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(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 luxury car maker and an aerospace giant were among the stocks being talked about by analysts on Tuesday. Bernstein raised its price target on Ferrari to $599 per share, implying upside of 20% over the next 12 months. Meanwhile, Wells Fargo downgraded Boeing to sell. Check out the latest calls and chatter below. All times ET. 6:35 a.m.: Broadcom to see continued acceleration in AI product demand, JPMorgan says JPMorgan remains bullish on Broadcom ahead of the semiconductor company’s earnings out Thursday. Analyst Harlan Sur reiterated his overweight rating on the stock and kept his $200 price target, suggesting 22.8% potential upside. The stock is up more than 45% this year. Sur expects Broadcom to increase its fiscal year 2024 outlook as well as its artificial intelligence semiconductor revenue outlook from $11 billion to $12 billion. “Underpinning our stronger FY24 rev outlook is continued acceleration in demand for its AI products (custom ASICs and networking solutions) combined with stabilization/early recovery in its diversified semiconductor (ex-AI) end markets (e.g., enterprise, server/storage),” the analyst wrote in a Tuesday note. “Overall, we continue to see accelerating AI fundamentals combined with aggressive synergy/value creation in the software business … the team is the #2 global AI semi supplier and # 1 custom chip ASIC supplier.” Sur noted that Broadcom is poised to ramp up two AI programs in the back half of this year for its two largest AI ASIC customers, and added that a recovery in general cloud demand is also driving strong orders for its prior generation networking chipsets in the second half of the year. The company is a “technology infrastructure powerhouse” with strong leadership in a number of end markets, he said. — Pia Singh 6:07 a.m.: Loop Capital upgrades NetApp to buy Loop Capital thinks there’s a significant buying opportunity in NetApp . Analyst Ananda Baruah upgraded the data storage company to buy from hold and assigned a $150 price target, which implies roughly 24.2% upside. This year, the stock has jumped 36.9%, even after seeing a 6.3% pullback this quarter. NTAP YTD mountain NTAP year to date “With three legitimate structural trends + NTAP differentiated Hyperscale Storage Software as catalysts for the next few years, we’re taking advantage of last week’s 9% pullback post NTAP’s Jul Q EPS on 8/28,” Baruah said in a Monday note. Among these catalysts are NetApp’s transition to quad-level cell NAND technology from 10k hard disk drives, as well as its leadership in files, objects and cloud storage that could make the stock a potential AI winner. NetApp has cloud storage software partnerships with Amazon Web Services, Microsoft Azure and Google Cloud Platform, which the analyst noted as another growth catalyst. — Pia Singh 5:45 a.m.: Boeing shares could plummet more than 30%, according to Wells Fargo Wells Fargo thinks beaten-down aircraft maker Boeing is set to see even more struggles. Analyst Matthew Akers downgraded shares to underweight from equal weight and cut his price target by $66 to $119. That suggests the stock could drop roughly 31.5% over the next year, after already losing nearly 33.4% this year. BA YTD mountain BA year to date “We see [free cash flow]/share peaking by 2027 as aircraft development costs offset further production growth, while an equity raise likely further dilutes shares,” Akers said in a Tuesday note, estimating that Boeing’s cash levels through 2030 should peak in 2027. He also thinks the aerospace company’s free cash flow estimates will be 15% to 20% below consensus between 2026 and 2027. “We think BA had a generational FCF opportunity this decade, driven by ramping production on mature aircraft and low investment need,” he added. “But after extensive delays and added cost, we now see growing production cash flow running into a new aircraft investment cycle, capping FCF a few years out.” Akers noted that the aerospace company has $45 billion of net debt on its balance sheet and estimated that its attempt to pay this level of debt off “would consume all of its cash through 2030.” — Pia Singh 5:45 a.m.: Bernstein raises Ferrari price target Don’t expect Ferrari’s strong 2024 run to dissipate anytime soon, according to Bernstein. Analyst Stephen Reitman raised his price target on U.S.-listed shares to $599 from $488. The new forecast implies upside of 20% from Friday’s close. Reitman has an outperform rating on the stock. Ferrari shares have been on a tear this year, rising more than 46%. A chunk of those gains came after the company posted strong second-quarter results on Aug. 1. Since then, the stock is up 20%. “Because nearly every Ferrari is sold out, the cadence of shipments and revenue and earnings recognition by quarter is entirely determined by Ferrari, with only the final level of personalization per vehicle being a slight variable as the customer can amend his order until quite close to the actual build date,” the analyst wrote. — Fred Imbert
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