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Wednesday's Biggest Analyst Calls: NVIDIA, Broadcom, Apple, Tesla, Netflix, Amazon, Microsoft & More

April 17, 2024
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Here are the most noteworthy calls made by analysts on Wall Street on Wednesday:

Barclays has reaffirmed Tesla as equal weight, but with a lowered price target of $180 per share, down from $225. The rationale behind this adjustment is an anticipated negative catalyst leading up to earnings. According to Barclays, there's a significant level of anticipation surrounding Tesla's upcoming call, with expectations tilted toward negative outcomes.

Mizuho has initiated coverage on Royal Caribbean with a buy rating. The firm highlighted Royal Caribbean's distinct offering, citing its quality ship assets and unique destinations. Mizuho believes that this combination positions Royal Caribbean for potential upside in earnings estimates.

Citi has upgraded Hancock Whitney from neutral to buy, stating that the regional bank holding company is currently undervalued. With the market allegedly pricing in pessimistic credit outlooks across the regional banking sector, Citi sees an opportunity to capitalize on this undervaluation by upgrading Hancock Whitney to a buy rating.

Raymond James has initiated coverage on GE Vernova with an outperform rating, expressing bullish sentiment toward the stock. Raymond James praised Vernova's diverse portfolio spanning conventional and renewable energy generation, as well as grid technology. Despite the potential drawbacks associated with diversification, Raymond James believes Vernova is well-positioned for success.

HSBC has upgraded Danaher from hold to buy, citing expectations of a biotech funding recovery. The life sciences company is seen as a quality proxy for this recovery, prompting HSBC to revise its rating upward.

Wells Fargo has upgraded Omnicom from equal weight to overweight, expressing bullish sentiment toward the media company. The firm believes that Omnicom has the potential to experience a rerating, especially as agency data points evolve into impactful themes, thereby influencing multiples.

Loop has reiterated a hold rating on Apple, attributing ongoing concerns to issues in China and global markets. Loop noted that Apple has been heavily discounting iPhones in China, a trend that extends to other Asian markets as well.

Wells Fargo has reiterated Microsoft as overweight and raised its price target on the stock to $480 per share from $460. The firm views Microsoft as the premier investment opportunity to capitalize on artificial intelligence, identifying it as a potential catalyst in the latter half of the year.

TD Cowen has upgraded Elf Beauty from hold to buy, citing expectations of robust revenue growth for the beauty company. TD Cowen foresees the possibility of doubling revenues over the next three years, driven by digital community marketing leadership, an awareness flywheel, skincare expansion, and international growth.

Jefferies has downgraded Urban Outfitters from buy to underperform, citing concerns over slowing foot traffic, promotional pressures, and increased competition.

Barclays has reaffirmed Broadcom as overweight and raised its price target to $1,500 per share from $1,405. The firm provided additional insights into the future of artificial intelligence and expressed heightened appreciation for Broadcom's strategic positioning.

Morgan Stanley has reiterated Nvidia as overweight, expressing optimism ahead of earnings in late May. The firm highlighted strong spending trends in artificial intelligence and upward demand revisions from key customers such as Tesla and various sovereigns.

Wells Fargo has reiterated Goldman Sachs as overweight, commending the firm's performance in capital markets. Notably, Goldman Sachs reported a 14% year-over-year increase in capital markets revenue, outperforming its peers.

Maxim has initiated coverage on Apple with a hold rating and a $178 12-month price target. The firm believes that Apple's current valuation is fair, basing its assessment on comparative forward price-to-earnings multiples of other big-tech companies.

Maxim has initiated coverage on Amazon with a buy rating and a 12-month $218 price target. The firm expressed bullish sentiment toward Amazon, citing a favorable valuation and applying a multiple to its 2025 earnings forecast.

Truist has upgraded Strategic Education from hold to buy, citing the company's favorable positioning in an attractive sector. Truist raised its price target to $125 from $110.

Morgan Stanley has upgraded Antero Resources from equal weight to overweight, citing the company's leverage to rising gas prices and exposure to the growing LNG fairway in the Gulf Coast.

Raymond James has upgraded Commerce Bancshares from market perform to outperform following an impressive earnings report.

Guggenheim has upgraded Group 1 Automotive from neutral to buy, recommending investors buy on the dip. The firm sees Group 1 Automotive as the best-positioned auto dealership company in the current market environment.

Benchmark has initiated coverage on Canoo with a buy rating and a $5 target price, citing the electric-vehicle company's potential for growth.

Loop has reiterated a buy rating on Netflix ahead of earnings on Thursday, emphasizing improving engagement metrics driven by easing competitive pressures.

Jefferies has initiated coverage on Nuvalent with a buy rating, highlighting the biotech company's strong expertise in structure-based chemistry and potential for developing best-in-class cancer therapies.

Truist has reiterated a buy rating on Amazon and raised its price target to $216 per share from $195, citing positive expectations for the company's first-quarter earnings.

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

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