Here are Wednesday's biggest analyst calls: Nvidia, Tesla, Super Micro, Coinbase, Apple, Microsoft, Rivian & more
Here are Wednesday's biggest calls on Wall Street: Raymond James initiates Legend Biotech as outperform Raymond James said it's bullish on shares of the biotech company. "We are initiating coverage of Legend Biotech (LEGN) with an Outperform rating and a price target of $86." Wells Fargo downgrades Tesla to underweight from equal weight Wells said in its downgrade of Tesla that it's concerned about decreasing demand. "We expect volume to disappoint as px [price] cuts are having a diminishing impact on demand." Citi opens a positive catalyst watch on Constellation Brands Citi said it sees beer trends accelerating for Constellation. "Hence, we are opening a 30-day positive Catalyst Watch expecting accelerating beer trends over the next four Nielsen releases. DA Davidson upgrades Nice to buy from hold DA said shares of the customer experience tech company are "attractively valued." "On the heels of strong 4Q23 results which displayed strong underlying growth dynamics and a better than expected profitability ramp, we are upgrading NICE to a BUY rating and raising our price target to $300 from $250." Bank of America reiterates Super Micro as buy Bank of America raised its price target on Super Micro to $1,280 per share from $1,040. "Well positioned in a growing AI server market." Bank of America reiterates Nvidia as buy Bank of America said the stock's valuation is "compelling." "Raise PO to $1100 (from $925) on top pick NVDA ahead of its GPU Tech Conference (GTC) beginning 3/18, with new 37x CY25 PE well within 26x to 69x historical range, though higher as NVDA AI TAM [total addressable market] grows rapidly." Goldman Sachs initiates Carnival & Royal Caribbean as buy Goldman initiates several cruise companies on Wednesday and said it sees pricing power and pent-up demand. "We initiate research coverage of Cruise stocks RCL, CCL and NCLH." Baird reiterates Boeing as a fresh pick Baird said it's extending its fresh pick status on the stock till summer. The firm has an outperform rating on shares of Boeing. "While the master production schedule could shift by 6-9 months, we believe that is very much priced into the BA stock at current levels. Bullish Fresh Pick extended to early June from early April." Bernstein reiterates Apple as market perform Bernstein said it's more "moderately constructive" on shares of Apple but that it's sticking with its market perform rating. "On net, we continue to see buybacks as key driver of Apple's financial model, but expect them to be ~200 bps/year lower over the next 5 - 10 years than in the prior, and see Apple's EPS growth in the high single digits." Goldman Sachs upgrades Moelis & Company to neutral from sell Goldman said the investment bank is an "an outsize beneficiary as the cyclical upswing begins." "Following Moelis' (MC) pullback post earnings we upgrade it to Neutral from Sell with a revised 12-month P/E-based price target of $58 (from the prior $53), implying 13% total return potential, inclusive of a 4.5% dividend yield. RBC upgrades Tri-Pointe Homes to outperform from sector perform RBC said it sees EPS upside for the home construction company. "We are upgrading TPH to Outperform from Sector Perform on an improved pricing outlook which we believe could translate to GM% and EPS upside as '24 progresses." Baird upgrades Texas Roadhouse to outperform from neutral Baird said the restaurant company's stock has more room to run. "While not our typical approach to upgrade stocks that are close to all-time highs, we argue that TXRH still may have plenty of room to run even when factoring in the recent strength." Citi initiates SPS as commerce as buy Citi said the cloud-based supply chain management company has upside potential. "SPSC and MANH have strong execution histories, with stable core businesses and promising avenues for incremental growth." Wells Fargo reiterates Microsoft as overweight Wells said it's standing by shares of the tech giant. "Upon closer examination of FQ2 results and review of upcoming price increases, we see further incremental tailwinds forming that should benefit both 2H24 & FY25 growth as MSFT aims to capitalize on its early lead in AI. Maintain 'OW' and $460 PT. Citi upgrades Nucor to buy from neutral and downgrades Cleveland Cliffs to neutral from buy Citi upgraded Nucor and said the steel company is poised for a rerating. The firm also downgraded Cleveland-Cliffs and said EBITDA continues to underwhelm. "Upgrade NUE on ROIC Re-Rating & Downgrade CLF as EBITDA Underwhelms." Jefferies initiates Cue Biopharma as buy Jefferies said it's bullish on shares of the biotech company. " Cue also has autoimmune assets that could garner partner interest and bring additional upside to the stock." Jefferies upgrades Southwest to hold from underperform Jefferies said in its upgrade of Southwest that the risk/reward is more balanced. "Upgrade to Hold: Low-Cost Momentum Resets; Shares Now Fairly Valued." Baird downgrades Fiserv to neutral from outperform Baird said the risk/reward looks more balanced for the financial services company. "We are downgrading to Neutral. We like the return to solid execution and beat/raise pattern, and appreciate Stephanie Ferris and Charles Drucker at the helms of FIS and Worldpay." JPMorgan upgrades Cooper Companies to overweight from neutral JPMorgan said top line trends are looking solid for the medical device company. "Looking back over the last several quarters, Cooper has done a good job of delivering continued strength on the top line and, importantly, translating this to more consistency on the bottom line as well." William Blair initiates Cellebrite as outperform William Blair said it's bullish heading into the software company's analyst day. "We are upgrading Cellebrite shares to Outperform ahead of the company's March 27 analyst day." BTIG initiates Bitdeer Technologies as buy BTIG said in its initiation of the bitcoin miner that Bitdeer has "ample opportunities for expansion." "Bitcoin Miner With Attractive Infrastructure Footprint with Technology Kicker. We Initiate with a Buy rating and $15 PT." Goldman Sachs initiates Immunovant a buy Goldman said the auto immune disease company has a best-in-class pipeline. "We initiate coverage of IMVT with a Buy rating and 12-month price target of $50 (60% upside potential)." JMP reiterates Coinbase as market outperform JMP said the crypto company remains well positioned. "We estimate $220B of flows into spot-Bitcoin ETFs over next three years, multiples of what has already been experienced; Coinbase remains well positioned if we are correct: Maintain Market Outperform rating and increase price target to $300 from ($220)." Morgan Stanley upgrades auto industry to attractive from in line Morgan Stanley upgraded the auto industry and said valuations look more attractive. "Lower spending levels. Increased cash returns. Openness to collaboration. Higher for longer ICE. Un-crowded positioning. Attractive valuation with catalysts." Bank of America upgrades Evergy to buy from neutral Bank of America said the risk/reward looks more attractive for shares of the energy company. "We upgrade shares of Kansas- and Missouri-based electric utility Evergy (EVRG) from Neutral to Buy due to the improving regulatory/legislative backdrop." Morgan Stanley initiates Idacorp as equal weight Morgan Stanley initiated the electric power generation company and said shares are fairly valued. "Accelerating sales growth has driven an inflection in the rate base outlook, but we think IDA' s shares fairly balance the upside growth opportunity against wildfire risk in its service territory." Morgan Stanley reiterates Rivian as overweight Morgan Stanley said Rivian's products remain exciting but that company still needs to figure out how to "generate a profit." " Rivian's exciting product unveil reminded investors of the company's strong design chops." Argus initiates Axon as buy Argus said it's bullish on shares of the weapons and tech company for law enforcement and civilians. "Launching coverage with a BUY rating and $380 target. Axon develops technology and weapons for law enforcement, military and civilians."