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Wednesday's Biggest Analyst Calls: Nvidia, Tesla, Exxon, Coinbase, Cava, Alphabet, Amazon, Block & More

April 10, 2024
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Below are the significant updates from Wall Street on Wednesday:

Morgan Stanley maintains Nvidia's overweight rating and raises its price target to $1,000 per share from $795, citing the company's pivotal role in AI exposure. The firm believes Nvidia continues to excel in this domain, warranting continued investment.

Bank of America reaffirms its buy rating on Nvidia, asserting its confidence in the stock despite potential short-term consolidation. The firm believes the company's solid fundamentals position it well for future growth, setting a price target of $1,100 per share.

Piper Sandler reiterates Tesla as overweight, albeit with a reduced price target of $205 per share from $225. The firm acknowledges challenges in Tesla's Q1 deliveries and a subdued demand outlook for 2024/2025 but remains optimistic about the company's full self-driving software prospects.

Jefferies designates Zillow as a top pick, recognizing significant opportunity in the online housing market. The firm views Zillow's position favorably and highlights its potential for growth.

Mizuho renews its buy rating on Block, elevating its price target to $106 per share from $99. The firm anticipates increased focus on Cash App and Square ecosystems, potentially driving substantial growth beyond 2024 projections.

Bank of America maintains its underperform rating on Coinbase, adjusting its price target to $110 per share from $92. The firm cites market unpredictability and regulatory risks as factors contributing to its cautious outlook.

Barclays upgrades Visteon to overweight from equal weight, citing promising growth narratives in the auto manufacturing sector. The firm anticipates accelerated growth in EBITDA through 2026.

Bank of America reaffirms its buy rating on Alphabet, emphasizing the company's AI innovations showcased at the Google Cloud Next event. The firm views these developments positively, reinforcing its bullish stance on the stock.

Citi upgrades International Flavors to buy from neutral, recognizing the company's turnaround potential within the industry. The firm believes IFF is well-positioned for recovery and margin expansion in FY24.

Goldman Sachs initiates Alcon as a buy, highlighting diverse growth drivers within the ophthalmology sector. The firm views Alcon's core businesses favorably and anticipates solid growth moving forward.

Barclays initiates Chevron and Exxon as overweight, citing enhanced value propositions within the sector. The firm favors companies with strong cash flow growth, significant shareholder returns, and under-leveraged balance sheets.

TD Cowen upgrades Firstcash to outperform from market perform, noting the company's strong performance in the pawn shop industry. The firm sees growth potential in FCFS, driven by counter-cyclical growth and low credit risk.

William Blair initiates Vital Farms as outperform, recognizing its strong position in the clean label food industry. The firm believes Vital Farms is well-positioned for growth within this market segment.

Canaccord initiates Hims and Hers as buy, citing a favorable long-term outlook for the telehealth company. The firm sees potential in Hims and Hers' subscription revenue stream and expanding margins.

Argus upgrades Cava to buy from hold, identifying a buying opportunity following a recent stock sell-off. The firm believes CAVA is primed for growth and warrants inclusion in its buy list.

Truist downgrades Deckers to hold from buy, citing softening trends in Hoka direct-to-consumer sales. The firm's survey suggests weakening demand for Hoka products, prompting a reassessment of its rating on Deckers.

Morgan Stanley reiterates General Motors as overweight, raising its price target to $46 per share from $43. The firm updates its GM model, reflecting increased earnings expectations and reaffirming its bullish stance on the stock.

Bank of America upgrades Albemarle to buy from neutral, anticipating a rebound in lithium pricing. The firm believes Albemarle is poised to benefit from improving market fundamentals.

Deutsche Bank reaffirms its buy rating on Amazon, citing favorable industry trends and expectations of strong revenue performance. The firm views Amazon as a top pick in the e-commerce sector, particularly ahead of earnings.

KeyBanc upgrades GoodRx to overweight from sector weight, driven by improving data trends. The firm sees positive momentum for GoodRx and CERT, warranting a more bullish outlook.

Goldman Sachs initiates PG&E as a buy, citing earnings growth potential and favorable market dynamics. The firm views PG&E as well-positioned to capitalize on thematic opportunities and cost discipline.

Bank of America upgrades Canadian National to buy from neutral, reflecting improved volume trends and favorable grain crop conditions. The firm raises its rating on Canadian National, anticipating double-digit earnings growth in the near term.

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

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