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Here are the biggest calls on Wall Street on Tuesday:
Pivotal downgraded Facebook and said it had concerns over the deterioration of the social media company's ad spending among other things.
"We are not making a short-term call about 1Q20 - it is not clear to us that the company is going to miss 1Q20 revenue estimates. We do think that 2H US ad numbers look a bit too high and that lacking something transformative, they certainly are for 2021. Campaign Bid Optimization should act as an ongoing tailwind for the business, but it was also in play during 4Q19, so it's not incremental. The prospective expansion of IG shopping could be additive, and would think it'd help 4Q, but we don't think transformative."
Oppenheimer raised its price target on the stock ahead of the company's earnings report on Thursday and said coronavirus is a "near-term wildcard."
"NVDA enjoyed a 2H rebound in core Data Center/gaming following a tough C1H19. After 1H pause, hyperscaler spending began to recover in 2H. ... We see Data Center +30% in CY20. In gaming, we see easy 1H comps and 2H demand from likely launch of 7nm GPU. Coronavirus is a near-term wildcard for the group, though any transitory impacts are unlikely to impact NVDA's structural growth/margin story."