Here are Monday's biggest analyst calls: Nvidia, Tesla, Netflix, Adobe, Amazon, Eli Lilly, Procter & Gamble & more
Here are Monday's biggest calls on Wall Street: Morgan Stanley reiterates Nvidia as overweight Morgan Stanley said the stock is a top idea after coming out of the company's recent TMT conference. " NVDA - rally in all AI exposed names leaves NVDA as a likely outperformer." Oppenheimer reiterates Netflix as outperform Oppenheimer raised its price target on the stock and said it sees subscriber upside for Netflix. "Raising target to $725 (was $615) and revisiting the bull case: ARM [adjusted revenue metrics] ramping in '24 and continued tailwinds to subscribers from paid sharing/advertising. Jefferies upgrades Choice Hotels to buy from underperform Jefferies upgraded the hotel chain after breaking off efforts to buy Wyndham. "We are upgrading CHH to Buy from Underperform as a result of the ceased efforts to acquire Wyndham Hotels." Jefferies reiterates Adobe as buy Jefferies said investors should buy the dip in shares of Adobe. "We expect ADBE to recover as it shares more details on its video AI roadmap - either at earnings, Summit conf., or soon after." Evercore ISI reiterates Tesla as in line Evercore said it feels more constructive on the stock following a tour of Tesla's giga factory but that it's sticking with its in line rating. "Nothing is quite like seeing the process first hand. Last week we had the opportunity to take investors through Tesla's Austin Gigafactory, test drive the Cybertruck & Highland Model 3 & meet w/ IR." JPMorgan upgrades Kingsoft Cloud to overweight from neutral JPMorgan said it sees margin expansion for the cloud company. "We forecast Kingsoft Cloud's margin expansion pace to beat market expectations even without a major revenue turnaround in the near term, driven by: 1) a favourable revenue mix shift to higher-margin business." JPMorgan initiates Duolingo as overweight JPMorgan initiated the language learning company and says it sees "premium revenue." "We are initiating coverage of Duolingo (DUOL) with an Overweight rating & $270 Dec 24 PT." Wolfe upgrades Xcel Energy to outperform from peer perform Wolfe said that despite the massive losses from the Texas wildfires that it sees an attractive entry point. " XEL lost $4B in value on the TX fire. We think damages likely prove under the $500M insured. Future fire risk likely keeps XEL below prior premiums." Morgan Stanley downgrades Hyatt to equal weight from overweight Morgan Stanley said in its downgrade of the stock that risk/reward is more balanced. "We are downgrading Hyatt to Equal-weight from Overweight as the pivot to asset light and simplification of the business model has driven outperformance, leaving a more balanced risk-reward." JPMorgan initiates Saia as overweight JPMorgan said it sees a "new chapter for growth" for the freight company. "Saia has transformed from a regional to a national LTL carrier through significant investment and consistent execution." Stifel upgrades Staar Surgical to buy from hold Stifel said in it's bullish on the implantable eye lens company. "We aren't pounding the table harder yet--we need better long-term US conviction and visibility into STAAR's ability to withstand China competition--but we think STAA is a $50 stock before it's a $25 one. Upgrading to Buy." Morgan Stanley downgrades Petrobras to equal weight from overweight Morgan Stanley said in its downgrade of the stock that it has "lower confidence on dividend yield support" for Petrobras shares. "A split decision about extraordinary dividends prompts us to move to the sidelines, even if we still see upside and a base dividend of ~12% remains healthy." Morgan Stanley reiterates Eli Lilly as overweight Morgan Stanley said the next catalyst for Eli Lilly is the results from the company's sleep apnea trial. "Continuing to build the diabesity data moat - sleep apnea data up next." Truist upgrades Procter & Gamble to buy from hold Truist said the stock is nearing an "inflection point." "In our opinion, if PG can post volume growth in the coming quarters, it will break from the CPG pack (especially its food peers, for whom we expect volume declines to continue) which should result in improved valuation for PG shares." Truist upgrades Freshpet to buy from hold Truist said in its upgrade of the pet food health company that it sees volume growth. "We are upgrading FRPT to Buy from Hold, raising our 12m PT to $135 from $120 and maintain our recently raised ests." Guggenheim names Nike a best idea Guggenheim said the athletic retailer is now a top idea. "Key Message: This morning, we are adding Nike as our Best Idea. At $99, we think the (14%) pullback in the shares over the last 3 months has presented a compelling entry point in the shares with a favorable risk/reward ratio at these levels." Jefferies upgrades PDD to buy from hold Jefferies said it's getting bullish on shares of the China retailer. "Among ecommerce names, share prices of PDD dropped more than 20% YTD; we upgrade the stock to Buy as we believe that concerns on geopolitical risks are priced in, and Temu's market share gain story in domestic and overseas markets is intact." Morgan Stanley initiates Phinia as overweight Morgan Stanley initiated the auto components and supplier company and says it's a "key beneficiary of the EV reset." "We believe PHIN is the purest expression of our 'ICE is Nice' thesis that can generate substantial cash flows for longer than the market anticipates at ~4x EBITDA." UBS upgrades Foot Locker to neutral from sell UBS said in its upgrade of Foot Locker that the "thesis has played out." "Our thesis has mostly played out. One year ago the sell-side was forecasting $4.50 in EPS for FY24. It now forecasts $1.60. We see less downward EPS revision risk." JPMorgan initiates Kaspi as overweight JPMorgan initiated the fintech company with an overweight and says it's a "leading super payment app." "We are launching coverage of Kaspi.kz, a Kazakhstan-based super app, with an Overweight rating and a $159 Dec 24 price target, representing 50% upside from current levels." UBS reiterates Apple as neutral The firm said Apple sales in China remain under pressure. " Apple remains the 'preferred' brand in the US, but under pressure in China." Morgan Stanley reiterates Meta as overweight Morgan Stanley said it's standing by shares of Meta. "GenAI top-line drivers remain rarer, as companies on multi-year infra. layer build, but META farthest along on user/platform tools driving incremental revs." Goldman Sachs reiterates Amazon as buy Goldman said it's standing by shares of Amazon. "Increasing momentum building around a few key narratives – improved AWS revenue growth, more linear North America operating margin recovery and sustained/stable performance for their global eCommerce revenue;