Here are Tuesday’s biggest calls on Wall Street: Mizuho reiterates Amazon as buy Mizuho said it’s standing by shares of the e-commerce giant. “With that in mind, we have increased conviction of AWS acceleration and our above-the-Street revenue growth forecast of 20%. Maintain AMZN as a Top Pick with PT of $240.” Goldman Sachs initiates Waystar as buy Goldman said it’s bullish on shares of the cloud-based healthcare solutions company. “We initiate coverage of Waystar ( WAY) with a Buy rating and 12-month price target of $32.” Bank of America reiterates Nvidia as buy Bank of America said Nvidia was the “most-owned” stock in semis among fund managers. “Within semis, NVDA was the most-owned stock among active fund managers, with ownership of 68% in Jun ’24 (up from 67% in the Feb ’24 report), followed by AVGO, AMAT, and AMD.” Piper Sandler downgrades CrowdStrike to neutral from overweight Piper downgraded CrowdStrike mainly on valuation. “As shares have deservedly risen to the highest revenue multiple of any public software company above $75B in market cap and encroached on our $400 target (which we do not see a near-term catalyst for raising), we are lowering our rating to Neutral.” Raymond James upgrades Comerica to outperform from market perform Raymond James said the stock is in a “bottoming process.” “We are upgrading CMA shares from Market Perform to Outperform and establishing a $60 price target.” UBS downgrades Pure Storage to sell from neutral UBS said the cloud solutions company has an unjustified valuation. “We downgrade Pure shares to Sell from Neutral given an unfavorable risk/reward given.” Piper Sandler upgrades Atlassian to overweight from neutral Piper said it sees an attractive risk/reward for shares of the software company. “With shares sliding to 8x CY’25E revenue, we think the risk / reward has turned favorable for TEAM.” Jefferies initiates Rapport Therapeutics as buy Jefferies said the biotech company is well positioned. “We think RAPP could disrupt the treatment paradigm of several $1B+ CNS [central nervous systems] disorders, starting with epilepsy.” Stifel initiates Life360 as buy Stifel said the safety app company has a “differentiated product.” “We are initiating coverage of Life360 Inc. (LIF) with a Buy rating and $37 target price. We view Life360 as a highly differentiated product aimed at keeping families, pets, and ‘things safe.'” Bank of America reiterates Spotify as buy Bank of America raised its price target on the stock to $380 per share from $370 heading into earnings later this month. “We are confident that Spotify’s (SPOT) 2Q24 results will be at least in line with guidance on key metrics including revenue, premium subscribers and MAUs [monthly active users].” Wells Fargo reiterates Chevron as a top pick Wells said the oil and gas giant remains a top idea. “CVX remains our top pick in Integrated Oils coverage. Biggest open item remains the approved merger with Hess Corp (HES) clearing the arbitration hurdle in coming months.” Jefferies initiates CGI as buy Jefferies said the IT services company is “high quality.” “We initiate on IT Services provider CGI at Buy.” Roth MKM initiates TeraWulf as buy Roth said it’s bullish on shares of the mining company. “We’re initiating coverage of WULF at Buy with a $6.50 PT and believe it offers investors an attractive investment opportunity in the growing energy demand for digital infrastructure.” Barclays initiates Viking Holdings as overweight Barclays said the cruise company is a standout. ” VIK is a unique growth asset in an attractive sector: a luxury travel pure-play, with high visibility and capital efficiency relative to peers, dominating the faster growth, under-served luxury river cruise market.” Citi downgrades Lennar and D.R. Horton to neutral from buy Citi said it’s concerned about a “sluggish” second-half housing market. “We’re lowering estimates and target multiples for Homebuilders to reflect a slowing housing market, and downgrading DHI and LEN to Neutral.” Bank of America reiterates Disney as buy Bank of America said it’s sticking with its buy rating on the stock. ” DIS has a collection of best-in-class premiere assets (in content/IP as well as Theme Parks). Near term catalysts include: 1) profitability inflection in DTC and 2) NBA long-term agreement.” Susquehanna upgrades PayPal to positive from neutral Susquehanna said it sees “profitable growth” for shares of PayPal. “Our conversations with the company, which when coupled with customer and industry observations, seem more constructive.” Seaport upgrades Bank of America to buy from neutral Seaport said the banking giant is inexpensive. “So while we may be a little late to the party with our upgrade to Buy, we believe it is justified by BAC’s still inexpensive valuation, upside to consensus, top tier consumer/wealth franchise, and the fact that it is by far under-earning the most among peers in net interest income.” Guggenheim reiterates Tesla as sell Guggenheim said it thinks Tesla shares are “highly correlated” to meme stocks but added that it’s sticking with its sell rating. “Electric vehicle stocks have been highly correlated with the so-called meme-stocks on days when there is actionable news related to Roaring Kitty in the market.” Deutsche Bank reiterates Uber as buy Deutsche added the stock to its fresh money list as a top pick for the third quarter. ” Uber is the best-in-class market leader across several categories with large TAMs, growing adjacencies, high-margin new revenue streams, and a growing membership base.” Argus reiterates Netflix as buy Argus said it’s sticking with its buy rating on the stock. “We are maintaining our BUY rating on Focus List selection Netflix I nc. and raising our target price to $767, as NFLX shares recently blew through our previous target of $660.” Read More
