Here are the biggest calls on Wall Street on Monday: Goldman Sachs reiterates Nvidia as buy Goldman says it’s bullish on the stock ahead of earnings next week. “From a stock perspective, we believe the set-up for NVDA is constructive with the stock trading at 42x NTM [next twelve months] consensus EPS or a relative premium of only 46% and our updated Bull/Bear framework indicating a favorable risk/reward balance.” RBC upgrades Gates to outperform from neutral RBC said in its upgrade of Gates that it sees a slew of catalysts ahead for the power transmission manufacturer. “We are particularly enthused about the multi-year upcycles in personal mobility, China auto aftermarket, expansion in India, and chain-to-belt conversion.” Morgan Stanley reiterates Salesforce as overweight Morgan Stanley said it’s sticking with its overweight rating heading into Salesforce earnings next week. “Stable partner checks, an unchanged macro & the close of slipped deals likely prove enough against low investor expects and a prudent guide.” Morgan Stanley reiterates Amazon and Walmart as overweight Morgan Stanley says Amazon and Walmart are “leading the way” in retail. ” Amazon & Walmart command 40 cents of every incremental dollar of retail sales. The big are getting bigger at an accelerating pace and there isn’t anything in their way for the time being.” KeyBanc reiterates Apple as sector weight Key said it’s survey checks show caution ahead of the iPhone 16 launch in September. ” AAPL growth expectations looking out to FY25/FY26 have never been higher, while we continue to have concerns that there will not be a large increase in upgrade rates, which we expect will still be down.” Bernstein reiterates Tesla as underperform Bernstein says Tesla is a laggard in to the robotaxi space. “While Tesla is clearly focused on launching a robotaxi, Waymo and Cruise are already operating robotaxis in the US today. The available data is clearly imperfect, but as of today Tesla appears to be lagging behind the leaders in the space.” Goldman Sachs upgrades Bradesco to buy from neutral Goldman upgraded the Brazilian financial services company following earnings. “We upgrade Bradesco to Buy on the back of better than expected results in 2Q24.” Morgan Stanley initiates Lineage as buy Morgan Stanley named the warehouse company a top pick and says it’s a “cash compounder.” “LINE is the global leader in the temperature-controlled warehouse space with the highest quality assets and a differentiated tech-enabled platform to drive efficiencies & margins.” Morgan Stanley downgrades Hewlett Packard to equal weight from overweight Morgan Stanley said in its downgrade of Hewlett Packard that it sees “limited upside to valuation.” “Our OW thesis was based on the belief that the market was under-appreciating a return to PC rev growth, stable print margins, and accelerating capital returns.” Morgan Stanley reiterates Dell as overweight Morgan Stanley lowered its price target on Dell heading into earnings next week to $142 per share from $155 but says it’s sticking with its overweight rating. “A time to ignore the noise and refocus on fundamentals, which we believe continue to point to upside vs. consensus.” Piper Sandler downgrades Shake Shack to neutral from overweight Piper says it sees a more balanced risk/reward for Shake Shack shares. “With that said we think the menu pricing component piece of this gets a little harder moving forward, and as analysts tasked with picking stocks, we think the Risk-Reward has become more balanced at current levels, hence the rating change.” Piper Sandler downgrades Sweetgreen to neutral from overweight Piper says it sees a more balanced risk/reward for Sweetgreen . “With that said, as analysts tasked with picking stocks, we think the Risk-Reward has become more balanced at current levels, hence the rating change.” Piper Sandler downgrades Dutch Bros to neutral from overweight Piper downgraded the coffee chain on valuation. “With that said, we have always viewed BROS as a higher-risk / higher-reward situation given the segment of the industry it participates in, as well as its balance sheet positioning relative to certain Fast Casual unit growth peers.” Goldman Sachs initiates Concentra as buy Goldman says it sees “strong execution in a stable market” for the healthcare company. “Concentra is a healthcare services company operating with market leadership in the Workers’ Compensation market.” Loop upgrades Prog Holdings to buy from neutral Loop says it’s getting bullish on shares of the fintech company. “We are upgrading PROG Holdings to a Buy from a Hold rating while raising our price target to $55 from $41, implying 26% upside from current levels.” Citi initiates Clearwater Analytics as buy Citi called the stock an “attractive vertical software” play. “We are initiating coverage of Clearwater Analytics (CWAN) with a Buy rating and a $28 target price. Evercore ISI reiterates McDonald’s as outperform Evercore raised its price target on the stock to $320 per share from $300. “We are increasingly bullish on McDonald’s US business for 2025 with some relative market share trend improvement occurring recently which we believe will continue through 2H24.” Piper Sandler initiates Rubrik as overweight Piper says the cloud-based data protection platform is a top idea. “We are initiating coverage of Rubrik with an Overweight rating and $42 PT , marking it as one of our top ideas.” JPMorgan initiates OneStream as overweight JPMorgan says the software provider for the office of the CFO is well positioned for share gains. “We are initiating coverage of OneStream with an OW rating and $30 Dec-24 price target.” BTIG upgrades Taylor Morrison to buy from neutral BTIG upgraded the homebuilder on valuation. “We are upgrading TMHC to Buy and establish a $78 target price based on 1.5x current book value/share after hosting virtual investor meetings with mgmt last week.” Needham upgrades Onto Innovation to buy from neutral Needham says the semis company is undervalued. ” ONTO (upgraded to Buy) is a classic example of underperforming in China but outperforming in ex-China. The setup going into next year favors names like ONTO, in our opinion.” MoffettNathanson initiates Apple as neutral Moffett says AI is already priced in to Apple . “There are execution risks as well. To be clear, we have every expectation that Apple will execute its strategy very well. But that, too, is what is priced in. We are left only to decide whether the upgrade cycle that Apple Intelligence is crafted to trigger will be larger or smaller than anticipated (and priced in).”
