Here are the biggest calls on Wall Street on Monday: UBS reiterates Nvidia as buy UBS said it is sticking with Nvidia stock heading into earnings later this month. “After a series of client discussions and more work on the supply chain, we have made only minor adjustments to our model but our PT remains at $150.” Morgan Stanley reiterates Disney as outperform The firm said it is bullish on Disney’s Experiences division. “We view the expansion of Experiences as noteworthy given its long history of high and growing ROIC. … Last fall, Disney revealed plans to double its capital expenditures on its Experiences assets over the next decade. We now see the company’s plans for both its U.S. parks and cruise fleet.” RBC initiates Ardent Health as outperform RBC says the behavioral health company has a differentiated platform. “We are initiating coverage on Ardent Health Partners, Inc. (NYSE: ARDT) at Outperform with a $23 price target.” Wolfe downgrades Qualcomm from Outperform to Peer Perform Wolfe said Apple’s use of in-house modems will eventually have an impact on Qualcomm. “Downgraded QCOM to Peer Perform from OP on the view that AAPL’s in-house modems will eventually have an impact, premium Android has now normalized, and IoT growth (a likely focus for QCOM in the November analyst day) may be a harder sell to investors.” Wedbush reiterates Apple Outperform Wedbush said it is bullish on the upcoming iPhone cycle. “With Wall Street and the broader tech industry building anticipation for Apple’s AI-driven iPhone 16 launch in September, our recent Asia checks this week are giving us more confidence that this upgrade cycle will kickstart a long-awaited growth revival for Cupertino next year.” Jefferies upgrades Par Technology to buy from hold Jefferies said it is bullish on the “pure-play” restaurant technology platform’s stock. “PAR has made significant progress in positioning itself for sustainable and profitable growth.” Evercore ISI adds a positive tactical call on Walmart Evercore said it is bullish heading into earnings later this week. “The solid ship provides a port in the storm of consumer volatility. We are initiating a positive Tactical Trading Call or TAP ahead of the August 15 earnings release as we see Q2 EPS and margins in line with the Street and we believe Walmart can maintain its full-year guidance on sales/earnings.” HSBC initiates GE Vernova as a buy The company said it is bullish on the energy company’s shares. “GE Vernova (GEV) is a leading provider of equipment and services for the generation and transmission/distribution of electricity, and in our view the company should benefit from secular momentum in the energy sector. Piper Sandler Upgrades Robinhood to Outperform from Neutral Piper said in its stock upgrade that it sees an attractive entry point. “We also expect HOOD to benefit from the launch of its new online trading platform and the launch of futures & index options trading later this year.” Goldman Sachs Initiates General Mills on Buy Goldman said it is bullish on the food producer’s stock. “GIS has a high-quality, diversified portfolio that is well-suited to current consumer trends, while private label risk appears better than feared and the company has a solid track record of more stable margins than its peers.” Piper Sandler Initiates TWFG on Bullish Piper said it is bullish on the brokerage’s stock coverage. “We are initiating coverage on TWFG, $1.06 billion market cap, with an Outperform rating and a $27/share price target.” Canaccord upgrades Blend Labs to Buy from Hold Canaccord said it is bullish on shares of the mortgage fintech company. “With many mortgage industry leaders as customers, Blend’s current market share means the company should benefit significantly from increased mortgage volumes.” Mizuho reiterates Micron as Outperform The firm lowered its price target on the stock to $145/share from $155 but said it would stick with the stock. “Maintain Outperform on MU, STX, WDC, while raising MU estimates and lowering PT to $145 from $155 on a lower market multiple given the recent AI pullback.” Goldman Sachs initiates Conagra buy Goldman says the food products company is best positioned. “We view CAG as a well-positioned frozen and snack portfolio that is aligned with current consumer and convenience trends, while exposure to private label risk looks better than feared.” Morgan Stanley calls Cummins a top pick Morgan Stanley says the machinery company is a top idea. “Moving CMI to ‘Top Pick’ and reiterating Overweight is a favorite way to play the Data Center theme in Machinery.” Wells Fargo reiterating Starbucks as Overweight Wells said it’s positive that the coffee giant continues to attract activist investors. “Starboard joins Elliott in quest to revive SBUX, according to a Friday report. Details are scarce, but this is not Starboard’s first Restaurant play, adding credibility to the ‘operations group’ and bringing operational improvements into the mix. We lean positive.” Bank of America upgrades Liberty Global to neutral from underperform Bank of America says the media stock’s valuation is looking more positive. “Liberty announced five strategic moves to unlock value in its stock price at its YE results in February. Wells Fargo upgrades Prudential and Allstate to equal from underperform Wells said in upgrading both insurance stocks that it is taking a “more defensive stance.” “ALL is seeing results turn around in the auto sector and while we are more bullish on PGR (seeing better growth), we believe the worst is in the rearview mirror for ALL. PRU has a strong capital base, continued momentum in its core businesses and alternative capital leverage.” Deutsche Bank upgrades Eli Lilly to buy from hold Deutsche upgraded the stock following last week’s earnings. “LLY’s 2Q24 upside and outperformance have helped ease some concerns amid a volatile macroeconomic backdrop, in our view. Bank of America upgrades Churchill Downs to buy from neutral Bank of America said it likes the racing company’s growth pipeline. We are upgrading Churchill Downs (ticker: CHDN) to Buy from Neutral and raising our PO from $145 to $155 based on 13x 2025E EBITDA.” Bank of America upgrades Coherent to Buy from Neutral Bank of America upgraded the semiconductor maker, saying it likes the operational turnaround. “We really like COHR’s new CEO pick and industry veteran Jim Anderson, highly regarded for his previous turnaround at Lattice Semi.” HSBC upgrades Take-Two to Buy from Hold The company said in its Take-Two upgrade that the outlook is improving for the game maker. “We see an improved outlook for mobile gaming and are more confident in top-line revenue guidance as GTA6 [Grand Theft Auto] The release date is approaching and has been reaffirmed by management along with a solid release roadmap.”
