Friday's Biggest Analyst Calls: NVIDIA, Apple, Amazon, Berkshire Hathaway, Intel, Datadog, Uber & More

Here are Friday’s biggest calls on Wall Street:

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Goldman Sachs Reiterates Apple as a Buy

Goldman Sachs reaffirmed its optimistic stance on Apple following the company’s recent earnings release. The firm highlighted Apple's record-breaking iPhone installed base and the upcoming Apple Intelligence feature rollouts planned for October 2024, December 2024, and April 2025. Goldman expects these advancements to bolster Apple’s iPhone sales and earnings significantly in fiscal years 2025 and 2026.

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Citi Reaffirms Buy Rating on Amazon

Citi analysts expressed increased confidence in Amazon after reviewing its third-quarter 2024 earnings report. The firm noted that Amazon’s commitment to growth investments is coupled with a focus on expanding profit margins. These elements, according to Citi, present multiple catalysts for growth, making Amazon a favorable choice in the tech and e-commerce sectors.

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Gordon Haskett Upgrades Uber to Buy from Hold

Following Uber’s earnings report, Gordon Haskett suggested buying shares on the dip, despite recent pressure due to slower growth concerns. The firm argued that much of Uber’s growth slowdown in the Mobility segment is due to challenging year-over-year comparisons. Gordon Haskett believes that investors are overly focused on short-term concerns, which it views as manageable in the long run.

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Goldman Sachs Initiates Penguin Solutions with a Buy Rating

Goldman Sachs initiated coverage of Penguin Solutions, a hardware provider specializing in high-performance enterprise AI solutions. Valued attractively, Penguin Solutions received a Buy rating with a 12-month target price of $21, as Goldman sees strong potential in this segment’s growth trajectory.

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Wells Fargo Downgrades Estée Lauder to Equal Weight from Overweight

Following a lackluster earnings report, Wells Fargo downgraded Estée Lauder, expressing concern over the company’s approach to its operational issues. Rather than addressing industry-leading operational deleverage, the company plans to increase spending, which Wells Fargo sees as a misstep.

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KeyBanc Upgrades Atlassian to Overweight from Sector Weight

KeyBanc raised its rating on Atlassian after the software firm exceeded expectations with 31% growth in its first-quarter fiscal cloud segment, surpassing consensus estimates. This growth was largely driven by an uptick in paid seat expansions and migration activities, reinforcing KeyBanc’s positive outlook.

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Goldman Sachs Adds Evercore to Conviction Buy List

Goldman Sachs added Evercore, Meritage Homes, and Suncor Energy to its U.S. Conviction Buy List while removing Enphase, Kinder Morgan, and SLB. The move signals Goldman’s heightened confidence in these companies’ growth potential within their respective industries.

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Morgan Stanley Reaffirms Overweight on Arista Networks

Morgan Stanley reiterated its positive outlook on Arista, believing the network equipment maker is well-positioned to benefit from growing demand in networking and Ethernet, particularly as it relates to AI advancements. Arista’s upcoming earnings are expected to confirm these trends.

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Bank of America Reiterates Nvidia as a Buy

In a sector-wide analysis related to the presidential election's impact on the semiconductor industry, Bank of America reiterated its bullish view on Nvidia. The firm believes Nvidia is well-prepared to lead in the race toward Artificial General Intelligence, irrespective of the political climate. Bank of America projects a total addressable market (TAM) of $280 billion by 2027, with Nvidia expected to maintain a substantial market share of over 75%.

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Bank of America Reiterates Datadog as a Buy

Ahead of Datadog’s upcoming earnings on November 7, Bank of America remains confident in the company. Analysts expect Datadog to post strong results but recognize that market expectations are already high, creating some pressure.

Citi Upgrades YPF to Buy from Neutral

Citi raised its rating on YPF, an Argentine oil and gas company, citing several positive catalysts. With the Argentine government holding a 51.01% controlling stake, YPF appears to have a supportive backdrop for growth amid favorable domestic energy policies.

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UBS Maintains Neutral Rating on Intel

Following Intel’s earnings report, UBS held its neutral rating, noting only gradual progress. Although the company's guidance and commentary on its CPU markets were solid, UBS found it insufficient to fully sway investor opinion given Intel’s current challenges.

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Mizuho Upgrades Idacorp to Outperform from Neutral

Mizuho upgraded electric utility company Idacorp to Outperform, noting its strong third-quarter performance on October 31. The firm sees Idacorp’s shares as undervalued, with room for growth due to its robust earnings report and potential for further expansion in the power generation space.

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CFRA Reiterates Berkshire Hathaway as a Buy

CFRA remains optimistic on Berkshire Hathaway as it heads into its upcoming earnings report, raising its price target to $525 per share. CFRA praised Berkshire’s revenue diversity and the strength of its insurance segment, which it views as a positive factor for the stock’s performance.

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Jefferies Upgrades Xcel Energy to Buy from Hold

Jefferies upgraded Xcel Energy, noting its increasing confidence in the company’s ability to accelerate earnings growth. Xcel’s new earnings-per-share (EPS) compound annual growth rate (CAGR) guidance has been raised to 6-8%, up from 5-7%, signaling the company’s focus on wildfire mitigation, risk reduction, and infrastructure investment. The firm sees Xcel’s efforts as adding significant growth potential to its existing $10 billion portfolio.

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These calls reflect diverse strategies among analysts, each assessing how recent earnings, sectoral shifts, and company initiatives shape the investment landscape.

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