It was Wednesday’s biggest call on Wall Street: Morgan Stanley downgraded Rivian as overweight Morgan Stanley raised its price target on Rivian to $17 a share from $13. “The VW partnership gives RIVN the opportunity to try a ‘Houdini-like’ escape maneuver from the burden of EV manufacturing.” Susquehanna reiterates Nvidia as positive Susquehanna says it maintains a positive rating on shares of Nvidia. “For AI, the review remains firm but we continue to believe that a higher and higher revision ratchets bar for previous AI guidance (for NVDA, AMD, AVGO, MRVL, etc.) will be needed to push the stock higher.” UBS reiterates Apple as neutral UBS said it sees Apple’s results as “in-line” when the company reports on August 1. “Although the market has focused almost exclusively on FY25 financial metrics, recent checks and analysis of demand trends suggest in- line print June and guide Sept , albeit with some minor adjustments.” Jefferies upgrades UnitedHealth to buy from hold Jefferies upgrades UnitedHealth after earnings. “U/G to Buy: 2Q Clean Enough to Focus on Superior ’25 Setup.” KBW upgrade Progressive to outperform the market do KBW upgrade stocks below earnings. “We upgrade PGR stock to Outperform from Market Perform and raise our target price to $245 from $210 after the June 2024 earnings report.” Bernstein downgrades Chevron to the market perform than outperform Bernstein said in the downgrade of the stock that is concerned about oil prices. “We reduce the oil price outlook for the next 18 months by a modest $ 5 / bbl. That is a rather modest change we recommend a strange rotation from CVX (down for MP) to HES (upgrade for OP). UBS started Sweetgreen as a buy UBS said the restaurant chain had “margin potential.” “We started with a Buy rating and a $31 PT.” TD Cowen downgraded Schwab to a buy (see 7/16) and a disappointing Q call, we maintain our downgrade from Buy to Hold; lowered its ’24-26E EPS and cut its 12-month SOTP price target to. $71 vs. $88 previously.” Deutsche Bank added a catalyst call purchase on International Flavors Deutsche said it was bullish on Shares heading into earnings in early August. “We expect this ‘beat and raise’ to be driven by increasing volumes in the majority of IFF business, price and productivity actions which caused more headwinds than headwinds in ’24.” Mizuho upgraded Valero to buy from neutral Mizuho said there are many positive catalysts ahead for the oil refinery company. “..we believe that among the big names VLO offers the best exposure for the main themes for the sector, namely: (1) higher exposure to the US coastal market, (2) the complexity of converting raw diets, (3) low secondary. products and produce higher gasoline..” Morgan Stanley downgrades Five Below to equal weight Morgan Stanley downgrades the stock after earnings. “Management transition increases uncertainty about unit growth and investment needed to reinvigorate sales. Estimates will be lower and risks can still go down.” Citi added a negative catalyst watch on Hershey Citi lowered its price target on the stock to $188 per share from $204 and said it maintains a neutral rating. “We see risks to the outlook for sales and earnings HSY 2H24, with more challenges in 2025 when high-priced cocoa starts to flow through the P&L. Catalyst Watch 30 days). TD Cowen downgrades American Airlines held back from buying TD Cowen says it sees downside risk for the airline. “We are downgrading AAL from Buy to Hold. We have been concerned by the operator’s aggressive discounts this summer and believe there is a downside risk to the 2H24 RASM/EPS (revenue per available seat mile) forecast”. Barclays reiterates Tesla as an equal weight Barclays raised its price target on the stock to $225 per share from $180 heading into next week’s earnings. “Tesla approaches 2Q EPS call with interesting setup.” Evercore ISI adds AutoZone to its five good list Evercore adds the stock to its five good portfolio. The company has a higher rating on the stock. “AZO remains a favorite name, up 10% since we removed it in February, while Comps look set to increase in the coming quarters and the stock trades at just 17.5x 2025 estimates.” Citi added a positive catalyst watch on MasterCard Citi said it is bullish heading into next week’s earnings. “We are looking for in-line-to-better June-24 quarter results for Mastercard with possible modest upside.” Oppenheimer downgrades Morgan Stanley to outperform Oppenheimer downgrades Morgan Stanley after earnings mainly in value. “Solid Quarter But Lowers Stocks to Perform as Exceeds Target.” Bank of America initiates Axon as a buy Bank of America says the security technology company is well positioned for upside. “We initiated coverage of Axon Enterprise (NASDAQ: AXON ) with a Buy rating and a price objective of $380.” HSBC downgrades Qualcomm to continue from the purchase HSBC said it sees a lack of catalyst for Qualcomm. “Smartphone concerns remain while PC AI narrative less bullish than expected. Downgrade to Hold; raise TP to USD200 (from USD190).” Guggenheim reiterates Netflix as a buy Guggenheim said he is sticking with a buy rating on Netflix heading into Thursday’s earnings. “We see the company as well-positioned for continued operating margin expansion to mid-30% over the next five years, which supports our long-term outlook and BUY rating. We raise our price target to $735 (from $700) as detailed in deep.” UBS reiterates Micron as a buy UBS says it sticks with a buy rating on the shares of Micron. “We remain bullish on the stock as HBM (high bandwidth memory) creates the potential for a more durable cycle and the most resistant path remains upward as gross margins are higher through C2025.” Bank of America reiterates Microsoft as a buy Bank of America raised its price target on the stock to $510 per share from $480. “We completed a round of Microsoft partner calls ahead of Q2FY24 results, to be reported on July 30. Most partners tracked above or in line with expectations, generally consistent with Q3.” Needham reaffirmed Amazon’s buyout Needham raised his price target on the stock to $210 per share from $205. “Our AMZN investment thesis is: a) it is a Service company with fast margins, and the guarantee is rising in GenAI; and b) AMZN’s track record of building large businesses from scratch (for example, Cloud and Advertising) reduces. reporting operating margins and hiding the creation value in the shadows.”
On Wednesday, the top stocks on Wall Street were Nvidia
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