Here are Monday's biggest analyst calls: Apple, Nvidia, Tesla, Meta, Amazon, Microsoft, Spotify, Ferrari & more

Published Mon, Apr 22 20248:15 AM EDTUpdated Mon, Apr 22 20249:22 AM EDT

Here are the biggest calls on Wall Street on Monday: Goldman Sachs reiterates Amazon as buy Goldman said the stock is a top idea heading into earnings on April 30. "We highlight AMZN as our top eCommerce pick into Q1'24 results, as our industry checks and fundamental work point to positive trends across several key metrics." Morgan Stanley reiterates Nvidia as overweight Morgan Stanley said it's standing by Nvidia despite last week's sell-off. "We remain buyers of NVIDIA post last week's selloff." Morgan Stanley reiterates Spotify as overweight Morgan Stanley raised its price target on the stock to $350 per share from $270. "We expect Spotify's transformation from a great product to a great business to accelerate in 2024, as price increases, market share gains, and operating leverage become even more clear." Piper Sandler initiates Boundless Bio as overweight Piper said it's bullish on shares of the biotech company. "We are initiating coverage of BOLD with an Overweight rating and a $20 PT as we view BOLD as the clear leader in the field of extrachromosomal DNA (ecDNA) biology, a new concept that could have broad implications across oncology." RBC initiates Ultragenyx as outperform RBC said in its initiation of Ultragenyx that the biopharma company has an attractive pipeline. "Overall, we find risk/reward particularly attractive given an undemanding valuation and a clear path to profitability should any (not all) of the late stage pipeline work out." Morgan Stanley reiterates Apple as overweight Morgan Stanley lowered its price target on the stock to $210 per share from $220 but said it's sticking with Apple. "We believe Apple will slightly beat Mar Q ests, but guide to June Q revs/implied EPS 4-7% below Street. At $165, this appears priced in but in today's volatile market, it's a tricky setup." Stifel upgrades Papa John's to hold from sell Stifel said shares of Papa John's are now more reasonably valued. "We upgraded shares to Hold from Sell. Our 2024-2025 outlook remains unchanged. However, we believe near-term expectations are reasonable, and given the stock's negative sentiment and recent market volatility, we decided to move to the sidelines." Goldman Sachs reiterates Microsoft as buy Goldman said it's standing by the stock ahead of earnings on Thursday. "We reiterate our Buy rating and $450 PT ahead of Microsoft's F3Q24 earnings on 4/25." Jefferies upgrades Ingevity to buy from hold Jefferies said in its upgrade of Ingevity that it's bullish on shares of the chemical manufacturer. "The stock trades below its 5-year average and a re-rating seems likely. We upgrade to Buy." Mizuho reiterates Meta as a top pick Mizuho said Meta is a top pick heading into earnings later on Wednesday. "We are positive on Meta into the print with solid agency tracking for 1Q24, conservative 2Q24 expectations, and further operating leverage from increased efficiency." Bank of America reiterates Amazon as buy Bank of America said it's bullish heading into Amazon earnings on April 30. "We expect a 1Q beat, and while 2Q set up has some unusual q/q hurdles, we expect positive 1Q metrics and call commentary to be constructive & consistent with the recent Shareholder Letter." JPMorgan downgrades Cisco to neutral from overweight JPMorgan said it sees a more muted near-term outlook for stock. "Moderately lower medium-term EPS outlook for Cisco relative to its 2021 targets lead us to argue for the shares to trade close to its long-term historical multiple." Raymond James downgrades Western Digital to market perform from outperform Raymond James downgraded the stock on valuation. "We are downgrading WDC from Outperform to Market Perform, primarily on valuation. While fundamentals in HDD and NAND markets should continue to improve, the stock has rallied past our price target and is trading at 8x prior peak EPS." Deutsche Bank upgrades Federal Realty Trust to buy from hold Deutsche said it sees an "aggressive tone on external growth" from company management. "We are upgrading Federal Realty Trust (FRT) to BUY from HOLD as we believe that recent office lease announcements should alleviate investor concern around the office component of FRT's mixed use properties, and support multiple expansion given its current discounted valuation versus history." TD Cowen initiates Bellring Brands as buy TD said the food company is well positioned to take advantage of the weight management movement. " BRBR appears uniquely positioned to capitalize on rising consumer adoption of ready-to-drink shakes for weight management. BMO downgrades Prologis to market perform from outperform BMO downgraded the warehouse logistics company and says demand "remains murky." "We downgrade Prologis to Market Perform, with a $112 target price. Despite underperforming year to date, we see the shares as being under pressure as long as the demand picture remains murky." Bank of America reiterates Tesla as neutral Bank of America said it's sticking with its neutral rating on Tesla shares. "This news flow has largely weighed on the stock, and particularly news of the workforce reduction given potential growth implications for what is viewed to be a 'growth' stock." Morgan Stanley upgrades Alcoa to equal weight from underweight Morgan Stanley said it sees a more balanced risk/reward for shares of Alcoa . "We think the operational concerns that persisted throughout 2023 have largely been de-risked and we now see a more balanced risk-reward." Bank of America reiterates Apple as buy Bank of America says Apple is a top pick at the firm. "Reiterate Buy on benefits from GenAI at edge with gross margin upside and momentum in Services." Oppenheimer initiates Kymera Therapeutics as outperform Oppenheimer said the biotech company has best-in-class potential. "We are initiating coverage of Kymera with an Outperform rating and a $53 price target." Evercore ISI reiterates Ferrari as outperform Evercore raised its price target on the stock to $465 from $430. "We think RACE is on track to achieve the €2.5-2.7B EBITDA target it set for '26 this year." Bank of America upgrades Sea Limited to buy from neutral Bank of America said the Singapore-based tech conglomerate has upside potential. "In our view it is placed well to ride e-com boom in SE Asia given its increasingly dominant online marketplace (Shopee), while its expansion into Brazil offers further long term growth potential."