Here are the biggest calls on Wall Street on Monday: Bernstein reiterates Apple as outperform Bernstein said it sees a slew of positive catalysts ahead for Apple. “We see risk-reward on AAPL as positive, and rate the stock Outperform with a price target of $195.” Jefferies reiterates Nvidia as buy After a change in analysts, Jefferies resumed coverage of the stock with a buy and raised its price target to $1,200 per share from $780. “We believe it’s too early to sift out winners and losers in the AI basket yet, but NVDA is our favorite. NVDA maintains control over the entire ecosystem and is taking more pieces of the pie.” Barclays reiterates Micron as overweight Barclays raised its price target on the stock to $145 per share from $120. “Structural changes in the Memory market driven by AI make us believers that MU stock can move beyond the upper bounds of the historical range. PT to $145. HSBC initiates Delta, American and United as buy HSBC said it’s bullish on airline stocks like Delta, United and America, but says Delta is its “preferred” play. “Initiate coverage on Delta , United and American Airlines with Buy ratings, and on Southwest with a Hold rating; Delta is our preferred stock.” JPMorgan reiterates Netflix as overweight JPMorgan said it’s sticking with its overweight rating on shares of Netflix. “We believe NFLXs rebound reflects: 1) increased comfort w/both the 2024 reported revenue outlook & NFLXs decision to no longer report subscribers beginning in 2025; 2) recognition that NFLX is not subject to heavy AI-driven capex intensity like META, GOOGL, & AMZN. …” UBS initiates Ibotta as buy UBS said it sees upside for shares of the cash back rewards company. “We initiate on Ibotta, the cash-back rewards business, with a Buy and $125 PT Wells Fargo initiates Centuri as overweight Wells said in its initiation of Centuri that it’s bullish on shares of the utility infrastructure company. “Aging infrastructure + increasing power needs adds an attractive secular element. Leadership in a fragment market offers inorganic opportunities.” Piper Sandler initiates Visa and Mastercard as overweight Piper initiated coverage of both payment companies on Monday and says it’s bullish. “We are initiating coverage on Visa and Mastercard, with OW ratings. In our view, both MA and V are attractive businesses to own, given their scale, hard to replicate network, extensive FinTech ecosystem partnership, and tethered to sustainable secular growth within digital payments.” Evercore ISI adds a tactical outperform on Walmart Evercore added Walmart to its tactical outperform list ahead of earnings later this week. “We are initiating an Outperform Tactical Trading Call or TAP as we see 1Q Comp of 3.6% and EPS of $0.53 as attainable with potential for upside into their 5/16 earnings report.” Evercore ISI adds a tactical outperform on Target Evercore added Target to its tactical outperform list ahead of earnings on May 20. “Initiating an Outperform TAP ahead of earnings on 5/20, with upside to $170+, in our view, pending a solid guide/constructive tone into 2Q. Target appears poised for a positive traffic/share catch up starting in mid March as they cycle last year’s Pride assortment snafu.” Jefferies upgrades Royal Bank of Canada to buy from hold Jefferies said it likes the Canadian bank’s purchase of HSBC Canada. “We are upgrading RY to a BUY with a $157 target price (previously $136).” Wells Fargo upgrades Nexstar to overweight from equal weight Wells said in its upgrade of the media company that it has “confidence in equity returns.” “Upgrade to Overweight. NXST’s financial performance gives us increased confidence in equity returns. Susquehanna downgrades SolarEdge to neutral from positive Susquehanna downgraded the stock following earnings last week. “Following SEDG’s 1Q results last week, we are downgrading SEDG to a Neutral and lowering our price target to $56 as the timing of a recovery remains cloudy.” Bank of America downgrades Penn to neutral from buy Bank of America downgraded the stock following earnings in early May. “We are lowering shares of Penn Ent. (PENN) to Neutral from Buy following disappointing Q1 results (May 2). Key points: 1) ESPN Bet market share is below expectation, 2) high fixed costs drive elevated earnings risk for Q4 and 2025+…” Guggenheim reiterates Tesla as sell Guggenheim said it’s sticking with its sell rating on shares of Tesla. “All else equal, we would expect US Model Y inventory to decline from current record levels. Note, with April sales data now collected for most countries/regions, we believe current quarterly deliveries are tracking well below our 440K estimate.” JPMorgan reiterates GE Aerospace as overweight JPMorgan raised its price target on to $175 per share from $148. “Were updating our GE model and price target. Estimates are little changed and we remain a bit ahead of EBIT guidance for 2024-25, with a bias to the upside. We’ve also boosted our target multiples in Aero this earnings season and given our view that GE should trade at a premium, we do the same here.” Bank of America reiterates Alphabet as buy Bank of America said it’s bullish heading into the company’s developer event on Tuesday. ” Alphabet will kickoff its annual developer event (I/O) on May 14 with a CEO keynote at 10am PST. While the event is developer focused (no financial announcements expected) we expect I/O to be packed with AI related announcements and deeper integration of Gemini into the Google app ecosystem.”
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