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Tuesday’s Biggest Analyst Calls: Apple, Nvidia, Uber, Shopify, Tesla, Ford, Alphabet, Pepsi, Broadcom & More

June 11, 2024
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Wall Street's Major Calls for Tuesday:

Evercore ISI reaffirms Alphabet's outperform status, increasing its price target to $225 per share from $220.

After conducting proprietary survey work, Evercore maintains its positive outlook on GOOGL and slightly raises its price target to $225, indicating nearly a 30% potential upside. They view GOOG as one of the top picks in the Large Cap 'Nets sector.

Morgan Stanley reaffirms Apple's overweight rating post-Worldwide Developers Conference (WWDC).

Morgan Stanley stands by its overweight rating for Apple following WWDC, noting that the event exceeded their expectations. They believe Apple is now equipped with essential components to initiate a multi-year device refresh starting in FY25.

JPMorgan downgrades Cleveland-Cliffs to neutral from overweight, citing weakening fundamentals.

JPMorgan's downgrade of Cleveland-Cliffs reflects a belief in the deteriorating fundamentals of the mining company, along with rising capital expenditure needs and a lack of near-term growth prospects.

Oppenheimer reaffirms Nvidia's outperform rating and raises its price target to $150 per share from $110 after the stock split.

Oppenheimer maintains its positive outlook on Nvidia, seeing it as the leader in AI with a comprehensive AI hardware, networking, and software solutions portfolio. They adjust their price target to $150 from $110 post-split.

Morgan Stanley reiterates Ford as a top pick, emphasizing the necessity for substantial changes in its EV strategies.

Ford remains a top pick for Morgan Stanley, who believes the automaker is increasingly realizing the need for significant alterations in its current EV strategies.

Baird reaffirms Tesla's outperform rating ahead of the shareholder meeting.

Baird retains its outperform rating for Tesla, anticipating the shareholder meeting where Musk's pay package is expected to be ratified. They believe this could alleviate concerns about the company's leadership and positively impact the stock.

Baird reaffirms First Solar's outperform status and raises its price target to $344 per share from $246.

Baird sees First Solar as a beneficiary of the rise in AI and data centers, projecting continued strength in its shares.

Evercore ISI initiates Confluent as outperform, viewing the system software company favorably.

Evercore initiates coverage on Confluent, considering it the leading player in the growing data streaming market, with significant potential in leveraging real-time data across various organizations.

Cantor Fitzgerald initiates Bitdeer Technologies as overweight, citing potential for re-rating.

Cantor Fitzgerald initiates coverage on Bitdeer Technologies Group with an overweight rating, highlighting potential for the bitcoin mining company's re-rating.

Piper Sandler initiates AppFolio as overweight, driven by confidence in its new leadership team.

Piper Sandler initiates coverage on AppFolio with an overweight rating, expressing confidence in its revamped leadership team and the sustainable growth potential through new pricing and AI monetization strategies.

Citi reaffirms Broadcom as overweight, expecting positive earnings performance.

Citi maintains its bullish stance on Broadcom, anticipating upside from AI strength and earnings per share accretion from the VMware acquisition.

JPMorgan initiates Shopify as overweight, citing its competitive advantage in e-commerce.

JPMorgan initiates coverage on Shopify with an overweight rating, considering its position as a leading payment facilitator deserving of a premium valuation.

Barclays initiates Geron as overweight, driven by optimism in its blood disorder drug.

Barclays launches coverage on Geron with an overweight rating, supported by optimism in its blood disorder drug, Rytelo.

Piper Sandler reaffirms Trade Desk as overweight, considering it a top large cap idea.

Piper Sandler maintains its overweight rating for Trade Desk, considering it their top large cap idea due to confidence in sustaining a high growth rate.

Bernstein initiates On Holding as outperform, expecting sustained growth for the shoe company.

Bernstein initiates coverage on On Holding with an outperform rating, anticipating sustained strong double-digit growth for the brand.

BTIG upgrades Staar Surgical to buy from neutral, citing a recovery in China.

BTIG upgrades Staar Surgical to buy, citing a recovery in the Chinese economy and its positive impact on the company's prospects.

D.A. Davidson adds Broadridge to its 'Best-of-Breed' list, recognizing its strong characteristics.

D.A. Davidson includes Broadridge in its 'Best-of-Breed' list, acknowledging its alignment with their valued characteristics.

Citi reaffirms Uber as a top pick, raising its price target on improved visibility and growth prospects.

Citi maintains its bullish stance on Uber, considering it one of their top picks in the Internet sector, driven by improved visibility and multiple growth opportunities.

D.A. Davidson upgrades Apple to buy from neutral, expecting AI capabilities to drive an iPhone upgrade cycle.

D.A. Davidson upgrades Apple to buy, anticipating that the AI capabilities unveiled at WWDC will stimulate an iPhone upgrade cycle.

Barclays reaffirms PepsiCo as overweight, confident in its long-term strategy despite short-term challenges.

Barclays maintains its overweight rating for PepsiCo, confident in the company's long-term strategy despite short-term challenges in the salty snacks category.

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

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