(This is CNBC Pro’s live coverage of Tuesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A semiconductor stock and a streaming giant were among the names being talked about by analysts on Tuesday. Barclays upgraded ASML to overweight. Meanwhile, Oppenheimer said investors should by the dip on Netflix. Check out the latest calls and chatter below. All times ET. 5:55 a.m.: JPMorgan downgrades Novavax to underweight Waning demand for the Covid-19 vaccine could dent Novavax’s momentum, according to JPMorgan. The bank downgraded shares of the biotechnology company to underweight from neutral. Analyst Eric Joseph’s December 2025 price target of $8 implies a 51% decline ahead for the stock. Shares of the vaccine maker have soared 242% this year, in part due to the announcement of a strategic partnership with Sanofi around its Covid-19 vaccine program. NVAX YTD mountain NVAX in 2024 However, Joseph thinks investors have been vastly overestimating the potential Covid vaccine demand. Not only are vaccine doses in oversupply, but the demand is now only fractional to that of flu vaccines. “Notwithstanding the strengthened balance sheet and abated going concern status from the associated $500M upfront milestone, having further reviewed the implications from the agreement and the outlook for the COVID-19 and flu vaccine demand, we believe current levels substantially overvalue the potential Nuvaxovid economics / revenue to the company,” the analyst wrote. “Anticipating little meaningful news flow from its proprietary pipeline with value accretive potential given its early stage, we expect NVAX share to underperform our broader coverage over the mid-term,” he added. — Lisa Kailai Han 5:48 a.m.: Barclays upgrades ASML to overweight Chipmaker ASML’s future looks bright, according to Barclays. The bank upgraded the stock to overweight neutral. Analyst Simon Coles also raised his price target to 1,150 euros from 930 euros. The new forecast represents approximately 43% upside from Monday’s close. Shares of ASML are up 15% on the year but around 20% off their recent peak, “owing to China concerns, debate around the [return on investment] on AI investment and slight disappointment on 2025 expectations following 2Q24 as well as wider market dynamics,” the analyst wrote. ASML YTD mountain ASML year to date “We do not think these debates are over, but we see the recent sell-off as an attractive opportunity to gain exposure to one of the highest quality names globally,” he added. Going forward, Coles is more bullish on a solid setup heading into 2026. Factors including continued AI investment has led the analyst to forecast 2025 growing around 15% year over year. He also sees orders for ASML’s dual-stage extreme ultraviolet lithography system improving, although the stock will not be completely immune from some near-term risk in China. “Whilst we expect negative news from China in the coming months to impact global semicap, ASML is a relative safe haven, in our view,” he added. — Lisa Kailai Han 5:48 a.m.: Buy the dip on Netflix, Oppenheimer says Investors should use Neflix’s recent pullback to load up on shares, according to Oppenheimer. Analyst Jason Helfstein reiterated his outperform rating on the stock. He also maintained his $725 price target, which implies upside of 15.6% from Monday’s close. Netflix shares have dropped more than 7% this month, as investors move away from megacap tech winners in favor of smaller, beaten-down names. NFLX mountain 2024-06-28 NFLX in July Still, “we are bullish on NFLX shares … as the company has the best long-term visibility within our coverage and deserves to trade at a premium valuation,” said Helfstein in a note. “While NFLX has already won the streaming wars, eventual consolidation will drive more viewership to NFLX, with ~12% viewing share likely up for grabs from consolidation driving margin leverage.” “NFLX’s revenue drivers are very clear through 2026: 2H24 driven by continued subscriber tailwinds; FY25 benefits from price increases & FY26 from advertising monetization at scale,” the analyst added. — Fred Imbert
