Friday’s Biggest Analyst Calls: Nvidia, Amazon, Chipotle, Uber, Eli Lilly, Sweetgreen, Burlington, Synchrony & More

On Friday, several significant stock upgrades, downgrades, and reiterations were made by major financial firms on Wall Street. Here’s a summary of some of the key calls:

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Mizuho Reaffirms Nvidia as a Buy:
Mizuho has reaffirmed its "buy" rating for Nvidia, raising the price target from $127.50 to $132 per share. The firm highlighted Nvidia's upcoming earnings report scheduled for August 28th, noting that the new price target reflects adjustments in their estimates for the company's performance.

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Morgan Stanley Upgrades Third Harmonic to Overweight:
Morgan Stanley upgraded the biotech company Third Harmonic from "equal weight" to "overweight." The firm advised investors to take advantage of the recent dip in the company’s stock, citing an expectation of de-risking data early next year as a key reason for the upgrade.

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Bank of America Upgrades Yeti to Buy:
Bank of America has upgraded Yeti Holdings, a lifestyle outdoor products company, from "neutral" to "buy." The firm increased its price target from $46 to $55, based on multiple positive catalysts, including the rollout of NFL-licensed drinkware and hard coolers on Yeti’s website, a strong Amazon Prime Day in the third quarter, and the introduction of new products.

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Canaccord Initiates Coverage of Vericel with a Buy Rating:
Canaccord Genuity initiated coverage of Vericel, a cell therapy company, assigning a "buy" rating and a $57 price target. The firm characterized Vericel as a sustainable, high-growth, and profitable business.

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Needham Upgrades Doximity to Buy:
Needham upgraded Doximity, a networking platform for medical professionals, from "hold" to "buy." The decision follows Doximity's earnings report, which showed strong momentum with large customers, particularly in the pharmaceutical sector. The firm noted that this momentum helped the company surpass expectations for the first quarter and led to an improved outlook for fiscal year 2025.

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B. Riley Upgrades Redwire to Buy:
B. Riley Financial upgraded Redwire Corporation, a space infrastructure company, from "neutral" to "buy," maintaining an $8 price target. The upgrade was driven by strong bookings and a robust bid pipeline, which positions Redwire for accelerated growth in the future.

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Barclays Upgrades Ingredion to Overweight:
Barclays upgraded Ingredion Incorporated, a food ingredients company, from "equal weight" to "overweight." The upgrade comes after strong financial results and a guidance raise, leading Barclays to increase its price target from $122 to $145.

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TD Cowen Upgrades Vital Farms to Buy:
Following Vital Farms' strong second-quarter performance, TD Cowen upgraded the company from "hold" to "buy." The upgrade reflects the firm's confidence in the company’s continued growth and success.

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Morgan Stanley Upgrades General Dynamics to Overweight:
Morgan Stanley upgraded General Dynamics, a defense contractor, from "equal weight" to "overweight." The firm highlighted the defensive nature of the defense industry as a key factor in the upgrade. Concurrently, Morgan Stanley downgraded L3Harris Technologies to "equal weight."

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Wells Fargo Upgrades Paramount to Equal Weight:
Wells Fargo upgraded Paramount Global from "underweight" to "equal weight." The upgrade comes as the company approaches its pending merger with Skydance, expected to close in the first half of 2025. Wells Fargo noted that the merger includes a $15 per share offer for up to 50% of Paramount’s shares, limiting both the fundamental upside and downside during this period.

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Raymond James Upgrades GoodRx to Strong Buy:
Raymond James upgraded GoodRx Holdings, a telemedicine and prescription discount company, from "outperform" to "strong buy." This upgrade followed an 18.6% selloff in GoodRx shares, which Raymond James viewed as an overreaction, maintaining its $10 price target.

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TD Cowen Upgrades Burlington to Buy:
TD Cowen upgraded Burlington Stores from "hold" to "buy," raising the price target from $257 to $279 per share. The firm cited improved supply chain efficiency as a key reason for the upgrade.

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Morgan Stanley Names Eli Lilly as a Top Pick:
Morgan Stanley named Eli Lilly and Co. as one of its top stock picks, reaffirming its "overweight" rating. The firm remains optimistic about the upside potential of Lilly's GLP-1 estimates and noted that the company’s margin improvement is unfolding as expected.

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William Blair Upgrades Blend Labs to Outperform:
William Blair upgraded Blend Labs, a digital lending platform company, from "market perform" to "outperform." The upgrade follows Blend Labs’ second-quarter earnings, which slightly exceeded Street expectations despite ongoing challenges in the mortgage market. The firm believes that the company’s internal initiatives are beginning to show positive results.

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Bank of America Adds Uber and Chipotle to the US 1 List:
Bank of America added Uber Technologies and Chipotle Mexican Grill to its US 1 list, signaling strong confidence in both companies as top picks for investors.

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Baird Downgrades Five9 to Neutral:
Baird downgraded Five9, a software company, from "outperform" to "neutral." The downgrade was due to growth concerns and reduced visibility, despite Five9 reporting solid second-quarter results. The firm noted that the company provided weaker guidance for the third quarter and lowered its full-year guidance.

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Cantor Fitzgerald Upgrades SoundHound to Overweight:
Cantor Fitzgerald upgraded SoundHound AI, a voice recognition company, from "neutral" to "overweight." The firm believes that a recent acquisition could be transformative for the company, bringing a high-profile customer base and a significant stream of recurring revenue.

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Oppenheimer Reiterates Sweetgreen as a Top Pick:
Oppenheimer reiterated Sweetgreen, a fast-casual salad chain, as one of its top picks following the company's earnings report. The firm raised its estimates and increased its price target from $34 to $36 per share.

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JPMorgan Upgrades Confluent to Overweight:
JPMorgan upgraded Confluent, a software company, from "neutral" to "overweight." The upgrade was driven by the company's resilience in recent quarters and a valuation reset due to the challenging macroeconomic environment.

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Guggenheim Upgrades Lithia & Driveway to Buy:
Guggenheim upgraded Lithia Motors, an auto retailer, from "neutral" to "buy" after updating its estimates for auto suppliers and dealers following the company's second-quarter results.

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Bank of America Upgrades Synchrony and Bread Financial to Buy:
Bank of America upgraded private label card issuers Synchrony Financial and Bread Financial from "neutral" to "buy," citing improving credit trends as the primary reason for the upgrade.

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Goldman Sachs Upgrades SQM to Buy:
Goldman Sachs upgraded Sociedad Química y Minera (SQM), a Chilean chemicals company, from "neutral" to "buy." The firm sees potential upside in the lithium market and believes that SQM is well-positioned for a supply and demand improvement by 2027.

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Bank of America Reiterates Amazon as a Buy:
Bank of America reiterated its "buy" rating on Amazon, following reports that TikTok and Pinterest will enable in-app shopping for Amazon. The firm views this development as a positive driver for Amazon's e-commerce business.

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Deutsche Bank Initiates Inari Medical as a Buy:
Deutsche Bank initiated coverage of Inari Medical with a "buy" rating, citing the company's leadership in the mechanical thrombectomy market, which addresses dangerous blood clots in patients with venous thromboembolisms.

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