Friday’s Biggest Analyst Calls: Nvidia, Tesla, Ferrari, Meta, Amazon, Eli Lilly, Walmart, Uber & More

Here are some of the most significant calls made on Wall Street as of Friday:

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Bank of America Reiterates Broadcom as a Buy
Bank of America continues to endorse Broadcom as a top investment choice, following recent discussions with investors. The firm highlights Broadcom's growing opportunities in artificial intelligence (AI), which is projected to generate around $12 billion, or 24% of its total sales, for fiscal year 2024. The long-term total addressable market for AI, centered on increasing internal workloads, is estimated to be between $100 billion and $125 billion.

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UBS Reiterates AMD as a Buy
UBS maintained its buy rating for Advanced Micro Devices (AMD) despite giving a mixed assessment of the company’s AI event, which occurred on Thursday. UBS noted that while the presentation offered both positive and less favorable aspects, it didn’t significantly influence the debate around AMD’s potential. The event didn’t provide a decisive argument either in favor of or against the stock.

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Wells Fargo Upgrades Affirm to Overweight
Wells Fargo upgraded fintech payment company Affirm to "overweight" from "equal weight," labeling it a "structural winner." The firm sees Affirm as a clear leader in capturing a growing share of the e-commerce checkout market. With the company edging closer to achieving GAAP profitability, the investment case has become more attractive, according to Wells Fargo.

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Redburn Atlantic Equities Initiates Mercado Libre as a Buy
Redburn Atlantic Equities initiated coverage of Mercado Libre, citing the company as a leader in Latin America's e-commerce sector. Mercado Libre is positioned at the crossroads of the region’s e-commerce evolution and the disruption of traditional banking, making it a significant player in both sectors.

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Pivotal Initiates Amazon as a Buy
Pivotal initiated its coverage of Amazon, emphasizing the company’s strong competitive position. The firm highlighted Amazon’s large and expanding "moat" around its core businesses, driven by its unmatched scale. Pivotal believes Amazon has one of the largest organic revenue growth opportunities among mega-cap technology companies.

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Morgan Stanley Downgrades Qorvo to Equal Weight
Morgan Stanley downgraded semiconductor solutions company Qorvo from "overweight" to "equal weight." The firm noted that it had initially upgraded Qorvo in December 2023, expecting modest growth in smartphone volumes to improve gross margins. However, near-term catalysts failed to materialize, leading Morgan Stanley to revise its outlook.

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Goldman Sachs Reiterates Nvidia as a Buy
Goldman Sachs reiterated its buy rating for Nvidia and raised its price target from $135 to $150 per share. This adjustment followed a series of investor meetings with key Nvidia executives, including CEO Jensen Huang, CFO Colette Kress, and investor relations representative Stewart Stecker.

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Morgan Stanley Names Atlassian a Top Pick
Morgan Stanley identified software company Atlassian as one of its top investment ideas, predicting that the firm is well-positioned to capture additional market share. With an expanding product portfolio and a de-risked forecast for fiscal year 2025, Morgan Stanley expects Atlassian’s stock to perform well.

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Morgan Stanley Reiterates Eli Lilly as Overweight
Morgan Stanley raised its price target for pharmaceutical company Eli Lilly from $1,106 to $1,158 per share. The firm cited Eli Lilly’s robust new product pipeline, with the potential to launch five new drugs over the next two years, as a key factor driving growth.

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Mizuho Downgrades Mobileye to Neutral
Mizuho downgraded Mobileye, a company specializing in autonomous driving technology, from "outperform" to "neutral." The firm pointed to rising competition and slowing growth in Mobileye’s key U.S. and European markets, which account for 50-60% of its revenue. Additionally, Mobileye is facing challenges in China, where it has experienced a loss of market share.

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Wells Fargo Downgrades FlyWire to Equal Weight
Wells Fargo downgraded payment company FlyWire from "overweight" to "equal weight," citing concerns over valuation and the company’s ability to attract investor support. The firm believes FlyWire faces regulatory uncertainties and lacks clear catalysts in the near term, despite its discounted valuation.

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JPMorgan Reiterates Amazon, Uber, and Meta as Top Picks
JPMorgan reaffirmed its bullish stance on Amazon, Uber, and Meta as its top three stock picks heading into earnings season. The firm favors large-cap companies with strong secular growth potential, such as these three, as well as subscription-based businesses like Netflix and Spotify, which exhibit solid execution and resilience in challenging economic conditions.

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Bank of America Upgrades Kinder Morgan to Buy
Bank of America upgraded shares of Kinder Morgan, a natural gas pipeline company, from "neutral" to "buy." The firm cited the stabilization of Kinder Morgan’s core business and the positive impact of its higher-multiple natural gas pipeline operations, which offset declines in other areas.

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JPMorgan Upgrades Ferrari to Overweight
JPMorgan upgraded Ferrari to "overweight" from "neutral" following a series of meetings with management, including CEO Benedetto Vigna and Manager of Investor Relations Aldo Benetti. The firm expressed greater confidence in Ferrari’s long-term prospects based on these discussions.

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Morgan Stanley Reiterates Tesla as Overweight
Despite disappointment surrounding Tesla’s recent Robotaxi event, Morgan Stanley maintained its "overweight" rating for the stock. The firm acknowledged that the event didn’t deliver on expectations in several areas, such as full self-driving technology and ride-share economics, but Tesla remains a top pick.

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Guggenheim Reiterates Netflix as a Buy
Guggenheim raised its price target for Netflix from $735 to $810 per share, ahead of the company’s upcoming earnings report. The firm remains optimistic about Netflix’s future shareholder returns, driven by global subscriber growth and expanding advertising revenue.

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UBS Reiterates Walmart as a Buy
UBS raised its price target for Walmart from $81 to $92 per share, emphasizing the potential of Walmart’s third-party marketplace. UBS believes the marketplace has reached scale and will serve as a key driver for Walmart’s alternative business streams, which are underappreciated by the broader market.

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