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Tuesday’s Biggest Analyst Calls: Apple, Nvidia, Amazon, Tesla, Seagate, Boston Beer, Planet Fitness & More

May 14, 2024
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Here are the biggest calls on Wall Street for Tuesday:

Barclays Reiterates Tesla as Equal Weight:Barclays maintained its "equal weight" rating on Tesla, describing the current situation as "confusing." Despite a first-quarter beat that offered relief, especially regarding gross margins boosted by Full Self-Driving (FSD) recognition, the outlook remains uncertain.

Goldman Sachs Upgrades CG Oncology to Buy from Neutral:Goldman Sachs upgraded CG Oncology, citing an attractive entry point for the biotech firm. They increased their 12-month price target to $50 from $43, based on a weighted average of a discounted cash flow (DCF) value of $45 and a theoretical M&A value of $62.

Goldman Sachs Upgrades Fulcrum Therapeutics to Buy from Neutral:Goldman sees a significant opportunity for Fulcrum Therapeutics in rare muscular dystrophy diseases, upgrading it to "buy" with a new 12-month price target of $15.

Evercore ISI Initiates Regeneron as Outperform:Evercore ISI began coverage of Regeneron with an "outperform" rating and a price target of $1,150, expressing a bullish outlook on the biopharma company.

Wells Fargo Reiterates Nvidia as Overweight:Wells Fargo raised its price target on Nvidia to $1,150 from $970, citing positive expectations for the first-quarter 2025 report and data supporting Data Center revenue projections exceeding $23-24 billion.

Jefferies Upgrades Boston Beer to Buy from Hold:Jefferies upgraded Boston Beer to "buy," highlighting potential for "multiple expansion" as the company has navigated several boom-bust cycles, creating value over time.

Roth MKM Downgrades Roblox to Neutral from Buy:Roth downgraded Roblox due to slowing bookings, noting disappointment with the company's modest first-quarter bookings miss and a 3.5%-4% cut to 2024 guidance.

Morgan Stanley Resumes GXO Logistics as Overweight:Morgan Stanley resumed coverage of GXO Logistics with an "overweight" rating, noting a robust pipeline of new business and additional upside from inorganic growth.

Bank of America Reiterates Apple as Buy:Bank of America reaffirmed its "buy" rating on Apple, citing benefits from generative AI, gross margin upside, and momentum in its Services division.

HSBC Upgrades Huya to Buy from Hold:HSBC upgraded Huya to "buy," seeing potential for shareholder returns as the China-based livestreaming gaming company's business model improves and could turn free cash flow positive again.

Citi Initiates Weatherford as Buy:Citi initiated coverage of Weatherford with a "buy" rating and a $155 price target, noting a remarkable turnaround for the energy services company.

Wells Fargo Upgrades Atmos Energy to Overweight from Equal Weight:Wells Fargo upgraded Atmos Energy to "overweight," citing an attractive entry point based on the company’s growth, track record, and balance sheet.

JPMorgan Upgrades Planet Fitness to Overweight from Neutral:JPMorgan upgraded Planet Fitness to "overweight," expressing increased confidence in the company's long-term growth trajectory.

Baird Upgrades Fortrea Holdings to Outperform from Neutral:Baird upgraded Fortrea Holdings to "outperform," advising investors to buy on the dip, emphasizing the company's potential beyond 2025.

JPMorgan Upgrades Vtex to Overweight from Neutral:JPMorgan upgraded Vtex to "overweight," believing the SaaS company can exceed its adjusted EBIT margin guidance for 2024 and that the recent stock pullback presents a good buying opportunity.

Barclays Upgrades Expro to Overweight from Equal Weight:Barclays upgraded Expro, highlighting its unique position in the offshore SMid cap sector with strong business lines in tubular running services and subsea well testing.

Wells Fargo Upgrades Edison International to Overweight from Equal Weight:Wells Fargo upgraded Edison International to "overweight," increasing its sum-of-the-parts-based price target to $86 from $72, seeing upside potential if regulatory issues are resolved.

RBC Initiates CRH as Outperform:RBC initiated coverage of CRH with an "outperform" rating, noting the company's significant upside potential, especially after making the U.S. its primary residence.

Oppenheimer Upgrades Sarepta to Outperform from Perform:Oppenheimer upgraded Sarepta, noting accelerating sales and earnings growth for the biotech company.

Deutsche Bank Reiterates Amazon as Buy:Deutsche Bank reaffirmed its "buy" rating on Amazon, highlighting the company's strong potential for a breakout across its e-commerce operations.

Citi Initiates Western Digital and Seagate as Buy:Citi initiated coverage of Western Digital and Seagate with "buy" ratings, predicting a cyclical recovery in the storage market.

Deutsche Bank Upgrades Edwards Lifesciences to Buy from Hold:Deutsche Bank upgraded Edwards Lifesciences to "buy," expressing growing confidence in the company's ability to deliver organic growth, positioning it as a premium growth story in large-cap medtech. They set a new price target of $103.

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

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