Friday’s Biggest Analyst Calls: NVIDIA, NIO, Apple, Tesla, Chewy, Broadcom, Coinbase, Costco, Micron, Oracle & More

Here’s a rundown of some of the top calls made by Wall Street analysts on Friday:

‍

JPMorgan Upgrades Nio to Overweight from Neutral

JPMorgan analysts have upgraded Nio, the Chinese electric vehicle (EV) company, to an overweight (OW) rating, signifying confidence in the company's future. The firm cited increased clarity on Nio’s upcoming model releases and future plans extending into 2025. They also highlighted the company’s improving cash situation, which has alleviated concerns about potential fund-raising or dilution of shareholders' equity.

‍

Barclays Initiates Coverage of MicroStrategy as Overweight

Barclays initiated coverage of MicroStrategy (MSTR), giving it an overweight rating with a price target of $146. The analysts praised the company’s unique strategy, transforming its core enterprise software business into a vehicle for bitcoin accumulation. This approach, according to Barclays, sets MicroStrategy apart from its peers and represents a differentiated offering in the market.

‍

Barclays Upgrades Coinbase and Robinhood to Equal Weight from Underweight

Barclays also revised its stance on both Coinbase (COIN) and Robinhood (HOOD), moving their ratings to equal weight from underweight. The firm believes that after more than a year of evolution, the business models of these companies have matured. While risks remain, Barclays now sees potential revenue drivers for both, including product innovations and regulatory developments.

‍

Morgan Stanley Upgrades OMA to Overweight from Equal Weight

Morgan Stanley upgraded Grupo Aeroportuario del Centro Norte (OMA), a Mexican airport operator, to overweight. The firm noted that the stock's recent underperformance presented a more attractive risk-reward profile. Additionally, Morgan Stanley sees potential upside in passenger traffic numbers based on upcoming flight schedules for the fourth quarter of 2024 and the first quarter of 2025.

‍

Deutsche Bank Initiates Coverage of Burford Capital with a Buy Rating

Deutsche Bank began coverage of Burford Capital (BUR US), assigning a buy rating and setting a price target of $18, which implies a 38% upside. Burford, a leader in litigation finance, is expected to benefit from a strong position in its market, making it an attractive investment opportunity for the future.

‍

Deutsche Bank Upgrades Hubbell to Buy from Hold

Deutsche Bank upgraded Hubbell, a company providing electrical and utility solutions, to a buy rating. The firm noted Hubbell’s extensive exposure to the power and utility sector, which makes up around 64% of its sales. Deutsche Bank expects the company to achieve mid- to high-single-digit organic growth over the next few years, potentially reaching growth rates above 7%.

‍

Morgan Stanley Reiterates Chewy as Overweight

Morgan Stanley reaffirmed its overweight rating on Chewy (CHWY), citing the online pet supply company’s strong margin trajectory. The firm considers Chewy one of its favorite ideas in the sector and believes that the company’s future growth potential remains underestimated by the market.

‍

Daiwa Reiterates Nvidia as Outperform

Daiwa maintained its outperform rating on Nvidia, even after the company’s latest earnings report. Analysts expect continued bullish sentiment around Nvidia, driven by the immense potential of generative AI. The firm compared AI’s transformative impact to major technological milestones such as the rise of personal computers, smartphones, and the internet.

‍

Bank of America Reiterates Apple as Buy

Bank of America reiterated its buy rating for Apple (AAPL) after data from SensorTower showed that App Store revenue for the fourth fiscal quarter (F4Q) reached $5.7 billion. Downloads for iPhone and iPad apps were also up 4.9% year over year. This positive trend in revenue and user engagement supports the firm’s bullish stance on the stock.

‍

Morgan Stanley Initiates Trane Technologies as a Top Pick

Morgan Stanley named Trane Technologies (TT) as a top pick among U.S. industrials, praising the heating and cooling solutions provider for its growth and durability. The company’s service-oriented business model, combined with its exposure to key industrial megatrends, gives it a strong position for long-term growth.

‍

Bank of America Reiterates Broadcom as a Top Pick

Following Broadcom’s latest earnings report, Bank of America reaffirmed the semiconductor company as a top pick, calling it a “high-quality AI franchise.” Broadcom's diversified exposure to critical markets like smartphones, cloud data centers, telecom, and enterprise storage makes it an attractive investment in the AI and tech space.

‍

Bank of America Downgrades Ciena to Neutral from Buy

Bank of America downgraded Ciena (CIEN) from a buy to neutral rating, citing several challenges facing the networking company. Despite maintaining a price target of $59, the firm sees significant hurdles for Ciena that could limit its growth potential in the near term.

‍

Mizuho Upgrades Fortive to Outperform from Neutral

Mizuho upgraded Fortive (FTV), describing the industrial conglomerate as "too attractive to ignore." The firm noted that while Fortive has aggressively evolved its portfolio, the stock price has remained relatively stagnant. However, Mizuho believes the company is now poised to deliver value relative to its peers.

‍

JPMorgan Downgrades Super Micro to Neutral from Overweight

JPMorgan downgraded Super Micro (SMCI) to neutral, citing concerns over regulatory filings. While the company is working to resolve these issues, JPMorgan expressed uncertainty about the timing and outcome of this process, leading to a more cautious outlook.

‍

Rosenblatt Initiates OneSpan as Buy

Rosenblatt initiated coverage of OneSpan (OSPN), a cybersecurity company, with a buy rating and a price target of $20. The firm noted that OneSpan’s investment thesis has significantly improved, positioning the company well within its market.

‍

Morgan Stanley Reiterates Tesla as Overweight

Morgan Stanley reiterated its overweight rating on Tesla (TSLA), stating that the company remains its top pick. Despite potential geopolitical risks, the firm believes Tesla’s rollout of Full Self-Driving (FSD) in China remains a critical factor in the company’s growth trajectory.

‍

Loop Reiterates Costco as Buy

Loop Capital raised its price target for Costco (COST) from $970 to $975 after a strong sales report. The firm noted that deflation in pricing has driven increased traffic to Costco stores, with global traffic up 7% and U.S. traffic up 6% in August.

‍

Mizuho Names Micron and Oracle to Top Picks List

Mizuho named Micron (MU) and Oracle (ORCL) to its list of top investment ideas, highlighting Micron’s position in the AI race with its high-bandwidth memory products. The firm also expressed confidence in Oracle’s management, expecting the company to expand operating margins to 45% by fiscal year 2026.

‍

JPMorgan Initiates Archrock as Overweight

JPMorgan initiated coverage of Archrock (AROC), a natural gas infrastructure company, with an overweight rating and a year-end 2025 price target of $24, pointing to the company's strong positioning within the energy sector.

‍

Barclays Upgrades RadNet to Overweight

Barclays upgraded RadNet (RDNT), a radiology services company, to overweight, citing the company's leadership in applying AI to healthcare. RadNet’s first-mover advantage and access to valuable radiological data give it a unique position in the market.

‍

Oppenheimer Reiterates Live Nation as Outperform

Oppenheimer raised its price target on Live Nation (LYV) from $110 to $120, citing higher earnings potential after a visit to the refurbished Jones Beach Amphitheater in New York. The firm expects the Venue Nation division to unlock significant value.

‍

Bank of America Reiterates ASML as Buy

Finally, Bank of America reaffirmed ASML as its top pick in European semiconductor companies, viewing the recent stock pullback as a prime buying opportunity.

‍