Here are Tuesday’s biggest calls on Wall Street: Loop initiates MongoDB as buy Loop sees growth accelerating for the developer data platform company. “We are initiating coverage of MongoDB with a Buy rating and $415 PT.” JPM reiterates General Motors and Ford as overweight JPMorgan said the stocks will benefit from “lower commodities & higher production outside China.” “Prefer GM & F to TSLA & RIVN on Undemanding Valuation.” KeyBanc reiterates Nvidia as overweight Nvidia remains a top idea at the firm. “From a stock perspective, we recommend positioning in stocks indexed to gen AI and/or are further through the destocking process and thus favor MU, NVDA, and QCOM.” BMO reiterates Amazon as outperform BMO raised its price target on Amazon to $215 per share from $205. “We raise our ’24 AWS growth to 15% (from 14%) on an uptick in demand from gen AI workloads and shift away from on-prem IT spending as companies move from optimizations to incremental workloads positions AWS well for potential ’24 acceleration.” Wells Fargo upgrades Datadog to overweight from equal weight Wells said it sees “many way” for upside for the cloud application company. “We are upgrading DDOG to OW, raising our PT to $150 (prev. $130) as cost optimization comes to an end. D.A. Davidson adds Salesforce to the best-of-breed list D.A. added several software stocks to its top picks list on Tuesday. “We are adding SNOW, FROG, DDOG, SPSC, MANH, NICE, and CRM to D.A. Davidson’s Best-of-Breed Bison (BBB) list.” JPMorgan upgrades Assai to overweight from neutral JPMorgan said it sees improving trends and better visibility for the Brazilian wholesaler. “Assaí – Upgrading to OW on better operations, visibility, and deleveraging.” Wells Fargo reiterates Disney as overweight Wells raised its price target on the stock to $141 per share from $128. “With the proxy fight over, we think DIS mgmt will focus on execution, incl. DTC margins and transitioning Sports. Parks are humming, while creative and succession are the big To Dos.” Berenberg upgrades STMicroelectronics to buy from hold Berenberg said “end-market weakness” is already priced into the semis company. “In this note, we upgrade STM to Buy because we believe the end-market weakness (industrial and consumer, and auto to a certain extent) has already been priced into the share price.” Morgan Stanley reiterates Harley-Davidson as overweight After a change in analyst coverage, the firm says it’s standing by its overweight rating on the stock. “An iconic brand with a revamped business model, refocused strategy, and incentivized management, we see HOG shares as inexpensive relative to its earnings potential.” JPMorgan upgrades Roblox to overweight from neutral JPMorgan said it sees a “compelling entry point” for the stock. “We are upgrading Roblox (RBLX) to Overweight and raising our December 2024 price target to $48. Evercore ISI reiterates Alphabet as outperform Evercore said it’s bullish on the stock heading into earnings later this week. “We are constructive on GOOG into the print.” Barclays reiterates Apple as underweight Barclays said it’s very cautious heading into Apple earnings on May 2. “We see an in-line Mar-Q. We expect June-Q guide will miss Street estimates due to softening hardware demand, which would continue a multi-quarter trend for AAPL. ” Barclays reiterates Tesla as equal weight Barclays said it sees Texas as key to the company’s robotaxi strategy. “Although considerable uncertainty remains around the specifics, it’s clear that there has been a shift within Tesla towards a stronger pursuit of Robotaxi.” Rosenblatt initiates Nice as buy Rosenblatt said the customer experience platform company is well positioned for AI. “We believe NICE is well positioned across the large and mid enterprise market to take share from legacy players due to an increase in demand for AI and automation in the contact center.” Oppenheimer reiterates Church & Dwight as outperform The firm said it’s bullish on stock heading into earnings on May 2 and that it remains a top pick. ” CHD shares have traded mixed following recent prints. We would take advantage of any profit taking should it materialize.” JPMorgan adds Albertsons to the focus list JPMorgan added Albertsons to the focus list following the company’s earnings report on Monday. “We also add the stock to J.P. Morgans Positive Catalyst Watch and Analyst Focus List (Value) as we believe the gap between the current share price and fair value is too wide.” KeyBanc downgrades Sunnova to sector weight from overweight Key said the solar company remains under too much pressure and sees slowing cash growth. “Despite an undemanding valuation at present, we are downgrading NOVA to SW and removing our PT. The overall residential solar landscape in the U.S. remains challenging due to the combination of lower energy prices and elevated financing costs.” Evercore ISI upgrades First Solar to outperform from in line Evercore said the solar company could be a beneficiary of increased tariffs. “We believe FSLR will be one of the main beneficiaries of new/higher tariffs.” Truist upgrades Penn Entertainment to buy from hold Truist said in its upgrade of the gaming company that the risk/reward is now too attractive to ignore. “We’re upgrading PENN to Buy (from Hold), largely on risk/reward, given we effectively see zero to negative value ascribed for ESPN Bet at current trading levels.” JPMorgan downgrades Five Below to neutral from overweight JPMorgan downgraded Five Below due to “ongoing macro pressure.” “Our work points to an underlying low-to-mid-teens EPS growth profile multi-year post ~100bps of operating margin recapture through FY26.” Benchmark initiates Qualcomm as buy Benchmark said the stock is well positioned as an AI leader. “We believe Qualcomm is particularly well positioned to capitalize on the industry’s trends of shifting AI computational inferencing workloads to the very edges of the network, where the company is leveraging its strengths in wireless connectivity…” Wolfe downgrades Warner Brothers to underperform from peer perform Wolfe said in its downgrade of the media company that it’s concerned about slowing growth. “With ~80% of EBITDA from linear TV and merger synergies done, we fear that EBITDA peaked in ’23. Warner and HBO/Max need fuel to grow, or a new White House to sell. We downgrade WBD to Underperform, from Peer Perform, Price Target $7.” Oppenheimer upgrades AtriCure to outperform from market perform Oppenheimer upgraded the fibrillation treatment solutions company and says it sees a “tactical” risk/reward. “We are upgrading AtriCure to Outperform from Perform with $32 PT.”
