Here are Tuesday's biggest analyst calls of the day: Apple, Tesla, Nvidia, Micron, Best Buy & more

Published Tue, Aug 3 20218:29 AM EDTUpdated Tue, Aug 3 20219:14 AM EDT

Here are the biggest calls on Wall Street on Tuesday: Piper Sandler reiterates Tesla as overweight Piper Sandler restated its overweight rating on on the automaker after its earnings report last week and said it's even more bullish as the demand for battery-powered electric vehicles rises. "We have updated our TSLA model following last week's encouraging results. … Bottom line: we still really like this stock, and we reiterate both our Overweight rating and our $1,200 price target. Jefferies reiterates Etsy as buy Jefferies said it sees a "decent" setup heading into Etsy' s earnings report on Wednesday. "We are constructive into earnings as expectations have likely moderated following disappointing AMZN results and given the market is looking for an in-line gross merchandise sales result/ guide, which would be counter to ETSY's track record of beating/raising." Jefferies reiterates Carvana as buy Jefferies kept its buy rating on the online used car company and said it sees "near-term stock upside." "We believe CVNA offers a unique opportunity to participate in the early stages of a nascent shift to online happening in the massive $550B used auto market. That said, we see near-term stock upside capped by high expectations, with valuation returning to a near-peak level following ~35% appreciation since 1Q earnings." Bernstein reiterates Apple as market perform Bernstein said the company's advertising business could be worth $10 billion. "Although Apple rarely comments on it, the company has a burgeoning advertising business, with an estimated ~$3B in annual revenues today, up from $300M in FY 17; operating margins are 60%+. We estimate that the business could grow to be $7B - $10B or more by FY 23 or 24, adding 150-300bps of annual revenue growth to services." Morgan Stanley initiates coverage of Victoria's Secret as overweight Morgan Stanley said the lingerie retailer is an "undervalued turnaround story." "As mgmt continues to modernize the brand and return VSCO to prior profitability, we think investors will be positively surprised by the revenue recovery & EBIT margin trajectory of the business compared to specialty peers." Read more about this call here. Bank of America reiterates Nvidia as a top pick Bank of America kept its top pick status on Nvidia ahead of the company's earnings report later this month and said it sees "upside to consensus." "Reiterate Buy, but expect mix-related volatility. NVDA remains a top pick ahead of Q2 call post-close Aug-18 and we look for upside to consensus Q2 and Q3 sales outlook." Cowen upgrades Square to outperform from market perform Cowen said in its upgrade of the payment company that it's bullish on Square's acquisition of Afterpay. " SQ ''s acquisition of APT.AX (Afterpay) unlocks multiple new levers of growth for the company moving forward. Absent APT.AX, we conservatively model SQ as a high 20's normalized gross profit grower, once stimulus impacts begin to lap." Read more about this call here . Rosenblatt reiterates Micron as buy Rosenblatt kept its buy rating on Micron after the company kicked off a quarterly dividend on Monday, calling it a "Mother of All Cycles" stock pick. " Micron is changing its share repurchase tactics to be cross-cyclical than yearly, to opportunistically be aggressive when shares are below their intrinsic value; as management believes is the case for the current August quarter. MU remains our top Mother of All Cycles (MOAC) 'cycle' pick." Barclays upgrades Workday and Anaplan to overweight from equal weight Barclays said in its upgrade of Workday and Anaplan that the software companies have "low valuations." "As investors look for opportunities in the 2H of the year, we believe that Workday and Anaplan stand out as companies with low valuations and those that will benefit from enterprise heavy 2H spending trends. WDAY and PLAN have both underperformed the Software index and SaaS peers in general since the start of the pandemic.' HSBC initiates coverage of Krispy Kreme as buy HSBC said the doughnut company has the digital capabilities to drive brand building. " Krispy Kreme has transformed from a commodity seller to a digitally enabled market and brand developer for fresh doughnuts. Differentiated omnichannel model and digital capabilities provide blueprint for brand building and U.S. expansion." Stifel upgrades Planet Fitness Stifel said in its upgrade of the gym company that new openings will drive shares higher. "As of last week, we estimate Planet Fitness is operating roughly 2,185 to 2,195 locations (globally), which compares to the Street mean estimate of 2,166 locations for 2Q and 2,188 locations for 3Q. Based on this new data, we believe higher-than-expected unit openings could be a catalyst for shares, so we upgrade PLNT to Buy." KeyBanc upgrades Airbnb to overweight from sector weight KeyBanc said in its upgrade of the online travel website that "market conditions remain favorable." "We are upgrading ABNB from Sector Weight to Overweight as we believe a material positive revision cycle is about to take place driven by: 1) market conditions remaining favorable; and 2) model durability against digital ad inflation." Read more about this call here. Morgan Stanley reiterates L Brands as overweight Morgan Stanley reiterated its overweight rating on the clothing retailer and said it is "best in class." " LB' s historical track record and clear runway for growth suggest a revenue & margin trajectory that rivals the best in our coverage." Goldman Sachs upgrades XPO Logistics to buy from neutral Goldman said in its upgrade of XPO that it sees strong fundamentals for the shipping company. "Despite this, however, we do think that the LTL (less than truckload) backdrop will likely remain favorable in 2022 - and looking past the difﬁcult 2Q22 comparisons - the year in totality should still exhibit proﬁt and EPS growth; i.e., slower growth but not yet peak on full year basis." Credit Suisse upgrades Bloomin Brands to outperform from neutral Credit Suisse said in its upgrade of the owner of Outback Steakhouse that it sees an "attractive" risk/reward. "Over the medium to long-term, we expect BLMN to increase efforts to accelerate unit growth, and together with deleveraging of the balance sheet (targeting 3x net debt to adj. EBITDAR), should support multiple expansion." Barclays reiterates Best Buy as overweight Barclays kept its overweight rating and said the big-box electronics store is well positioned as it reinvents itself in retail. "Times have changed, but BBY' s proactive approach to constantly reinvent itself has not—BBY: continues to focus on services, is rationalizing its store base, is reconfiguring its labor force, and is introducing new categories to best serve its customers and optimize its operations post-COVID." Morgan Stanley reiterates The New York Times as overweight Morgan Stanley said that the newspaper company's stock is "poised to accelerate." "While many 'COVID beneficiaries' were helped by consumer adoption of digital media in 2020, The New York Times saw further lift from a historic U.S. election." Guggenheim initiates coverage of First Solar as buy Guggenheim gave the solar company a buy rating and said it sees a return to revenue growth. " FSLR should continue to benefit from supportive U.S. policy, and the stock is attractively valued, in our opinion, at 9.9x NTM EV/EBITDA. We believe now that capacity expansion plans are in place, the company is in a position to return to revenue growth." Citi upgrades SolarEdge to buy from neutral Citi said in its upgrade of the solar company that it is bullish on SolarEdge's entry into the residential storage product market. After several quarters of delays, SEDG announced its foray into the residential storage space with a bang. … We lift our 2022-23 EBITDA estimates by 9%, on higher storage and commercial revenue estimates.

Tim Cook at WWDC21 on June 7th, 2021.

Source: Apple

Here are the biggest calls on Wall Street on Tuesday: