Here are Thursday’s biggest analyst calls: Micron, Nvidia, Broadcom, Apple, Boeing, Microsoft, Tesla & more
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Here are Thursday’s biggest calls on Wall Street: TD Cowen reiterates Nvidia as outperform TD Cowen raised its price target on Nvidia to $1,100 per share from $900 after the company’s GTC Conference. “We come away firmly confident in the company’s leadership position in all forms of accelerated computing, especially AI, across compute, networking, and software.” William Blair initiates Neurogene as outperform William Blair said the biotech company is the “goldilocks of gene therapy.” “We are initiating coverage of Neurogene with an Outperform rating and $61 fair-value estimate.” Citi upgrades Kingsoft Cloud to buy from neutral Citi upgraded the cloud computing company following earnings. ” KC’s 4Q23 results were largely in line with consensus for revs and adj. earnings.” TD Cowen upgrades Broadcom to outperform from market perform TD said in its upgrade of the stock that there’s still more “upside ahead.” “After attending the company’s ‘Enabling AI Infrastructure’ event in San Jose, we upgrade our rating on Broadcom based on (1) potential upside from both custom silicon and back-end AI networking; (2) potential upside to revenue & OpEx synergies as VMWare is integrated.” Barclays reiterates Micron as overweight Barclays said it’s sticking with its overweight rating on Micron following Wednesday’s earnings report. “We continue to favor the name as we view the company as a structural beneficiary of AI that will continue to drive upside on a multi-year basis.” Jefferies upgrades Frontline to buy from hold Jefferies said in its upgrade of Frontline that the tanker company is a top pick. “Tankers are entering year three of strong earnings and the oil market balance is shifting further in their favor.” Argus upgrades Micron to buy from hold Argus upgraded the stock following earnings on Wednesday. “The stock surged in the after-market on 3/20/24 when the company delivered fiscal 2Q24 revenue well above the high end of its guidance range. Micron posted solid non-GAAP profits against management loss guidance and consensus loss expectations, as volume leverage drove margin recovery and expansion.” Goldman Sachs initiates First Citizens Bancshares as buy Goldman said shares of the regional bank are compelling. “FCNCA is a leading regional bank offering a variety of banking services to commercial and consumer customers across its 4 segments.” UBS upgrades Braze to buy from neutral UBS said shares of the cloud-based software company have a “reasonable” valuation. “We like the estimate revision potential, combined with checks sounding better on BRZE spend than other areas of software and evidence that we’re reaching a trough in growth. Upgrade from Neutral to Buy.” Deutsche Bank reiterates Boeing as buy Deutsche lowered its price target on Boeing to $240 per share from $285 but says it’s standing by the stock. “The imminent cut to consensus estimates was likely one thing investors were waiting for in order to gain greater confidence that the stock was near a bottom.” Stephens downgrades Centene to equal weight from overweight Stephens said it sees too many overhangs for the managed care company. “Over the past two years, CNC’s business and stock performance have been firmly locked into a largely repetitive “one-step forward, one-step back” cycle.” Bank of America upgrades ZTO Express to buy from neutral Bank of America said in its upgrade of the express delivery service that it likes the “return outlook” for investors. “We upgrade ZTO to Buy from Neutral on improved shareholders’ return outlook. Rosenblatt upgrades Paramount and Warner Brothers Discovery to neutral from sell. Rosenblatt upgraded both entertainment stocks on reports that a breakup could be near. “So we up our ratings on both Paramount and Warner Bros. Discovery from SELLs to NEUTRALs, with our Paramount price target up $4 to $13 and WBD up $3 to $10.” Goldman Sachs reiterates Sunnova as buy Goldman said it’s standing by it’s buy rating on shares of Sunnova and that investors should buy the dip in the solar energy company. “Near-term, we believe three factors will be key to the company restoring investor confidence and position the stock to also recover: (i) potential asset sales, (ii) minimal to no cash burn, and (iii) repurchase of debt. Baird initiates Nextracker as outperform Baird said in its initiation of Nextracker that shares of the solar tracking systems company are “compelling.” “The company offers a compelling thesis for a pure-play investment in the utility-scale solar space with a simplified business model, healthy balance sheet, and differentiated technology.” Citi reiterates Apple as buy Citi said regulatory overhangs persist for shares of Apple but that it sees AI upside. “While we don’t expect anything official to be announced before WWDC, [Worldwide Developers Conference] we view AI as the next upside catalyst driven by AI smartphones adoptions.” TD Cowen upgrades Revolve Group to outperform from market perform TD said it sees an “inflection year” ahead for the fashion retailer. “We see an opportunity to buy a leading Gen-Z fashion platform after a year of markdowns and broad-based softness, given several greenshoots: return to growth at REVOLVE, fuller price selling mix, sales growth above inventory growth, and stabilizing returns.” KeyBanc initiates Microsoft as overweight Key said the tech giant is a leader in AI. “Microsoft (MSFT)—Two preferred ways to monetize AI; Microsoft sits at the top of both those lists.” New Street reiterates Tesla as buy New Street says it’s sticking with its buy rating on Tesla. “We therefore expect Tesla to exit 1Q24 on a positive margin trajectory and see upside to consensus expectations for the rest of the year and beyond.”
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