Here are Monday’s biggest calls on Wall Street: Cantor Fitzgerald reiterates Nvidia and Broadcom as overweight The firm said both companies remain top ideas at the firm. “”Our Top Picks remain NVDA , AVGO, MU, MRVL and WDC.” JPMorgan reiterates Apple as overweight The firm said it’s standing by Apple ahead of earnings later this week. “We expect a balance of better-than-expected Sep-Q (F4Q) results as well as weaker than expected guidance for Dec-Q (F1Q25) – which in the backdrop of Apple’s typical practice of beating its own guidance is likely to set up the shares interestingly heading into the F4Q24 (Sep-Q) print.” Morgan Stanley initiates FrontView REIT as overweight Morgan Stanley said the commercial real estate investment trust company is well positioned. ” FVR is a differentiated net-lease platform solely focused on outparcel properties with frontage.” Morgan Stanley downgrades Global Foundries to equal weight from overweight Morgan Stanley said it sees rising competition for the semis company. ” Global Foundries continues to benefit from strategic position, but benefits need to be weighed against to slower semi market recovery and more challenging competitive backdrop:” Baird upgrades Aaon to outperform from neutral Baird said commercial HVAC company is receiving “significant liquid cooling orders” including for data centers. “On Friday, AAON announced orders from one data center customer totaling ~$175m for custom-designed thermal management equipment supporting a liquid cooling deployment for that customer’s data centers.” Canaccord reiterates Tesla as buy The firm raised its price target on the stock to $298 per share from $278 and said the stock is “poised to outperform.” “We see Tesla’s stock as poised to outperform given 1) the accelerating trends in its P & L, 2) potential for growth outperformance relative to its Mag7 peers starting in 2025, and 3) favorable technical outlook. Without upcoming new products in 1H25, Tesla is a near-to-medium term product cycle story.” Jefferies initiates Core Scientific as buy Jefferies said the bitcoin mining company is well positioned. “CORZ’s journey over the past year represents an impressive post-bankruptcy comeback story as the company leverages its significant access to power — previously earmarked for Bitcoin mining — to build AI-focused data centers.” Morgan Stanley upgrades Nutanix to overweight from equal weight Morgan Stanley said the cloud computing software company is well positioned. ” NTNX positioned well to take share from the > $5bn VMW franchise, with upcoming VMW renewals, Dell/Cisco partnerships, architectural changes as catalysts.” Wells Fargo names Spotify a top pick Wells said it sees margin expansion ahead for the music streamer. “Our analysis of incremental gross margins indicates further expansion ahead of consensus. We think SPOT’s strategy + evolving industry dynamics support the flow-through.” Raymond James downgrades Frontier Wolfe upgrades Dover to outperform from peer perform Wolfe said it sees a slew of positive catalysts ahead for the global manufacturer. “We are upgrading DOV from PP to OP rating following 3Q24 results that provided better visibility into the 2025 bridge.” Wolfe downgrades Honeywell to peer perform from outperform Wolfe said it sees too many negative catalysts ahead for Honeywell. ” HON has struggled for the past 2 years, and we have now become less optimistic that headwinds will resolve over the next 12 months; we see risk of another wave of negative EPS revisions during 1H25.” Morgan Stanley downgrades Ciena to equal weight from overweight Morgan Stanley said it sees a more balanced risk/reward for the networking and systems software company. “We believe CIEN is well-positioned for the AI opportunity, with increased investor recognition of this driving stock up ~45% YTD. We see upside to long term estimates driven by AI, but think meaningful upside to near term expectations more limited, given the re-rating.” Piper Sandler initiates Bowlero as neutral Piper said the risk/reward is balanced for the bowling company. “From a stock perspective, however, we see the Risk-Reward as relatively balanced at current levels; which we say with BOWL’s balance sheet leverage and the broader U.S. consumer backdrop at the forefront of our minds.” Goldman Sachs reiterates Walmart as buy Goldman said the big box retail giant is best positioned. “We believe WMT is well positioned to continue driving solid earnings growth for the remainder of the year, supported by market share gains given its compelling proposition for value and convenience, while its profitability profile should also improve as the company continues to scale its alternative revenue businesses, noting that operating income outpaced sales in 2Q.” Bank of America initiates Antero Resources as buy Bank of America says it’s bullish on the hydrocarbon exploration company. ” Antero is one of the largest producers in Appalachia, with 3.4 billion cfe/d of total production, from operations that mainly focus on the liquids-rich fairways of the Marcellus and Utica formations in West Virginia.” Macquarie upgrades Nio to outperform from neutral The firm said it sees rising volumes for the China EV company. “The notable exceptions were NIO and XPeng, which saw lagging YoY growth, but have both recently launched mass market models – ONVO L60 and MONA M03. Thus, we expect NIO and XPeng volumes to rise significantly in 4Q.” Bernstein initiates StandardAero as outperform Bernstein said it’s bullish on the aerospace gas turbine engine company. ” SARO should benefit from a very strong commercial aero aftermarket that has driven shares of other players much higher.” Wedbush adds Roblox to the best ideas list The firm said it sees robust revenue growth ahead. “We are adding Roblox (RBLX) to Wedbush’s Best Ideas List as we expect company revenue growth to outpace the industry for the next three years on continued traffic growth, growth in advertising, the potential for adding recurring revenues from season passes and a change to the developer pay structure announced September 6.” Stifel downgrades Colgate-Palmolive to hold from buy The firm said comps look challenging. “We downgrade shares of Colgate-Palmolive to Hold from Buy and reduce our price target slightly to $101, 17x 2025E EBITDA, with 2024-2026 estimates largely unchanged.” Oppenheimer reiterates Shake Shack as outperform The firm said the burger chain is a new top idea. “After a careful evaluation, we now elevate SHAK into our restaurant ‘top picks.’ Despite its +97% run over last 12 months (vs. S & P’s +39%), valuation still screens highly attractive relative to growth peers, particularly if our earnings revision thesis unfolds.” Monness Crespi Hardt initiates Coinbase as buy Monness says it’s bullish on the crypto company. “We initiate Coinbase at Buy and a $245 price target. Underpinning our thesis are the following views: We see Coinbase as a long-term crypto Exchange/Custody/Services winner, owing to its first-mover advantage, superior technology, and leading compliance. Stifel reiterates Amazon as buy The firm said it’s still a top pick ahead of earnings. “Overall, we remain highly selective in e-Commerce and prefer AMZN, which remains a top pick (Buy, $187.83) with more upside to N.A. margins, AWS acceleration, and continued advertising growth.”
