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Tuesday’s Biggest Analyst Calls: Amazon, Nvidia, Reddit, Tesla, Apple, Seagate, Micron, Spotify, Gap and More

March 26, 2024
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Here are the significant analyst calls made on Wall Street for Tuesday:

Mizuho initiated Las Vegas Sands with a buy rating, citing a compelling return on capital opportunity for the casino and hotel company. Their thesis revolves around the recovery of visitation in Macau, strategic investments in Macau and Singapore, and the potential for significant return on capital.

Bernstein reiterated Chipotle as outperform, raising their price target to $3,200 per share. They anticipate that recent investments by Chipotle will enhance the employment value proposition, leading to improved store operations and achieving a new Average Unit Volume target.

Mizuho initiated DraftKings as a buy, foreseeing upside to revenue growth. They highlighted the underappreciated operating leverage and set a price target of $58.

Mizuho also initiated MGM as a buy, suggesting that the shares are fundamentally misvalued. They identified multiple avenues for value creation and set a price target of $61.

Carnival was initiated as a buy by Mizuho, naming it a top pick at the firm due to the perceived value on the horizon. They set a price target of $21.

CFRA reiterated Nvidia as a buy, expecting sustained revenue growth, particularly driven by data center spending, with the Blackwell Platform leading to higher revenue in the year ahead.

Morgan Stanley upgraded Seagate to overweight from equal weight, describing it as an attractive multiyear earnings story. They anticipate structurally stronger gross margins, with bottom-up analysis showing greater earnings power.

Goldman Sachs upgraded Nasdaq to buy from neutral, foreseeing multiple expansion for the stock exchange company and setting a 12-month price target of $73.

UBS reiterated Levi’s as a buy heading into earnings, anticipating a small beat in the first quarter and maintenance of FY24 EPS guidance.

JPMorgan reiterated Taiwan Semiconductor as overweight, emphasizing its leading position in AI semiconductors.

Wells Fargo raised its price target on Gap to $32 per share from $25, bullish on the company's turnaround efforts and margin story.

Bernstein reiterated Tesla as underperform, lowering its price target to $120 per share from $150, citing high valuation metrics compared to peers.

Amazon was reaffirmed as a top pick by Bernstein, based on expectations of continued operational income and free cash flow growth.

Citi initiated Evergy as a buy, bullish on the regulated electric utility company.

Baird added Semtech to its fresh picks list, viewing it as a hidden AI gem positioned well for the upcoming ramp of new AI platforms.

Jefferies upgraded Clorox to hold from underperform, citing the company's exit from several LatAm countries as a long-term positive.

Bank of America added Spotify to its US1 list but removed Netflix, expecting favorable performance from Spotify.

Jefferies initiated Nutrien as a buy, citing a favorable risk/reward for the fertilizer and agriculture company.

Morgan Stanley upgraded Invivyd to overweight from equal weight after it received emergency use authorization for its Covid antibody drug.

Evercore ISI upgraded PagSeguro to outperform from in line, citing multiple tailwinds for the Brazilian financial services company.

TD Cowen reiterated Apple as outperform but noted signs of slowing China demand.

New Street initiated Reddit as neutral, stating that the stock's valuation is currently full. They provided a price target of $54.

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

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