Here are Tuesday's biggest analyst calls: Nvidia, Tesla, Apple, Disney, Microsoft, AMD, Amazon, Adobe & more
Here are Tuesday's biggest calls on Wall Street: Wells Fargo reiterates Microsoft as overweight Wells raised its price target on the stock to $425 per share from $410 and said it still sees a slew of positive catalysts. "Post FQ1 results, we are revisiting our Q4 tactical call on MSFT . We see a favorable catalyst path still ahead, inc. updates at this week's Ignite conf + future evidence of Copilot monetization." Needham initiates Docebo as buy Needham said the learning management software company has a large total addressable market. "Our industry work suggests that learning/training are top priorities for HR buyers heading into 2024 and the TAM [total addressable market] for Docebo is significant, at $25B." Deutsche Bank upgrades Take-Two to buy from hold Deutsche said in its upgrade of the video game company that it has "increased long-term visibility." "We are upgrading Take-Two to Buy (from Hold), and increasing our 12-month price target to $175 (up from $155)." UBS upgrades Agiliti to buy from hold UBS said in its upgrade of the medical equipment company that it sees plenty of upside. "We upgrade AGTI to Buy ahead of cost improvement upside, execution of a turnaround plan, and a solution for a challenged customer base." Morgan Stanley downgrades Freyr Battery to equal weight from overweight Morgan Stanley said the battery maker faces "significant challenges." "While cash burn is manageable the stock should trade at discount to cash value until FREY shows progress on its sample cell campaign." Barclays upgrades Fortrea to overweight from equal weight Barclays said in its upgrade of the health contract research company that it sees improved bookings. "We upgrade FTRE to Overweight from Equal Weight on a stronger bookings trajectory that is likely to start flowing through to an improving top line and OpEx discipline that likely leads to EBITDA upside in '24." Barclays upgrades Mosaic and Nutrien to overweight from underweight Barclays upgraded several potash and aggriculture companies and said a compelling entry point. " MOS, NTR and ICL - Potash producers go all-in. We upgrade MOS and NTR to OW from UW, and ICL to OW from EW, as we see an attractive entry point after recent relative underperformance." JPMorgan downgrades BeautyHealth to underweight from neutral JPMorgan said there are too many negative catalysts for the beauty company. "We think investors were prepared for a softer quarter from BeautyHealth given the aesthetic prints weve seen to date; however, there's clearly more to unpack from a 3Q23 headlined by both a significant negative revision to the financial outlook and the exit of CEO Andrew Stanleick." Bernstein reiterates Apple as market perform Bernstein said it's analysis shows Apple is seeing gross margin improvement, but that's standing by its equal weight rating on the stock. "Beyond FY 24, we believe that Apple may be able to sustain flattish product gross margins, but see overall margins improving 50-100 bps per year due to a continued mix shift to services." Redburn Atlantic Equities reiterates Amazon as buy Redburn said it sees "material upside" for shares of Amazon. "We see material upside for the stock, with AWS poised for a reacceleration, ecommerce performance remaining robust and free cash flow improving." Goldman Sachs reiterates Nvidia as buy Goldman said it's bullish heading into Nvidia earnings next week. "While we do not expect the debate around CY2025 earnings power to be settled on this upcoming earnings call, we expect strong FY3Q results and FY4Q guidance as well as constructive forward-looking commentary from management to reinforce our bullish view on the stock." Baird upgrades Aspen Technology to outperform from neutral Baird said in its upgrade of the software company that it has "best-in-class" profitability. " Aspen is known in the industry as an established player with 35+ years selling optimization software to process industries including over 2,100 customers globally." Bernstein upgrades Kraft Heinz to outperform from market perform Bernstein said the stock is cheap. "We are upgrading Kraft Heinz to Outperform with a TP of $40 due to its cheap valuation, fair relative positioning in a GLP-1 world given its protein-forward portfolio in the U.S., and an improved business model implemented under Mr. Miguel Patricio." Roth MKM initiates Marvell as buy Roth said the semiconductor company is well positioned. "We are initiating coverage on Marvell Technology (MRVL) with a Buy rating and a $60 price target. We believe MRVL's broad data-infrastructure-centric portfolio is well-positioned to benefit from high-performance data center infrastructure upgrades." Roth MKM initiates Advanced Micro Devices as buy Roth initiated the stock with a buy and said it has a "differentiated portfolio." "We are initiating coverage on Advanced Micro Devices with a Buy rating and a $125 price target. We believe AMD's differentiated portfolio of high performance compute/networking processors and accelerators represents a strong investment opportunity." Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it's standing by its overweight rating on shares of Tesla . "More than ever, we believe share price performance leaders/laggards will come down to capital efficiency." Evercore ISI adds Adobe to the core ideas list Evercore said the stock is well positioned heading into 2024. "While the ~78% move in Adobe shares YTD requires investors to have some patience in the near-term, we believe that Adobe is well positioned into CY24." TD Cowen upgrades Surgery Partners to outperform from market perform TD Cowen upgraded the surgical facilities company mainly on valuation. "We've patiently waited for an opportunity to recommend SGRY shares at what we deem a still-reasonable growth valuation." Barclays reiterates Disney as equal weight Barclays said it's having trouble finding upside for Disney shares. "While there could be enough variables to provide downside support at present levels, upside narrative, important for valuation expansion, remains difficult to articulate."