure.
  2. Acknowledges Apple's preferred status in the U.S. but notes challenges in the Chinese market.

Morgan Stanley Reiterates Meta as Overweight:

  1. Morgan Stanley stands by shares of Meta, emphasizing GenAI top-line drivers.
  2. META is noted for its advancement in user/platform tools, driving incremental revenues.

Goldman Sachs Reiterates Amazon as Buy:

  1. Goldman Sachs reaffirms its Buy rating for Amazon, citing increasing momentum.
  2. Key narratives include improved AWS revenue growth, North America operating margin recovery, and stable global eCommerce revenue.

These calls from various financial institutions provide investors with insights into recommended strategies and potential market movements for the mentioned stocks.

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

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