Here are Monday's biggest analyst calls: Apple, Nvidia, AT&T, Tesla, Shopify, Super Micro Computer and more

Published Mon, Apr 29 20248:35 AM EDTUpdated Mon, Apr 29 20248:44 AM EDT

Here are the biggest calls on Wall Street on Monday. Evercore ISI reiterates Tesla as in line Evercore ISI lowered its price target on Tesla to $145 per share from $155. "We continue to believe that robotaxi, on an accelerated timeline, needs to be analyzed for both its upside as well as immense RISKS associated with deploying an unmanned system carrying enormous liability to the parent." Jefferies downgrades Southwest Airlines to underperform from hold Jefferies downgraded Southwest Airlines as the carrier starts to pull out of several markets. " LUV opened 18 new cities in the pandemic w/ development markets at 10% of network entering 2024, supposed to mature to the historical 4-5% by Q4. These dev markets are the critical underperformers w/ 4 cities cut and LUV poised to further cut losses in this foray." Jefferies upgrades General Dynamics to buy from hold Jefferies said it sees margin upside for the aerospace and defense contractor. "We estimate GD expands defense margins 50 bps from 9.6% in 2023 (all-time low) to 10.1% by '26." Barclays upgrades AT & T to overweight from equal weight Barclays sees "growth quality" for the telecommunications and wireless provider. "We upgrade T given the mismatch between valuation and improvements in growth quality and execution." Barclays downgrades Lululemon to equal weight from overweight Barclays downgraded the maker of athleisure wear due to rising competition. "We downgrade LULU shares to Equal Weight from Overweight based on: 1) Americas, while still solidly positive but decelerating, offset by China; 2) athleisure normalization with potential marginal spend shifting back to apparel." JMP initiates Dave Inc. as market outperform JMP is bullish on shares of the fintech company. "We initiate coverage of Dave Inc. with a Market Outperform rating and $70 price target representing ~65% upside from the current price." JPMorgan reiterates Super Micro as overweight JPMorgan is bullish heading into the company's earnings report on Tuesday. " Super Micro is positioned with a strong product portfolio, which includes full rack scale solutions and liquid cooled systems, and a unique building block approach to product development that enables quick product refreshes amid the AI-led strong compute demand outlook." Oppenheimer reiterates Instacart as a top pick Oppenheimer said the delivery company has a "significant competitive moat." "Within the Gig Economy, CART is our top pick, followed by UBER." Bernstein upgrades Apple to outperform from market perform Bernstein says investors should "buy the fear" ahead of Apple earnings later this week. "We are upgrading AAPL from Market-Perform to Outperform and maintaining our price target of $195." Goldman Sachs upgrades America Movil to buy from neutral Goldman Sachs said in its upgrade of America Movil that it sees "improving competitive trends" for the LatAm telecommunications company. "We now expect results to improve as competitive trends are turning around and new capex guidance supports cash generation." William Blair initiates AAON at outperform William Blair says the HVAC company is "best-in-class." " AAON, based in Tulsa, Oklahoma, manufactures semi-custom and custom commercial heating, ventilation, and air conditioning (HVAC) systems." Jefferies upgrades Eastman Chemical to buy from hold Jefferies said the outlook looks too conservative for shares of the Kingsport, Tennessee-based chemical company. " Eastman should generate above-trend EPS growth, higher margins and better [return on invested capital] over the next three years." Morgan Stanley upgrades Axsome Therapeutics to overweight from equal weight Morgan Stanley sees an attractive risk/reward for shares of the biopharma company that works on treatments for the central nervous system. "Axsome is developing a pipeline of therapies for [central nervous systems] indications." Berenberg upgrades Nutrien to buy from hold Berenberg said shares of the Canadian maker of potash, nitrogen, phosphate and ammonium sulfate fertilizers are attractive at current levels. "With all these issues behind it and reasonably good Q423 results, in our view, Nutrien's shares are back to a low $50 level." Loop upgrades FirstCash to buy from hold Loop says investors should buy the dip in shares of the pawn shop operator. "We are upgrading FirstCash to a Buy from a Hold rating while raising our price target to $140 from $125, implying 21% upside from current levels." Evercore ISI adds Arista Networks to the tactical outperform list Evercore ISI said investors should buy the dip ahead of the network equipment company's earnings in early May. "We are adding ANET to our tactical OP list ahead of their EPS call on May 5/7, our positive bias is really driven by the stock correction over the last few weeks." Melius reiterates Nvidia as buy Melius is standing by shares of the dominant maker of artificial intelligence processors ahead of earnings in late May. "Nvidia reports its F1Q25 on May 22nd and our new estimate of $24.5B in revenue (and $5.60 in EPS), including $20.9B in revenue for the Data Center segment still looks conservative." Citi upgrades Shopify to buy from neutral Citi said in its upgrade of the maker of e-commerce website tools for businesses that it sees a "resilient e-commerce backdrop." "Upgrading Shopify to Buy/High-Risk and raising Target Price to $105. In this note, we outline our confidence in near-term results following a recent round of conference visits/channel checks which highlight a more resilient e-commerce backdrop and accelerated share gains up market." Barclays downgrades Ulta Beauty to equal weight from overweight Barclays cited competitive headwinds in a downgrade of Ulta . "Downgrade to Equal Weight: Brick and- Mortar Competitive Landscape Growing. We are moving to the sidelines with a more cautious view on the near term." Stephens upgrades W.W. Grainger to overweight from equal weight Stephens sees more room to run for shares of the industrial distribution supply company. "We are upgrading GWW from EW to OW, while raising our price target from $1,000 to $1,250." Seaport upgrades Roku to buy from neutral Seaport says investors should buy the dip in shares of the streaming company. "Upgrading ROKU to Buy from Neutral, $74PT - Oversold on fears of streaming competition."