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Here are the biggest calls on Wall Street on Tuesday: TD Cowen initiates Procter & Gamble at buy TD said in its upgrade on P&G that the Ivory soap maker has “pricing power.” “Strong market share momentum with potential pricing power.” HSBC downgrades CrowdStrike to hold from buy HSBC downgrades CrowdStrike following IT outage “Following global IT outage, we are downgrading our rating and [target price] with near-term risks that have arisen. We believe the company’s long-term outlook remains intact, but we see near-term risks to results and guidance.” Morgan Stanley upgrades Skechers to overweight from equal weight and downgrades Under Armour to underweight from equal weight Morgan Stanley said its Skechers channel checks look promising. The Wall Street bank also downgraded Under Armour, saying its checks show the company is in “neutral to negative” territory. “The Skechers survey results and recent sporting goods channel checks were positive. This, coupled with the potential for positive EPS revisions and a valuation reassessment, leads us to upgrade Skechers shares to overweight with a $80 price target. On the other hand, the Under Armour survey results leave us neutral to negative, seemingly validating recent bearish channel tests.” Bernstein reiterates Apple as outperform Bernstein said it maintained its outperform rating on the iPhone maker ahead of its earnings release on August 1. “We expect Apple’s fiscal Q3 to be largely in line with consensus.” Guggenheim reiterates Tesla as sell Guggenheim maintained its sell rating ahead of Tesla’s earnings release on Tuesday afternoon. “We see EPS outperform and automotive gross margin underwhelming.” Baird adds Qualcomm to its new pick list Baird said it is bullish on the semiconductor stock. “Adds new Picks on unit resumption acceleration and AI-driven [average selling price] momentum along with increased market share. We would be a buyer of QCOM stock given the recent share price decline.” HSBC upgrades Krispy Kreme to hold from buy HSBC said it sees the doughnut maker achieving a faster deleveraging pace. “Krispy Kreme announces sale of majority stake in Insomnia Cookies and is moving toward a leaner organizational structure.” JPMorgan upgrades EQT to overweight from neutral The firm said investors should buy as the natural gas pipeline company’s stock falls. “We upgrade EQT shares to OW from N with a December 24 PT of $42/share.” Goldman Sachs initiates LandBridge on buy Goldman said it is bullish on the Permian Basin landowner’s stock. Goldman and Barclays acted as lead book-running managers on LandBridge’s recent initial public offering. “We initiate coverage on LandBridge (LB) with a Buy rating and a $35 price target following the IPO last month.” Morgan Stanley reiterates First Solar as outperform Morgan Stanley said First Solar could benefit from a new Trump administration. “We think a potential Trump administration is more likely to represent a positive than negative outcome for FSLR.” Morgan Stanley reaffirms Nvidia as outperform In a note analyzing Nvidia’s supply chain, the investment bank maintained its outperform rating but said it is cautious about demand for Nvidia’s H20 chips.[O]Your view is that demand may be uncertain – Nvidia has stressed that the performance reductions required to meet regulatory requirements put the chip in much more competitive territory.” Wells Fargo upgrades Equinix to overweight from equal weight Wells upgraded the stock, citing data center demand and attractive risk/reward. “We are upgrading EQIX to overweight – given its relative discount to DLR, we think the risk/reward is more attractive for earnings.” Morgan Stanley reiterates Amazon as top pick Morgan Stanley said Amazon was its favorite ahead of the earnings release, but the firm also likes Alphabet and Meta. The investment bank raised its Amazon price target to $240 a share from $220. “AMZN remains our top large-cap pick, while we still see double-digit % upside for GOOGL/META.” Piper Sandler reiterates Microsoft as overweightPiper raised its price target on Microsoft to $485 a share from $465. “Growth investors should look beyond near-term fears of AI overbuilding to a broader view of the ongoing cloud transformation that could help sustain double-digit top-line and net income growth through 2030.” Citi Upgrades Coinbase to Buy from Neutral Citi said the regulatory risk/reward is improving for the crypto company. “Along with its exposure to the crypto industry/market, we think COIN could benefit further from the US crypto catch-up versus the relatively higher on-chain activity/liquidity that has developed overseas. Buy COIN.” HSBC Upgrades Rio Tinto to Buy from Hold HSBC said in upgrading Rio that the outlook for copper and platinum prices remains bullish. “Platinum and copper remain our preferred metals given the tightening market conditions, and gold remains our least preferred metal as we believe prices are nearing a peak.” Deutsche Bank upgrades Vertical Aerospace from hold to buy Deutsche said the electric aviation company will eventually need to raise capital, but until then it has “cash runway” until Q3 2025. “Following meetings with air mobility companies at the Farnborough Airshow, we were impressed with the progress at Vertical and upgraded the stock to hold from buy. TD Cowen downgrades Darden from buy to hold TD Cowen said it sees slowing sales for the owner of chains like Olive Garden. “We expect Darden shares to stagnate as the lack of tangible sales drivers in a difficult full-service industry environment poses greater risk than upside to its fiscal 2025 same-store sales target in portfolio up 1%-2%.” Morgan Stanley upgrades Snap from underweight to equal weight Morgan Stanley said in the stock upgrade that the company is seeing improved advertising. “Upgrading SNAP to EW on improving advertising performance and more balanced risk-reward, $16 PT has ~10% upside.” Morgan Stanley initiates Alumis to overweight Morgan Stanley said it is bullish on the immunology company’s stock. “We initiate coverage of ALMS with an OW rating and $36 PT.” Oppenheimer upgrades Argenx to outperform from market perform Oppenheimer said the biotech company is best in class. “We expect ARGX’s leading/best-in-class antibody engineering and development pipeline for autoimmune/inflammatory diseases to support a long and large revenue stream across multiple product opportunities — think REGN.”