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Wednesday's Biggest Analyst Calls: Apple, Nvidia, Tesla, Spotify, Marvell, Netflix, Disney, Draftkings & More

March 27, 2024
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Below are the key analyst calls from Wednesday's trading session:

Morgan Stanley reiterates Tesla's overweight rating, emphasizing the potential impact of Tesla's collaboration with battery company CATL on the stock's performance. According to Morgan Stanley, this partnership could represent a significant shift in the market landscape, labeling it a potential "game changer."

Evercore ISI initiates Western Digital with an outperform rating, highlighting the company's unique positioning in the market. Evercore sees Western Digital as well-positioned for growth, particularly given the cyclical recovery underway.

KBW downgrades Wells Fargo to market perform from outperform, citing primarily valuation concerns. The banking giant has witnessed a strong performance in its stock price, outperforming its peers due to various factors such as expense control and buybacks, prompting KBW to reassess its rating.

BMO upgrades Royal Gold to outperform from market perform, driven by what it perceives as a compelling valuation. BMO notes that Royal Gold's valuation has become more attractive under its revised commodity price assumptions, coupled with the stock's relative underperformance year to date.

Raymond James resumes coverage of GoDaddy with a strong buy rating, citing underappreciated tailwinds for the website company. Raymond James sees significant upside potential for GoDaddy, alongside positive prospects for competitors WIX and SQSP.

Wedbush removes Netflix from its best ideas list but maintains an outperform rating on the stock, acknowledging challenges in impressing investors. Despite this, Wedbush remains optimistic about Netflix's ability to expand revenue, earnings, and free cash flow.

JPMorgan reiterates Apple as overweight despite recent declines in iPhone shipments in China. JPMorgan believes in the long-term growth potential of Apple, emphasizing the significance of its overweight rating.

Morgan Stanley upgrades Deutsche Bank to overweight from equal weight, driven by improved investment banking revenue. Despite Deutsche Bank's recent outperformance, Morgan Stanley sees further upside potential, particularly given positive momentum in investment banking revenue.

Baird extends its bearish fresh pick status on Tesla heading into upcoming deliveries, expressing continued caution. Baird maintains a bearish outlook on Tesla as it approaches its Q1 deliveries, suggesting potential challenges ahead.

Citi reiterates Tesla as neutral, lowering its price target ahead of the company's delivery numbers. Citi adjusts its estimates based on recent data points, reflecting a more cautious stance on Tesla's performance.

Redburn Atlantic Equities downgrades Visa to neutral from buy due to slowing markets in the U.S. and UK. Redburn cites market conditions as the primary reason for the downgrade, with revised profit forecasts influencing its decision.

Citi opens a positive catalyst watch on Marvell ahead of its AI day event, expressing bullish sentiment. Citi sees potential upside for Marvell, particularly leading up to its upcoming investor event focused on artificial intelligence.

UBS reiterates Disney as a buy, raising its price target on the stock and highlighting its potential as an "earnings compounder." UBS remains bullish on Disney, citing various sources of potential upside within its business model.

Wells Fargo reiterates GE as overweight, raising its price target on the stock based on positive prospects for the aerospace business. Wells Fargo views GE's aerospace segment as a key asset with significant profit potential, maintaining an overweight rating on the stock.

Mizuho initiates Cabot as a buy, emphasizing the company's market share gains and positive earnings outlook. Mizuho anticipates continued growth in Cabot's earnings estimates, driven in part by its ongoing benefit from the ban on Russian products.

Citi reiterates Nvidia as a buy, maintaining its positive outlook on the stock despite recent market dynamics. Citi highlights Nvidia's exposure to artificial intelligence and similar peer stocks, emphasizing potential opportunities for growth.

HSBC initiates Spotify as a buy, citing strong growth prospects and favorable industry positioning. HSBC views Spotify favorably compared to its peers, initiating coverage with a buy rating and a target price of USD 310 per share.

Barclays reinstates JetBlue as underweight, downgrading the stock due to concerns about long-term returns. Barclays believes that while network changes may improve profitability in the short term, JetBlue's financial leverage poses challenges to its long-term performance.

Needham adds DraftKings to its conviction list, expressing confidence in the stock's potential. Needham cites increased confidence in DraftKings' estimates and potential upside in its bull case as reasons for adding the stock to its conviction list.

DA Davidson downgrades Lowe's to neutral from buy, primarily due to valuation concerns. DA Davidson believes that Lowe's stock price has reached elevated levels, warranting a pause in its buy recommendation.

UBS downgrades Linde to neutral from buy, citing concerns about slowing EPS growth and valuation. UBS sees limited potential for further stock appreciation given these factors, prompting the downgrade from its previous buy rating.

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

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