Here are the biggest calls on Wall Street on Monday: TD Cowen reiterates Nvidia as buy TD Cowen said Nvidia remains a top pick at the firm. “NVIDIA Is Our Team’s Top Pick, the Far and Away Tech Leader in AI.” Mizuho reiterates Advanced Micro Devices as outperform Mizuho says it is sticking with the stock following its artificial intelligence day last week. “With AMD gaining server share, a potential PC rebound and upcoming AI product launches, we see a base case PT of $19…” Mizuho reiterates Broadcom as outperform Mizuho raised its price target on the stock to $220 per share from $190. ” AVGO OpenAI AI Chip win could be Potentially > $16B opportunity into 2H25-26E.” Goldman Sachs reiterates Alphabet as buy Goldman Sachs lowered its price target on the stock to $208 per share from $217, citing a slew of headwinds for Alphabet. “As to the current operating environment we see a solid/stable environment for direct response advertising , a stable, albeit weaker vs industry trends, brand advertising environment and continued media consumption gains for short/long form video content with monetization gains of short-form video, while slowing, still acting as a tailwind in the next 12-18 months.” Wells Fargo upgrades Flutter Entertainment to overweight from equal weight Wells Fargo says investors should buy the dip in shares of the gambling company. “We’re upgrading FLUT to OW, with our new $295 PT implying 34% upside.” Truist downgrades Amgen to hold from buy Truist said in its downgrade of Amgen that it sees rising competition for the biotech company. “…pipeline competition mutes upside potential. Downgrade to Hold, PT $333.” Morgan Stanley downgrades Caterpillar to underweight from equal weight Morgan Stanley said it sees “mounting risks of de-stocking” in the company’s construction industries segment. “Downgrading CAT to Underweight on mounting pressures in CI [construction industries] from potential destocking.” UBS initiates Surgery Partners as buy UBS says the outpatient surgery company has “attractive organic growth.” “We initiate coverage of Surgery Partners with a Buy rating and a $38 price target.” Piper Sandler reiterates Tesla as overweight Piper Sandler says it is sticking with its overweight rating ahead of Tesla earnings on 10/23. “We had been hopeful that the robo-taxi unveiling would yield an excuse to boost estimates — and optimism is fading in this regard — but on the other hand, there’s no need for estimate cuts, because we had always assumed that revenue from full self-driving (FSD) software wouldn’t begin ramping until 2027/2028.” UBS initiates Netstreit as buy UBS says shares of the real estate investment company are undervalued. “We recommend buying NTST as we expect accelerating external growth at an overly discounted valuation.” Goldman Sachs downgrades AutoZone to sell from buy Goldman Sachs downgraded the auto parts retailer due to “muted growth.” “We downgrade AZO to Sell from Buy as we reposition our stock ratings distribution to favor companies that are more exposed to discretionary goods.” Evercore ISI adds Apple to the tactical outperform list Evercore ISI says it is bullish heading into earnings later this month. “Sentiment on Apple has turned more bearish in recent weeks, and we think buyside expectations are likely lower than current consensus estimates. Against this backdrop, we expect Apple to deliver in-line results against current estimates, which should enable the stock to work higher.” JMP downgrades Duolingo to market perform from market outperform JMP downgraded the language app company mainly on valuation. “We are downgrading Duolingo from Market Outperform to Market Perform after shares have risen 78% since reporting 2Q24 earnings , are 5% above our prior price target, and now trade at 27x and 19x our “Blue Sky” 2026 and 2027 EBITDA, respectively.” Baird downgrades KeyCorp to neutral from outperform Baird says the risk/reward is more balanced for the regional bank. ” KEY – downgrading to Neutral, more balanced risk/reward here after notable SPX outperformance since our March 2023 upgrade.” Jefferies upgrades AptarGroup to hold from buy Jefferies says it is bullish on shares of the pharmaceutical company. “Given solid execution, ATR has risen ~30% YTD, but with a strong pipeline of new products such as delivery systems for GLP-1 drugs, for OTC [over the counter] Narcan, and for Neffy (epinephrine nasal spray), we estimate the Pharma segment will lead an 8.5% overall EBITDA CAGR through 2026.” Piper Sandler upgrades SentinelOne to overweight from neutral Piper Sandler said it sees a slew of positive catalysts ahead for the cyber company. “We are upgrading shares of S as we see multiple catalysts to buoy shares into year’s end…” Wells Fargo downgrades VF Corporation to underweight from equal weight Wells Fargo said in its downgrade of VF Corporation that the owner of brands such as Vans has a valuation that is full right now. “Downgrade to UW and lower PT to $15. Stock has run and valuation appears to be baking in much more upside than appears realistic. Wells Fargo downgrades Canada Goose to underweight from equal weight Wells Fargo says it sees too many China macro concerns for the outerwear company. ” GOOS has made China central to its DTC expansion plan (now accounting for 40% of stores and > 30% sales), leaving the brand over-exposed to the volatile macro which has gotten progressively worse through the year.” Goldman Sachs downgrades AppLovin to neutral from buy The firm says it sees a more balanced risk/reward for the software publisher. “Against a stock price of $143, we now see a more balanced risk/reward skew to the shares from current levels. Since being added to the Buy List on 04/19/2022, APP shares are up +192% vs. SPX +30%.” Goldman Sachs upgrades Ibotta to buy from neutral Goldman Sachs says it likes the growth opportunity for the mobile tech company. “For IBTA, we see an attractive risk/reward as we view current valuation levels as under-appreciating IBTA’s forward growth opportunity around scaling 3P [third party] redemptions partnerships (Walmart, Instacart, etc.).” Oppenheimer reiterates Walmart as a top pick The firm says the “bull run still has legs” for Walmart. “Based on our work, we are reiterating our Outperform rating and lifting our PT to $90 from $81.”
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