Wednesday’s Biggest Analyst Calls: Nvidia, Netflix, Dell, Gm, Sunpower, Alphabet, Nio, Tesla, Exxon & More

‍Here are the major calls on Wall Street for Wednesday:

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UBS Reiterates Buy Rating for Nvidia

UBS continues to recommend buying Nvidia shares as the company approaches its earnings report on May 22. UBS maintains a bullish outlook and a price target of $1150.

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Bank of America Reaffirms Buy Rating for Alphabet

After attending Alphabet’s Developer Conference, Bank of America remains optimistic about Alphabet's AI initiatives. They believe Google's growing AI integrations will enhance usage and spending across Search, Cloud, and Workspace.

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JPMorgan Upgrades Nio to Neutral

JPMorgan has upgraded the Chinese electric vehicle maker Nio from underperform to neutral, noting improvements in the company’s strategy. Despite a recent volatile period, Nio’s stock has rebounded significantly.

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Cantor Fitzgerald Reaffirms Overweight Rating for Tesla

Cantor Fitzgerald continues to favor Tesla, especially impressed with its full self-driving (FSD) capabilities. Tesla recently reduced the FSD subscription price from $12,000 to $8,000 and the monthly fee from $199 to $99, which Cantor finds encouraging.

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Deutsche Bank Downgrades Six Flags to Hold

Deutsche Bank downgraded Six Flags from buy to hold, suggesting that investors might prefer Cedar Fair shares in their upcoming merger. They remain confident in the merger's completion but view Cedar Fair as the better investment option.

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Wells Fargo Initiates Overweight Coverage on Wave Life Sciences

Wells Fargo has started coverage on the biotech company Wave Life Sciences with an overweight rating, noting its interesting product and technology mix, and setting a price target of $11.

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Wells Fargo Names Nutrien a Top Pick

Wells Fargo has designated the fertilizer company Nutrien as a new top pick. They favor potash exposure in the second half of the year following strong first-quarter results.

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KeyBanc Reaffirms Overweight Rating for Netflix

KeyBanc is optimistic about Netflix, particularly regarding its upcoming presentation to advertisers. They believe Netflix's advertising initiatives are progressing well and are looking forward to insights from a Q&A session with the company’s leadership.

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TD Cowen Upgrades Janus Henderson to Buy

TD Cowen upgraded asset management firm Janus Henderson from hold to buy, citing underappreciated inflection points. They also raised their 2024-25 adjusted EPS estimates and increased the 12-month price target to $37.

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TD Cowen Upgrades TKO Holdings to Buy

Following strong first-quarter earnings, TD Cowen upgraded TKO Holdings to buy from hold, viewing it as a compelling entry point for the entertainment and wrestling company.

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Morgan Stanley Resumes Overweight Rating for Exxon

Morgan Stanley has resumed coverage of Exxon with an overweight rating, noting the company’s attractive growth potential and compelling valuation. They highlighted that Exxon trades at a significant discount to the broader market despite strong cash flow and shareholder returns.

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Morgan Stanley Reaffirms Overweight Rating for Palo Alto Networks

Morgan Stanley remains positive on Palo Alto Networks ahead of its May 20 earnings report. They anticipate a favorable outcome given conservative estimates and strong deal momentum.

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Bernstein Upgrades General Mills and Campbell Soup to Market Perform

Bernstein has upgraded General Mills and Campbell Soup from underperform to market perform, citing improvements in volume for the second half of the year.

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Wolfe Downgrades SunPower to Peer Perform

Wolfe Research downgraded SunPower from outperform to peer perform, indicating that the stock’s recent surge, driven by meme stock dynamics, is unsustainable.

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Morgan Stanley Names Dell a Top Pick

Morgan Stanley raised its price target for Dell and named it a top pick, driven by strong momentum in its AI server and storage businesses. The new price target is $152, up from $128.

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Stephens Names Cheesecake Factory a Best Idea

Stephens has designated The Cheesecake Factory as a best idea in their restaurant coverage, noting increased foot traffic.

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Barclays Reaffirms Overweight Rating for General Motors

Barclays continues to rate General Motors as overweight but describes it as a "show me" story due to the need to see improved profitability in their electric vehicle segment.

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Truist Initiates Buy Rating for Integer Holdings

Truist has initiated coverage on medical equipment company Integer Holdings with a buy rating, noting its unique position in the medtech sector and strong growth prospects.

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Oppenheimer Upgrades Alcon to Outperform

Oppenheimer upgraded Alcon from perform to outperform, anticipating several positive catalysts for the ophthalmology company, with a new price target of $103.

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Bank of America Reaffirms Buy Rating for Apple

Bank of America remains bullish on Apple ahead of the Worldwide Developer’s Conference in June. They are keen to see how Apple will integrate AI, particularly whether it will use OpenAI or Google for its cloud-based AI services.

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DA Davidson Reaffirms Buy Rating for Walmart

DA Davidson continues to rate Walmart as a buy, describing it as a best-in-class company with a sustainable competitive edge. They have added Walmart to their list of top long-term investments.

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