Here are Thursday’s biggest calls on Wall Street: Citi reiterates Nvidia as buy Citi said it’s bullish heading into Nvidia earnings next week. “NVIDIA reports Jul-Q after the market close on 8/23. We model ~$11B/$12B or in-line Jul/Oct sales and believe buy side expectations have gone up or ~$12B/$14B since last earnings report.” JPMorgan upgrades Alcon to overweight from neutral JPMorgan said it sees valuation upside for the eye care company. “Given the strong earnings momentum set out above, we think the market is likely to reassess the multiple.” Read more about this call here. Deutsche Bank reiterates Charles Schwab as buy Deutsche said it’s standing by its top pick status on shares of Charles Schwab. “We remain encouraged by the recent improvement in the pace of balance sheet deposit decline at SCHW , with client cash sorting continuing to moderate.” Jefferies initiates BeiGene as buy Jefferies said the biotech company is an “oncology powerhouse.” “A deep and broad pipeline will sustain long-term growth, and strategic partners Novartis and Amgen should further extend BGNE’s global reach.” Citi reiterates Apple as buy Citi said it’s bullish heading into the company’s iPhone 15 launch. “We continue to recommend our positive AAPL vs negative SWKS catalyst watch events going into iPhone 15 launch.” KeyBanc reiterates Apple as overweight Key said it sees an attractive risk/reward for shares of the tech giant. “We remain OW AAPL, maintain our $200 PT and below consensus Hardware revenue ests. for F4Q23.” Oppenheimer reiterates Nvidia as outperform Oppenheimer said it’s bullish on shares of Nvidia heading into earnings next week. The firm also raised its price target to $500 per share from $420. “We see upside to F2Q (July) sales/EPS of $11.1B/ $2.07 and F3Q (Oct.) $12.4B/$2.34 and are raising estimates.” Rosenblatt upgrades Coherent to buy from neutral Rosenblatt said investors should buy the dip in shares of the software networking company. “We view COHR as one of the two biggest beneficiaries in our coverage, along with Arista (ANET, Buy rated), from AI Networking.” JPMorgan reiterates Amazon as a best idea JPMorgan said it’s standing by its top pick status on the e-commerce giant.” ” AMZN is most diversified mega-cap across revs/profit & has numerous large growth opportunities.” BMO downgrades SL Green to market perform from outperform BMO said in its downgrades of the real estate investment trust that it sees a more balanced risk/reward. ” SLG’ s shares are up 56% over the past three months, as it successfully refinanced two Midtown assets in the face of significant investor scrutiny.” Evercore ISI names Pinterest a top pick Evercore said the company is benefiting from a stabilizing digital ad market. “Our new #1 pick. Per our recent upgrade, we see PINS benefitting from clear evidence of Digital ad spending at least stabilizing, and we see increasing evidence that the operational improvements new CEO Bill Ready has implemented over the past year on both the consumer and advertiser side are bearing fruit.” Bank of America upgrades Adobe to buy from neutral Bank of America Adobe that it will continue to be a big AI beneficiary. The firm also raised its price target to $630 per share from $575. “Upgrade to Buy and raise PO to $630 from $575 … given incremental growth likely to come from AI in FY24.” Read more about this call here. Citi upgrades América Móvil to buy from neutral Citi said investors should buy the dip in shares of the Mexico telecommunications company. “We upgrade AMX to Buy after ~20% pullback from recent May highs, while the first stage of the movement is likely explained by concerns about higher Capex.” Read more about this call here. Bank of America reiterates TJX Companies as buy Bank of America said the stock is “well positioned for continued market share gains.” “We reiterate our Buy rating as we view TJX as a market share gainer that is well positioned to benefit from trade-down and the high level of inventory availability.” JPMorgan reiterates Meta as overweight The firm said Meta is still a top pick and the stock’s valuation is compelling. “AI-driven improvements support ad stack, driving revenue re-acceleration.” Citi reiterates SoFi as buy Citi raised its price target on the stock to $12 per share from $10 and said it’s standing by its buy rating. “We like SoFi’s differentiated combination of consumer (lending, financial services) and enterprise (technology platform) services.” Bank of America reiterates Wells Fargo as buy Bank of America said Wells Fargo has one of the most attractive risk/rewards of the big banks. “Best risk/reward in the group, in our view.” Rosenblatt reiterates Nvidia as buy The firm raised its price target on the stock to a Street high $800 per share from $600. “We believe demand over the next several quarters is exceeding supply by at least 50%. Unconstrained, we believe Nvidia’s earnings for FY25 (CY24) would be in the high-teens from our current $10.35 estimate.” Read more about this call here. KeyBanc reiterates Sunrun, Sunnova and Enphase Energy as overweight Key said it’s standing by shares of Sunrun , Sunnova and Enphase . “Despite NT headwinds, we believe all three names present attractive MT-LT [medium-term/long-term] investment opportunities, particularly given depressed valuation levels, and we’re sticking with our Overweight ratings on all three.”
