Here are the biggest calls on Wall Street This Week:
Morgan Stanley reiterates Nvidia as overweight
Morgan Stanley says Nvidia laid out a “winning strategy” at its GTC Conference on Monday.
“The central message is that NVIDIA based inference has clear cost per token leadership that gets better with Rubin, and our checks agree. Financial commentary positive but understated, which we like. Reiterate Top Pick.”
Wolfe reiterates Nvidia as outperform
Wolfe says Nvidia is “too cheap to ignore.”
“With NVDA stock at just 13x our bull case EPS, we think the stock is too cheap to ignore - and it remains our favorite idea.”
Raymond James reiterates Nvidia as strong buy
Raymond James raised its price target on the stock to $323 per share from $291.
“We maintain our Strong Buy rating on NVIDIA, raised estimates, and increase our price target
to $323 to reflect management’s updated outlook for $1 trillion of cumulative GPU sales through 2027 that could prove conservative. The forecast leaves us incrementally encouraged that our thesis around inference as a catalyst is playing out, and may even be slightly ahead of schedule.”
Morgan Stanley reiterates Apple as overweight
Morgan Stanley says its checks show March App Store revenue is decelerating for Apple.
“App Store rev growth is decelerating in C1Q to +6% Y/Y, resulting in net revs of +7% Y/Y QTD, 1 point below our +8% Y/Y. Separately, another qtr of above-seasonal iPhone builds in the Jun qtr supports our well-above-Street iPhone forecasts.”
Bernstein reiterates Apple as outperform
Bernstein said it’s sticking with shares of Apple.
“We view Apple’s recent product launches as a deliberate strategy to widen the portfolio’s price bands to opportunistically gain share in the low(er) end, while raising prices at the high end to maintain margins there.”
Morgan Stanley reiterates Tesla as overweight
Morgan Stanley says Tesla’s semi’s manufacturing ambitions is still “years away.”
“As Tesla expands its AI ambitions across FSD, robotaxi, and eventually Optimus, access to AI compute is increasingly emerging as a potential constraint. In our view, any move toward internal capacity would be aimed at supporting these in-house initiatives or related parties, rather than external entities.”
Barclays reiterates Tesla as equal weight
Barclays says it’s optimistic about Tesla’s foray into chips.
“Yet with Tesla now in a new phase of growth driven by efforts in physical AI (autonomous driving, humanoid robots), we see a new pillar of Tesla’s growth strategy for the coming decade – chips.”
Baird reiterates Tesla as outperform
Baird said the stock is in a “lull” right now.
“TSLA shares have traded down ~5% over the last month amidst a tumultuous market backdrop and several headlines regarding developments at Musk’s other companies. TSLA is entering a pivotal time over the next 18 months as it scales Robotaxi service with a soon-to-be introduced Cybercab at the same time as ramping mass production of its Optimus humanoid. We want to own the stock over this pivotal timeframe.
Needham reiterates Amazon as buy
Needham says Amazon is best positioned for AI.
“Since AMZN owns the largest product catalog, fulfillment network, pricing data, reviews, consumer purchase information, and merchant relationships, AI agents will become an additional source of demand feeding AMZN’s backend, aiding its rev growth, we believe.”
Bank of America reiterates Micron as buy
Bank of America said it sees “stronger pricing for longer” following the company’s earnings report on Wednesday.
“Reiterate Buy and raise PO to $500 (vs. $400) following MU’s view of a durable memory cycle that lasts into CY27E at the earliest.”
Mizuho reiterates Palantir as outperform
Mizuho said Palantir is a category killer.
“We reiterate our view that PLTR is in a category of one, delivering total revenue growth, acceleration, and margin expansion at scale that is unlike anything else in software.”
Texas Capital initiates Strategy at buy
The firm says it sees an attractive entry point.
“Strategy was the founder and is the clear leader in digital asset treasury (DAT) management, offering investors differentiated digital equity and credit investments.”
Bernstein reiterates Netflix as outperform
Bernstein says trends are “down” for the stock but that it’s sticking with Netflix.
“Q1 engagement in the US is trending down for NFLX, further amplifying the overhang the company has faced over the past year.”
Barclays reiterates Rivian as equal weight
Barclays says it’s bullish on the company’s partnership with Uber.
“Yesterday RIVN announced an up to $1.25bn investment from Uber and plans to deploy up to 50k fully autonomous R2 robotaxis on Uber’s network through 2031. We view the announcement positively, with the partnership arguably a validation of RIVN AV hardware/software capabilities outlined at the December AV day, with incremental capital also always appreciated.”
William Blair upgrades Five Below to outperform from market perform
William Blair upgraded the stock following earnings.
“However, we are increasingly confident that Five Below maintains plenty of levers to comp the comp and is well positioned for a series of beat-and raise prints throughout the year, which we believe should continue to support shares despite elevated expectations, particularly as investors seek out defensive, consistent names in a tricky consumer environment.”
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