(This is CNBC Pro’s live coverage of Tuesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) An e-commerce giant and a social media name were among the stocks being talked about by analysts on Tuesday. Wolfe Research initiated coverage of Amazon with an outperform rating, calling for nearly 30% upside. Meanwhile, Loop Capital downgraded Reddit to hold from buy, citing a stretched valuation. Check out the latest calls and chatter below. All times ET. 5:45 a.m.: Loop Capital downgrades Reddit Loop Capital is moving to the sidelines on Reddit as it doesn’t “believe the upside reward meaningfully outweighs the downside risk.” Analyst Alan Gould downgraded the forum social network stock to hold from buy and reiterated a $75 per share price target. Gould’s forecast implies roughly 3% upside from Monday’s $72.98 close. “The stock is now trading at well over twice its March IPO price; a significant premium revenue multiple to its peers, and there will likely be selling pressure when the lockup expires on August 9,” Gould wrote on Monday. Reddit priced its initial public offering at $34 per share . “We believe users, revenue and adjusted EBITDA are likely to beat our and Street estimates,” Gould cautioned despite his downgrade. “Even if 2025 revenue is 10% ahead of our projection, which is already slightly ahead of consensus, a 10X revenue multiple would then suggest an $81 price target, which is not sufficient upside in our opinion to maintain the Buy rating.” — Brian Evans 5:45 a.m.: Wolfe Research initiates Amazon with outperform rating There’s no stopping Amazon , according to Wolfe Research. Analyst Shweta Khajuria initiated coverage of the e-commerce giant with an outperform rating. Her price target of $250 implies upside of 29.7% from Monday’s close. “At a high level, Amazon benefits from a) its leadership position in Retail, Digital Advertising, and Cloud Computing—three $1T+ market opportunities, b) differentiated value prop in each of these three verticals, c) exposure to new growth opportunities in Video, Groceries, Fulfillment (Buy with Prime), Health Care, Project Kuiper, Amazon Business; and d) an experienced management team,” Khajuria wrote. “In terms of near-to-mid-term fundamentals, we like the 2024 setup for Amazon. We expect accelerating [year-over-year] growth at AWS this year, ongoing Retail margin expansion, share gains in eCommerce driven by faster delivery speeds and mix-shift to everyday essentials, and new growth catalysts in the form of Prime Video, Grocery, and Amazon Logistics,” the analyst added. Amazon shares have been on fire this year, soaring nearly 27%. AMZN YTD mountain AMZN year to date — Fred Imbert
