(Here’s CNBC Pro’s live coverage of analyst calls and Wall Street chatter on Tuesday. Refresh every 20-30 minutes to see the latest posts.) A semiconductor stock and a streaming giant were among the names discussed by analysts on Tuesday. Barclays upgraded ASML to overweight. Meanwhile, Oppenheimer said investors should buy Netflix on the dip. Check out the latest calls and chatter below. All times ET. 5:55 a.m.: JPMorgan downgrades Novavax to underweight Weak demand for a Covid-19 vaccine could dampen Novavax’s growth momentum, according to JPMorgan. The bank downgraded the biotech company’s shares to underweight from neutral. Analyst Eric Joseph’s December 2025 price target of $8 implies a 51% decline in the stock going forward. The vaccine maker’s stock has soared 242% this year, in part due to the announcement of a strategic partnership with Sanofi around its Covid-19 vaccine program. NVAX YTD NVAX 2024 However, Joseph believes investors have overestimated the potential demand for a Covid vaccine. Not only are there excess doses, but demand is currently a fraction of that for flu vaccines. “Despite the strengthened balance sheet and the ongoing reduction in operating status from the $500 million upfront related to the transaction, after considering further implications from the deal and the outlook for COVID-19 and influenza vaccine demand, we believe the current level overvalues Nuvaxovid’s economic/revenue potential for the company,” the analyst wrote. “With little meaningful news flow from its proprietary pipeline with potential to add value given its early stage, we expect NVAX shares to underperform relative to our broader coverage over the medium term,” he added. — Lisa Kailai Han 5:48 AM: Barclays upgrades ASML to outperform The future of chipmaker ASML looks bright, according to Barclays. The bank upgraded the stock to neutral outperform. Analyst Simon Coles also raised his price target to €1,150 from €930. The new forecast represents an increase of about 43% from Monday’s close. ASML shares are up 15% for the year but down about 20% from their recent peak, “on concerns about China, the debate around [return on investment] on AI investment and somewhat disappointed in 2025 expectations after Q2 2024 as well as broader market momentum,” the analyst wrote. ASML YTD mountain ASML year to date “We don’t think these debates are over, but we see the recent sell-off as an attractive opportunity to access one of the highest quality names globally,” he added. Looking ahead, Coles is more bullish on a solid setup heading into 2026. Factors including continued AI investment have led the analyst to forecast 2025 growth of around 15% year-over-year. He also sees improving orders for ASML’s two-stage extreme ultraviolet lithography system, although the stock won’t be completely immune to some near-term risks in China. “While we expect negative news from China in the coming months to impact global equities, ASML is a relative safe haven,” he said.“relatively safe in our view,” he added. — Lisa Kailai Han 5:48 a.m.: Buy on Netflix dip, Oppenheimer says investors should use Netflix’s recent pullback to buy shares, according to Oppenheimer. Analyst Jason Helfstein reiterated his outperform rating on the stock. He also maintained his $725 price target, implying a 15.6% upside from Monday’s close. Netflix shares have fallen more than 7% this month as investors have shunned large-cap tech names in favor of smaller, beaten-down names. NFLX Mountain 2024-06-28 NFLX in July However, “we remain bullish on NFLX shares … as the company has the best long-term outlook in our coverage area and deserves to trade at a premium valuation,” Helfstein said in a note. “While NFLX has won the streaming war, the merger will ultimately drive more NFLX viewership, with the potential loss of ~12% viewing share from the merger driving margin leverage,” the analyst added. “NFLX’s revenue drivers are clear through 2026: 2H24 driven by continued subscriber growth; FY25 benefiting from price increases; and FY26 from large-scale ad monetization.” — Fred Imbert
