Anika Begay
Here are Monday’s biggest calls on Wall Street: UBS reaffirms Nvidia as a buy UBS said it will hold Nvidia shares ahead of month-end earnings. “Following a series of client discussions and additional supply chain work, we are making only minor adjustments to our model, but our PT remains at $150.” Morgan Stanley reaffirms Disney as overweight The firm said it is bullish on Disney’s Experiences division. “We view the expansion of Experiences as notable given its long history of high and growing ROIC. … Last fall, Disney revealed plans to double capex in its Experiential business over the next decade. We now see its plans for both U.S. parks and its cruise fleet.” RBC rates Ardent Health as outperform RBC said the behavioral health company has a differentiated platform. “We are initiating coverage on Ardent Health Partners, Inc. (NYSE:ARDT) at Outperform with a $23 price target.” Wolfe Downgrades Qualcomm from Outperform to Peer Perform Wolfe said Apple’s use of its own in-house modem is finally having an impact on Qualcomm. “By downgrading QCOM from OP to Peer Perform due to a view that AAPL’s in-house modem will finally have an impact, Android premium has now normalized, and IOT growth (QCOM’s likely focus in their November analyst review) will likely be a harder sell for investors.” Wedbush Reiterates Apple Is Outperform Wedbush said it is bullish on the next iPhone cycle. “With anticipation from Wall Street and the broader tech industry building for Apple’s AI-driven iPhone 16 launch in September, our recent checks in Asia this week are giving us more confidence that this upgrade cycle will kick off a long-awaited growth resurgence for Cupertino in the year ahead.” Jefferies Upgrades Par Technology to Buy from Hold Jefferies said it is bullish on shares of the “pure-play” restaurant technology platform. “PAR has made significant progress in positioning itself for sustained, profitable growth.” Evercore ISI Adds Positive Tactical Call on Walmart Evercore said it is bullish ahead of earnings later this week. “Steady ship providing a port in the storm of consumer volatility. We are initiating a positive tactical trading call or TAP ahead of 8/15 earnings as we see 2Q comp and EPS in line with Wall Street and believe Walmart can maintain its full-year sales/earnings guidance.” HSBC Starts GE Vernova as Buy The firm said it is bullish on the energy company’s shares. “GE Vernova (GEV) is a leading provider of power generation and transmission/distribution equipment and services, well-positioned in our view to benefit from secular tailwinds in the energy sector. Piper Sandler Upgrades Robinhood to Overweight from Neutral Piper said in its upgrade to the stock that it sees an attractive entry point. “We also expect HOOD to benefit from the launch of a new web-based trading platform and the launch of index options and futures trading later this year.” Goldman Sachs Starts General Mills as a Buy Goldman said it is bullish on the food company’s shares. “GIS has a high-quality, diversified portfolio that aligns with current consumer trends, while private label risk exposure looks better than feared and the company has a strong history of more resilient margins than peers.” Piper Sandler Starts TWFG as Overweight Piper said it is bullish on the insurance broker’s shares. “We are initiating coverage of $1.06 billion market cap TWFG with an Overweight rating and a $27/share price target.” Canaccord Upgrades Blend Labs to Buy from Hold Canaccord said it is bullish on shares of the mortgage lending fintech. “With many of the major players in the mortgage lending industry as customers, Blend’s market share at this point means the company will be a material beneficiary of an increase in mortgage volumes.” Mizuho Reiterates Micron as Outperform The company lowered its price target on the stock to $145 per share from $155 but said it is holding the stock. “Maintaining Outperform on MU, STX, WDC while raising MU estimates and lowering PT to $145 from $155 on lower market multiples amid the recent AI pullback.” Goldman Sachs Starts Conagra as Buy Goldman said the food products company is best positioned. “We see CAG as a well-positioned frozen and snack portfolio that aligns with current convenience and consumer trends, while private label risk exposure looks better than feared.” Morgan Stanley Names Cummins a Top Pick Morgan Stanley said the machinery company is a top pick. “Move CMI to ‘Top Pick’ and reiterate Overweight as the preferred way to play the Data Center theme in Machinery.” Wells Fargo Reiterates Starbucks to Overweight Wells said it’s positive that the coffee giant continues to attract activist investors. “Starboard joins Elliott in the quest to revive SBUX, Fri reports. Details are scarce, but this isn’t Starboard’s first restaurant rodeo, adding more credibility to the ‘activist team’ and putting operational improvement into scope. We’re biased positive.” Bank of America Upgrades Liberty Global to Neutral from Underperform Bank of America said the media’s rating on the stock looks more positive. “Liberty announced 5 strategic moves to unlock value in its share price in February’s YE results. Wells Fargo upgrades Prudential and Allstate from underweight to equal weight Wells said in its upgrade of both insurance stocks that it is taking a “more defensive view.” “ALL is seeing results change in the auto sector and while we are more positive on PGR (sees better growth) we believe the worst is behind us for ALL. PRU has a strong capital base, continued momentum in its core businesses and alternative capital levers.” Deutsche Bank upgrades Eli Lilly from hold to buy Deutsche upgraded the stock after last week’s earnings. “LLY’s strong run and surge in 2Q24, in our opinion, has helped calm some nerves in a volatile macro environment.” Bank of America upgrades Churchill Downs to buy from neutral Bank of America said it likes the racing company’s growth pipeline. We are upgrading Churchill Downs (ticker: CHDN) from Neutral to Buy and raising our PO from $145 to $155 based on 13x 2025E EBITDA.” Bank of America upgrades Coherent from Neutral to Buy Bank of America upgraded the semiconductor maker and said it likes the operational turnaround. “We really like COHR’s choice of new CEO and industry veteran Jim Anderson, who is highly regarded for his previous turnaround at Lattice Semi.” HSBC upgrades Take-Two from Hold to Buy The firm said in its Take-Two update that the outlook is improving for the game maker. “We see improved prospects for mobile gaming and have greater confidence in the topline guidance as GTA6 [Grand Theft Auto] The release date is approaching and is confirmed by management along with a solid release pipeline.”
