Wednesday’s Biggest Analyst Calls: Apple, Nvidia, Amazon, Meta, Uber, Disney, Coinbase, Tesla & More

Wednesday’s Major Wall Street Calls:

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BMO Initiates Old Dominion with an Outperform RatingBMO is optimistic about the freight company Old Dominion, highlighting its impressive performance over the past three freight cycles. Since January 2009, Old Dominion has returned 4,594%, consistently ranking among the top three transport stocks.

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Morgan Stanley Reiterates Tesla as OverweightMorgan Stanley maintains its overweight rating on Tesla ahead of the June 13 shareholder meeting. The firm believes that without Elon Musk securing a 25% voting stake, Tesla might reduce its investments in advanced AI efforts.

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Bank of America Reaffirms Nvidia as BuyBank of America continues to recommend buying Nvidia shares, citing the company’s strong position in the $3 trillion IT industry. Nvidia is their top sector pick, with a price target of $1500.

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Gordon Haskett Upgrades Instacart to BuyGordon Haskett upgrades Instacart from neutral to buy, seeing attractive risk/reward dynamics. Despite a 20% drop post-Q1 results, the firm notes positive EBITDA revisions and potential for Q2 order upside.

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Barclays Reiterates Taiwan Semiconductor as OverweightBarclays raises its price target for Taiwan Semiconductor from $150 to $170, affirming its overweight rating. As a leading global foundry, Taiwan Semiconductor is considered a bellwether for the semiconductor industry.

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Morgan Stanley Downgrades Boston Beer to Equal WeightMorgan Stanley downgrades Boston Beer to equal weight from overweight, citing a more balanced risk/reward scenario following a 12% year-to-date decline. The potential for strategic moves is also factored into the valuation.

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Oppenheimer Reiterates Uber as a Top IdeaOppenheimer remains bullish on Uber, predicting significant upside due to robust consumer spending, travel demand, and services expenditure. Uber is seen as having the most potential among large-cap internet stocks.

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Barclays Upgrades Applied Materials and KLA to Equal WeightBarclays upgrades Applied Materials and KLA to equal weight, noting an improvement in China’s spending and aggressive U.S. capex plans. The firm’s initial thesis of a post-pandemic cyclical correction in semi-cap industries has been tempered by these positive developments.

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JPMorgan Upgrades Sunoco to OverweightJPMorgan upgrades Sunoco to overweight from neutral following a recent analyst change and underperformance. The firm sees the current stock levels as offering an attractive risk/reward proposition.

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Citi Reiterates Apple as BuyCiti maintains its buy rating on Apple ahead of the Worldwide Developers Conference. They base their estimates on stable iPhone demand in China and continued double-digit growth in services, anticipating further AI developments at the conference.

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Guggenheim Reiterates Disney as BuyGuggenheim remains positive on Disney, citing healthy momentum in its parks, with demand trends showing robust growth and broader global engagement compared to pre-COVID times.

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Goldman Sachs Initiates Jazz Pharmaceuticals as BuyGoldman Sachs initiates coverage on Jazz Pharmaceuticals with a buy rating and a 12-month price target of $169, noting the company’s compelling pipeline.

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Bernstein Reiterates Amazon as a Top PickBernstein continues to see Amazon as a top pick, praising its ability to deliver profitability and fund AI investments from incremental core operating profits despite increased investment intensity.

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Needham Reiterates Coinbase as BuyNeedham maintains its buy rating on Coinbase, acknowledging the need to adjust Q2 estimates after a strong Q1. The firm remains bullish due to a better regulatory outlook, potential Ether ETFs, and increased meme coin activity.

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Benchmark Initiates EVgo as BuyBenchmark initiates coverage on EVgo with a buy rating and a $3.00 price target, showing confidence in the EV charging operator’s shares.

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Raymond James Reiterates Meta as Strong BuyRaymond James raises its price target on Meta from $525 to $550, highlighting increased conviction in the company’s GenAI prospects. Meta trades at a significant discount compared to other GenAI leaders like Nvidia and Microsoft.

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HSBC Upgrades AbbVie to BuyHSBC upgrades AbbVie from hold to buy, adding it to their quality growth bucket. They see AbbVie as demonstrating quality growth.

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KeyBanc Initiates LifeMD as OverweightKeyBanc initiates coverage on LifeMD with an overweight rating and a $12 price target, noting the telehealth company’s strong potential for top and bottom-line growth.

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