Here are Tuesday’s biggest calls on Wall Street: Evercore ISI reiterates Alphabet as outperform Evercore raised its price target on the stock to $225 per share from $220. “In the wake of proprietary survey work, we are reiterating our Outperform on GOOGL and modestly raising our PT to $225 (implying almost 30% upside). GOOG remains one of our Top Picks in Large Cap ‘Nets.” Morgan Stanley reiterates Apple as overweight Morgan Stanley said it’s sticking with its overweight rating following the company’s Worldwide Developers Conference. “WWDC delivered slightly ahead of our expectations, with important building blocks in-place for Apple to drive a multi-year device refresh starting in FY25.” JPMorgan downgrades Cleveland-Cliffs to neutral from overweight JPMorgan said in its downgrade of Cleveland-Cliffs that fundamentals are “weakening” for the mining company. “Downgrading to Neutral ($17 PT) on Weakening Fundamentals, Rising Capex Needs, and Lack of N-T Growth.” Oppenheimer reiterates Nvidia as outperform Oppenheimer said it’s sticking with its outperform rating on shares of Nvidia and raised its price target to $150 per share from $110 following the stock split. “We see NVDA as best positioned in AI, benefiting from their full stack AI hardware, networking, and software solutions. We’re raising our target to $150 from $110 (split-adjusted).” Morgan Stanley reiterates Ford as a top pick Morgan Stanley said the automaker remains a top pick at the firm. “We believe Ford is demonstrating increasing understanding that its current EV strategies have to change materially.” Baird reiterates Tesla as outperform Baird said it’s sticking with its outperform rating heading into Thursday’s shareholder meeting. “The annual meeting of shareholders will be held this Thursday during which we expect Musk’s pay package to be ratified by shareholders. While this does not guarantee an end to the saga initiated by the Delaware court’s decision in January, we believe reapproval would reduce an overhang on the stock and alleviate some worries about Musk’s attention to TSLA.” Baird reiterates First Solar as outperform Baird raised its price target on the stock to $344 per share from $246. ” FSLR is a backdoor way to play the rise in AI/data centers as hyperscalers seek power away from the grid, and we expect shares to continue recent strength.” Evercore ISI initiates Confluent as outperform Evercore said shares of the system software company are attractive. “We believe CFLT is the runaway market leader in the nascent $60bn+ (and growing) data streaming market, and we remain in the early innings of companies leveraging real-time data across their organizations as part of their data modernization and GenAI strategies.” Cantor Fitzgerald initiates Bitdeer Technologies as overweight Cantor said the bitcoin mining company has re-rating potential. “We are initiating coverage of Bitdeer Technologies Group (BTDR) with an Overweight rating and $13 PT.” Piper Sandler initiates AppFolio as overweight Piper said shares of the software company are attractive. “We are initiating coverage on APPF at Overweight based on confidence in the new leadership team (complete makeover since 2020) that has helped supercharge this vertical SaaS [service-as-a-software] model via new pricing, fintech, and AI monetization levers that appear sustainable.” Citi reiterates Broadcom as overweight Citi said it’s bullish heading into earnings on Wednesday. “We reiterate our Buy rating on AVGO given upside from AI strength and EPS accretion from the VMware acquisition.” JPMorgan initiates Shopify as overweight JPMorgan said it’s bullish on the e-commerce company. “SHOP is one of the largest publicly traded payment facilitators with a real competitive moat that warrants a premium valuation, in our view.” Barclays initiates Geron as overweight Barclays said in its initiation of the biotech company that it’s bullish on the company’s blood disorder drug, Rytelo. “We are launching coverage of GERN shares with an Overweight rating and $9 price target, supported by our NPV [net present value] sum-of-parts.” Piper Sandler reiterates Trade Desk as overweight Piper said the digital marketing company is a top idea. “We continue to view Trade Desk as our top large cap idea even after the ~30% YTD move in the stock, as we have confidence that the company can sustain its 20%+ year over- year growth rate over a multi-year period.” Bernstein initiates On Holding as outperform Bernstein said it’s bullish on shares of the shoe company. “Following On’s rapid ascent and seemingly ubiquitous presence on feet everywhere, the key question is: Can this brand sustain strong double-digit growth, or is this a trend that has peaked? We argue the former, initiating coverage with an Outperform rating and $50 TP.” BTIG upgrades Staar Surgical to buy from neutral BTIG said the company that makes implantable lenses for the eye is seeing a China recovery. “In sum, STAA mgmt. has done what they can to put shares in a position to be successful. Our biggest hang-up has been the Chinese economy; it’s no secret that data shows that the Chinese consumer is weak, and this has bled into the Chinese refractive surgery market as LVC prices have come down while competition is high.” D.A. Davidson adds Broadridge to its ‘Best-of-Breed’ list DA added the capital markets company to its top idea list. “We believe Broadridge exhibits the majority of the characteristics (11 of 12) we value in the Best-of- Breed Bison initiative.” Citi reiterates Uber as a top pick Citi raised its price target on the stock to $96 per share from $93. ” Uber remains one of our top-picks across the Internet sector. We reiterate our Buy rating and raise our TP to $96 given improved visibility, multiple growth levers, and expanding margins.” D.A. Davidson upgrades Apple to buy from neutral D.A. said in its upgrade of Apple that it thinks AI will lead to an “iPhone upgrade cycle.” “We believe the AI capabilities unveiled at yesterday’s WWDC will lead to an iPhone upgrade cycle which leads us to upgrade shares to a BUY from Neutral.” Barclays reiterates PepsiCo as overweight Barclays said it’s sticking with its overweight rating on the stock despite a bumpy macro in the salty snacks category. “And ultimately we believe PEP intends to ride out this macro storm and wait for the consumer environment to improve, rather than make wholesale strategic changes that could inject some short-term fuel into the category but would ultimately just take dollars out of the category.”
