Here are the biggest analyst calls of the day: Tesla, Qualcomm, Cisco & more

Published Mon, Nov 11 20198:55 AM ESTUpdated Mon, Nov 11 20199:08 AM EST

Key Points

Jefferies is raising its price target on Tesla to $400 from $300.
Piper Jaffray is downgrading Cisco Systems to neutral from overweight.
Evercore ISI is upgrading HP to outperform from in line.
Credit Suisse is initiating Chewy as outperform.
Morgan Stanley is downgrading Qualcomm to equal weight from overweight.
Deutsche Bank is raising its price target on Nvidia to $190 from $160.
Loop Capital is raising its price target on Alphabet to $1,450 from $1,350.

Here are the biggest calls on Wall Street on Monday: Jefferies raised its price target on Tesla to $400 from $300 Jefferies raised its price target on the stock and said it sees the company "maintaining its edge in product, affordability and technology." "Without assuming it is smooth sailing from here, Q3 reported gross margin levels that are consistent with sustained profitability while ASPs should stabilize ahead of H2 2020 improvements. Stabilization in 2019 sets a better foundation for a return to growth in 2020 revenue and earnings. We continue to see Tesla maintaining its edge in product, affordability and technology." Read more about this call here . Piper Jaffray downgraded Cisco Systems to 'neutral' from 'overweight' Piper said in its downgrade of Cisco that a slowing macro environment in Cisco's markets as well as the lack of any near term catalyst for the stock. "Our downgrade centers on a slowing macro-environment across Enterprise and Service Provider, as well as cycles hitting a peak earlier this year, a lack of a near-term catalyst, and risk to FY20-FY21 estimates. On the positive front, we see downside as fairly limited from here, the software transition producing better FCF, a ~3% dividend yield, and material 2021 catalysts like 5G and 400G switching." Evercore ISI upgraded HP to 'outperform' from 'in line' Evercore upgraded the multinational information technology company and said that Xerox's offer for Hewlett Packard would lead to "better clarity" and "visibility" on the long "We are upgrading HPQ to Outperform (from In Line) and raising our target to $24 (prior $19) as we see multiple paths from here that could enable the stock to work higher from current levels as the status quo is likely unsustainable given that XRX's offer for HPQ likely creates pressure for HPQ management and board to maximize value for shareholders. This could lead to better clarity and visibility either way on the LT model." Credit Suisse initiated Chewy as 'outperform' Credit Suisse said in its initiation of the online pet products seller, that it's well-positioned in a "robust" pet care industry. " CHWY is the largest pet e-commerce company providing an online and mobile platform to purchase pet products and medications. In our view, it is well positioned amid a robust pet care industry, with an expanding customer base, unique customer engagement, and considerable Autoship adoption supporting strong recurring revenue streams. We forecast double-digit top-line growth over the next several years, handily outpacing pet care expenditure growth." Morgan Stanley downgraded Qualcomm to 'equal weight' from 'overweight' Morgan Stanley said in its downgrade of the stock that the valuation was now "in-line" and it sees a "balanced" risk/reward. "We downgrade QCOM to EW (from OW) as valuation gap to semiconductor peers has closed, and market appears to: 1) assign a high probability of a China/US trade agreement, 2) downplay the FTC case, and 3) expect 5G acceleration. Our PT is $90." Read more about this call here . Deutsche Bank raised its price target on Nvidia to $190 from $160 Deutsche Bank said it sees "modest upside" ahead of the company's earnings report on Thursday driven by Gaming among other things. "With NVDA 's stock +30% intra-quarter since the co's last earnings report against the SOX at +17%, we see investors expecting a solid beat/raise heading into earn-ings. While NVDA's track record of beating guidance has been strong historically (3yr avg revs +6% vs guide), that trend has become much more muted in the last year as due to the crypto bust, data center pause and gaming transitions (1yr avg revs in-line with guide ex-F4Q19 neg-pre)." Loop Capital raised its price target on Alphabet to $1,450 from $1,350 Loop raised its price target on the stock and said that while a regulatory overhang would "persist" the firm didn't think it would materially "impair" the business. "We think business fundamentals for Alphabet remain strong and we continue to be impressed by growth in advertising revenue at unprecedented scale. While we think fundamentals remain strong, we think the regulatory environment is a growing challenge and do not expect improvement over the next 12 months."

Tesla founder Elon Musk speaks at the unveiling event by "The Boring Company" for the test tunnel of a proposed underground transportation network across Los Angeles County, in Hawthorne, California, December 18, 2018.

Robyn Beck | Pool | Reuters

Here are the biggest calls on Wall Street on Monday:

Jefferies raised its price target on Tesla to $400 from $300

Jefferies raised its price target on the stock and said it sees the company "maintaining its edge in product, affordability and technology."

"Without assuming it is smooth sailing from here, Q3 reported gross margin levels that are consistent with sustained profitability while ASPs should stabilize ahead of H2 2020 improvements. Stabilization in 2019 sets a better foundation for a return to growth in 2020 revenue and earnings. We continue to see Tesla maintaining its edge in product, affordability and technology."

Piper Jaffray downgraded Cisco Systems to 'neutral' from 'overweight'

Piper said in its downgrade of Cisco that a slowing macro environment in Cisco's markets as well as the lack of any near term catalyst for the stock.

"Our downgrade centers on a slowing macro-environment across Enterprise and Service Provider, as well as cycles hitting a peak earlier this year, a lack of a near-term catalyst, and risk to FY20-FY21 estimates. On the positive front, we see downside as fairly limited from here, the software transition producing better FCF, a ~3% dividend yield, and material 2021 catalysts like 5G and 400G switching."