Wednesday’s Biggest Analyst Calls: Nvidia, Meta, Tesla, Chipotle, Ferrari & More

Here are Wednesday’s major calls on Wall Street:

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Morgan Stanley Reiterates Tesla as OverweightMorgan Stanley is maintaining its overweight rating on Tesla, emphasizing that it's only a matter of time before other automakers capitalize on AI advancements. The firm suggests that investors will soon question whether companies like GM or Ford can leverage AI, given their low price-to-earnings ratios.

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Piper Sandler Reiterates Nvidia as OverweightPiper Sandler remains positive on Nvidia ahead of its earnings, stating that the company's fundamentals are strong. They believe any near-term weakness would be limited, as investors are likely to maintain or increase their positions anticipating growth in the latter half of the year.

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Morgan Stanley Reiterates Meta as OverweightMorgan Stanley highlights the monetization potential of Meta's Reels product as user adoption increases. They see further Reels adoption as a positive signal for revenue opportunities.

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Morgan Stanley Reiterates Dell as a Top PickDell continues to be a top pick for Morgan Stanley, particularly within the PC original equipment manufacturer (OEM) and original design manufacturer (ODM) landscape. The firm views Lenovo and Dell as well-positioned for AI-driven PCs.

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JMP Reiterates Coinbase as Market OutperformJMP maintains its market outperform rating on Coinbase, citing shifting political tides that favor digital assets. This shift is seen as a significant catalyst for Coinbase and similar companies.

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Oppenheimer Reiterates Costco as OutperformOppenheimer is bullish on Costco ahead of its earnings on May 30. The firm has increased its price target to $850 from $805, maintaining an outperform rating.

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Bank of America Reiterates Alphabet as BuyBank of America continues to recommend Alphabet as a buy following the company's annual Marketing Live event. They remain optimistic about the growing integration of generative AI across Google’s ecosystem, which is expected to drive higher usage and ad spend.

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Oppenheimer Reiterates Chipotle as OutperformOppenheimer has raised its price target for Chipotle to $3,485 per share from $3,300. They note that Chipotle’s relative menu pricing has improved, enhancing its value proposition as a traffic driver.

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Goldman Sachs Upgrades Shopify to Buy from NeutralGoldman Sachs upgrades Shopify to buy, citing a compelling entry point for investors. They see a 30% upside to their updated 12-month price target of $74.

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Piper Sandler Upgrades Kraft Heinz to Overweight from NeutralPiper Sandler upgrades Kraft Heinz, noting improved visibility for the company. They highlight the potential for increased revenues through new innovations in time-saving dispensers.

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Morgan Stanley Reiterates McDonald’s as OverweightMorgan Stanley stands by its overweight rating on McDonald’s. They acknowledge potential short-term challenges but believe McDonald’s can perform well in a competitive environment.

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Benchmark Reiterates Brunswick as BuyBenchmark is bullish on Brunswick, initiating coverage with a buy rating and a $100 price target.

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UBS Initiates JFrog as BuyUBS begins coverage of JFrog with a buy rating, anticipating durable 20%+ topline growth, high SaaS growth, and continued margin expansion.

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UBS Initiates Elastic as BuyUBS is optimistic about Elastic, initiating coverage with a buy rating and a $135 price target.

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Rosenblatt Reiterates Atlanta Braves Holdings as BuyRosenblatt maintains its buy rating on Atlanta Braves Holdings despite sale speculation, citing a merger-driven price target.

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Deutsche Bank Initiates Waste Management as BuyDeutsche Bank is positive on Waste Management, citing the company’s industry-leading capabilities that deliver solid, predictable results.

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Morgan Stanley Downgrades Box to Equal Weight from OverweightMorgan Stanley downgrades Box due to a lack of near-term catalysts and ongoing macroeconomic challenges affecting its growth prospects.

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Oppenheimer Downgrades Generac to Perform from OutperformOppenheimer downgrades Generac primarily due to valuation concerns after shares surpassed their price target of $145.

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Morgan Stanley Downgrades International Flavors to Equal Weight from OverweightMorgan Stanley downgrades International Flavors, seeing limited upside and aligning their outlook with current market expectations.

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Jefferies Upgrades Prudential and Lincoln National to Buy from HoldJefferies upgrades Prudential and Lincoln National, seeing appeal in Prudential for large-cap investors and in Lincoln National for those seeking deep value opportunities.

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Needham Upgrades Stryker to Buy from HoldNeedham upgrades Stryker, expecting significant margin improvement and revenue upside from new product launches.

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Morgan Stanley Reiterates Ferrari as OverweightMorgan Stanley reiterates its overweight rating on Ferrari, viewing it as a luxury company with high valuation potential rather than a traditional automotive manufacturer.

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Goldman Sachs Reiterates Microsoft as BuyGoldman Sachs remains bullish on Microsoft following the Microsoft Build conference, noting the company's leadership in AI adoption across the tech stack.

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Bank of America Downgrades Garmin to Underperform from NeutralBank of America downgrades Garmin, citing a valuation that is too high without justification from aggressive earnings targets.

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Bank of America Reiterates Goldman Sachs as BuyBank of America maintains its buy rating on Goldman Sachs, raising its price target to $525 per share due to increased multiples and the potential for upside to earnings forecasts.

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