These are the biggest calls on Tuesday on Wall Street: Morgan Stanley recalls Nio for being overweight Morgan Stanley said it thinks the electric vehicle company’s stock will start gaining traction. “Given the positive sentiment of the industry, investors tend to take advantage of the opportunities of laggards, such as NIO, to catch up. Following the peer-to-peer startup, XPeng’s stock outperformed. outperforming +43% since the end of June, we also look for laggards, as NIO KeyBanc reiterates Nvdia as overweight Key has raised its stock price target to $550 a share from 500 dollars and says it’s “basically the best” target to $550) – Basically the best position, as we are seeing a growing demand trend across the entire supply chain response to generalized AI servers.” “Our CIO survey shows steady, but ambiguous, IT budget growth expectations for CY23. However, Microsoft seems particularly well-suited to some emerging key themes. In the lead when the Gen AI race begins and with the leverage to meet demand through sales revenue, Microsoft is our Top Pick.” % of usage Includes Tesla vehicles and not Tesla, the Supercharger network could contribute up to $5.2 billion-$15.7 billion in revenue by 2030 and add $0.15-$0.45 to full-year EPS using the charging scenarios of we.” better ratings for stocks with earnings coming up next week.” Our Q2 survey shows NFLX is holding on to its spot as the #1 pick to watch in the living room, while TikTok & IG rise on Mobile. Repeat Positive & $500PT.” high margins and attractive valuation.” Piper Sandler upgraded Zillow from neutral to overvalued.Piper said they like the optionality of the stock. 1) continue to increase Premier Dealer shares and (2) count options & new products initiatives and (3) housing macro bottoms out with sequential improvements forecast through 2024″. /reward targets earnings later this month. Evercore ISI names Uber top pick Evercore names Uber top pick over Meta and says Uber has strong growth prospects.” UBER has one of the strongest top growth prospects of the companies we track and faces a host of potential “value catalysts” – achieving GAAP profitability in H2, start to pay back, possibly both in H2 and S & Including P 500.” Evercore ISI Adds Tactical Underperforming on Netflix Evercore Adds Tactical Underperforming for Netflix shares are due to report earnings next week and said they are concerned about “higher” market expectations. “Our TAP underperformance on NFLX is based on our concern that market expectations have become too high for print, particularly in terms of Extra Sub.” Argus upgrades Generac to buy from shares Argus says the battery backup company is benefiting from cost-cutting efforts. “Upgrade to BUY. Generac has benefited from stronger-than-expected growth in its Commercial & Industrial business, as well as from cost-cutting efforts.” Canacccord Initiated Newell Brands Upon Purchase Canacccord said at the Newell Initiation that better days are ahead for the consumer goods company. “Following an ugly first half of 2023 well signaled by retailers reducing inventories and consumers pinched by one-off demand in 2021, we believe better days are ahead. with new leadership and a sound strategy that we believe will restore modest revenue growth, improve profitability and cash flow, and reduce leverage.” Citi Opens a Positive Catalyst Warning on Hewlett Packard Citi has added a Positive Catalyst Warning on the stock and says it is gaining PC market share. “From a supplier perspective, HP Inc (#2, with 22% market share) and Apple (#4, with 9% market share) each increased their market share YoY in the quarter, accounting for + 3 points and +2 These preliminary PC results show HPQ and AAPL’s potential to increase PC revenue.We are opening a positive catalyst tracking opportunity for HPQ because of the preliminary results. This set shows the potential to increase PC revenue in the July quarter.” Wolfe upgrades Vale to outperform peer-to-peer performance Wolfe says it likes the miner’s free cash flow. “We upgrade VALE to Outperform as we see cost support for iron ore prices at $95-100/ton and based on its strong payout/FCF profile.” Jefferies initiated Toast when it bought Jefferies said the profitability of its restaurant technology platform will “have a positive impact in 2023.” “TOST has experienced rapid revenue growth through increasing its shareholding and expanding its software product portfolio.” Jefferies Upgrades JPMorgan to Buy from Holds Jefferies said the banking giant is “best in class”. “While JPM is the recent winner, we upgrade the stock to Buy with a stable earnings outlook, best-in-class ROE record, conservative booking history, and better revenue diversification.” Read more about this call here. Bank of America upgrades 3M to neutral from underperforming Bank of America says it sees a more “balanced” risk/reward for equities. “We upgrade 3M to Neutral (from Underperforming), reflecting near-term catalysts balanced by continued regulatory risks with potentially serious financial impact.” Bank of America upgrades US Bancorp to buy from neutral Bank of America says bank shares are undervalued. “We upgrade our rating on US Bancorp (USB) from Neutral to Buy. We believe the investor focus on capital construction has distracted attention from what is considered one of the highest quality franchises in the US banking industry.” Evercore ISI downgrades JetBlue to underperformer Evercore downgraded the airline due to valuation and concerns about some recent negative catalysts. “Downgrade JBLU to Underweight. JBLU is up 37% in a month after a glaringly negative fundamental result (losing the Northeastern Alliance ruling.) While there will be turning points in the process, they are.” I believe the acquisition of Spirit will eventually be done while JBLU Premium as payment for Spirit continues to expand (as the fundamentals of SAVE continue to be moderate).” KeyBanc reiterates that Apple is overweight Key has raised its stock price target from $180 to $200 a share and said it stands by its overweight rating but has some near-term concerns. “Our concern is twofold: 1) Crucial First Look data shows Indexed Spend for June was +23% monthly compared to the three-year average of +2% monthly month and while our June data is better than the historical average.for F3Q, our KFLD shows -15% QoQ, worse than the three-year historical average of -9% qoq; and 2) we believe the AAPL (US Service Providers) indirect channel will be soft, with the US upgrade rate moving to historic lows. ” Goldman Sachs reiterates T-Mobile as top pick Goldman says T-Mobile is “the company’s overall top pick across large-cap cable and telecommunications networks.” “The main catalysts we see in 2023 include: 1) more durable postpaid phone networks (2.9 million versus 3.1 million in 2022), even as the rate increases industry growth slows, as market share continues to grow in low penetration segments (rural, corporate), 2) sustained growth in core adjusted EBITDA as merger synergies approach pace run.” Read more about this call here. TD Cowen reiterates Target is outperforming The company has lowered its target price on Target to $166 per share from $200 but said it retains its outperform rating. “We are most concerned about the continued shift from goods to services and student loan headwinds that could cause the trend to fade in the near term; meanwhile, with stiff price competition, Negative margins, shrinking trends, and tougher food comparisons amid deflation are additional factors to watch.” Truist upgraded Scotts Miracle-Gro to buy from hold Truist said in the process. Scotts upgrade that the pandemic is over. “First, we believe the US Consumer segment’s post-pandemic reversal is finally over. We expect the outcome to be more predictable/manageable going forward.” Bank of America reiterates American Express as top pick Bank of America said it is optimistic the credit card company will have earnings later this month. “AXP is our top pick in this area due to its superior cardholder base and high income, better protected against inflationary pressures.” Read more about this call here.