Here are Tuesday's biggest analyst calls of the day: Apple, Nvidia, Cisco, Intel & more

Key Points
  • Citi raised its price target on Apple to $400 from $310.
  • Morgan Stanley downgraded Intel & Nvidia to equal weight from overweight.
  • Cowen downgraded Humana to market perform from outperform.
  • Bank of America upgraded Cisco to buy from neutral.
  • Guggenheim upgraded Eli Lilly to buy from neutral.
Nvidia CEO Jensen Huang speaks at the company's presentation at the Gamescom conference in Cologne, Germany, on Aug. 20, 2018.
Screenshot

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Here are the biggest calls on Wall Street on Tuesday:

Citi raised its price target on Apple to $400 from $310

Citi raised its price target on the stock to a Street high and said it sees the upcoming 5G iPhone announcement coming in September and continued growth in the company's Wearables and Services division.

"We expect Apple to host a press event in September to announce new 5G iPhones. However, the availability of these new phones will be slightly later than in the past due to COVID-19, which temporarily slowed R&D and testing and created supplychain challenges. We expected the new iPhone 12 5G phones to be available in mid-October or November, but we still expect them to be available in plenty of time for the Christmas holiday season.

Read more about this call here.

Morgan Stanley downgraded Intel & Nvidia to equal weight from overweight

Morgan Stanley said it doesn't see much upside right now in either Nvidia or Intel and said investors should look to stocks with more appealing valuation like Micron and Western Digital.

"We still want exposure to cloud as we see that as one of the stronger longer term growth drivers in the industry but we would want to concentrate our overweight position in the stocks with lower valuation and more upside potential like AVGO; we would retain Equal-weight positions in Intel and NVIDIA, but don't see enough upside to continue to have a larger-than-market weighting in the stocks, and we see more appealing valuation from memory stocks with high cloud exposure, such as MU and WDC."

Read more about this call here.