Here are Wednesday's biggest analyst calls of the day: Nio, Roku, Spotify & more

Published Wed, Nov 4 20208:04 AM EST

Key Points

Goldman Sachs added Advanced Micro Devices to the conviction buy list.
Citi raised its price target on Nio to $46.40 from $33.20.
Morgan Stanley raised its price target on Roku to $150 from $110.
CFRA upgraded Spotify to buy from hold.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Wednesday: Goldman Sachs added Advanced Micro Devices to the conviction buy list Goldman added the multinational semiconductor company to its conviction buy list and said it sees an opportunity for investors to participate in AMD 's "multi-year share gain margin expansion story." "While we have admittedly been on the sidelines for longer than we may have liked with the stock gaining 119%/171% over the past 12/18 months (vs the SOX +36%/47%), we believe the recent correction in the stock presents a compelling opportunity to participate in what we expect to be a multi-year share gain and margin expansion story." Citi raised its price target on Nio to $46.40 from $33.20 Citi raised its price target on the stock to a Street high and said it sees 30% upside for the China electric vehicle company. "We reiterate our positive view on Nio based on: (1) very strong order backlog (1-5-1.8 month level) with high margin visibility; (2) 3Q20E gross processiing margin likely to reach 13-16% level, followed by 4Q20E gross processing margin at 22-25% level; (3) increase in market share; (4) battery cost reduction; and (5) policy tailwind related to exports." Morgan Stanley raised its price target on Roku to $150 from $110 Morgan Stanley raised its price target on the streaming service but reiterated its underweight rating and said it sees competition rising quickly. "Streaming use is surging and advertisers are following. This creates upside to near-term estimates. However, at a premium to both Digital Media and software as a service names, the market may be overestimating Roku 's TAM while too quickly dismissing signs of rising competition in streaming." CFRA upgraded Spotify to buy from hold CFRA upgraded the streaming music and media services company on valuation and said it saw upside in the company's growth prospects. "We upgrade to Buy from Hold and lift our target by $33 to $282 as we see attractive valuation relative to SPOT 's long duration growth prospects and its emerging position as the leading independent global provider of audio entertainment and content, differentiated by its massive library of 1.9M podcasts, up 20% QoQ."

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(This story is for CNBC PRO subscribers only.)

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