Monday's Biggest Analyst Calls: Nvidia, Broadcom, Apple, Tesla, Flutter, Caterpillar, Alphabet & More

On Monday, several prominent Wall Street firms made notable recommendations and changes in their ratings for major companies, highlighting key market movements and investment opportunities.

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TD Cowen: Nvidia Reaffirmed as Buy
TD Cowen reaffirmed its buy rating for Nvidia, emphasizing that the company remains a top choice for its team. They underscored Nvidia's dominance in artificial intelligence (AI) technology, solidifying its position as a leader in the tech sector.

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Mizuho: Advanced Micro Devices (AMD) Reaffirmed as Outperform
Mizuho also maintained its outperform rating for AMD following its AI day event. The firm expressed optimism for AMD’s future, citing its increasing server market share, a possible rebound in the personal computer (PC) market, and upcoming AI product launches. Mizuho set a price target of $19 per share as a base case.

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Mizuho: Broadcom Reaffirmed as Outperform
Mizuho reiterated its outperform rating for Broadcom and increased its price target from $190 to $220 per share. The firm pointed to a significant opportunity for Broadcom, with the potential for a $16 billion boost from its partnership with OpenAI, specifically in AI chip production, projected for the second half of 2025 through 2026.

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Goldman Sachs: Ibotta Upgraded to Buy
Goldman Sachs upgraded Ibotta to buy from neutral, highlighting the company's promising growth prospects in mobile technology.

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Goldman Sachs: Alphabet Reaffirmed as Buy
Although Goldman Sachs lowered its price target for Alphabet from $217 to $208, they maintained their buy rating. The adjustment was based on various challenges the company faces, but Goldman remained confident in Alphabet’s ability to thrive in direct response advertising. They also saw continued potential in monetizing short-form video content over the next 12 to 18 months.

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Wells Fargo: Flutter Upgraded to Overweight
Wells Fargo upgraded Flutter, a gambling company, from equal weight to overweight, advising investors to capitalize on the stock's recent dip. They set a new price target of $295, projecting a 34% upside potential.

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Truist: Amgen Downgraded to Hold
Truist downgraded biotech company Amgen from buy to hold, noting increasing competition in Amgen’s pipeline that could limit its upside potential. The firm reduced its price target to $333.

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Morgan Stanley: Caterpillar Downgraded to Underweight
Morgan Stanley downgraded Caterpillar from equal weight to underweight due to growing concerns about potential inventory destocking in its construction industries segment. Mounting risks in this area led the firm to issue a more cautious outlook for the stock.

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UBS: Surgery Partners Initiated as Buy
UBS initiated coverage of Surgery Partners with a buy rating, citing attractive prospects for organic growth. The firm set a price target of $38 per share.

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Piper Sandler: Tesla Reaffirmed as Overweight
Piper Sandler reiterated its overweight rating for Tesla ahead of the company’s upcoming earnings report on October 23. While initial optimism surrounding Tesla’s robo-taxi project has waned, the firm noted that no cuts to revenue estimates were necessary. Piper Sandler also highlighted that their expectations for revenue from Tesla’s full self-driving software remained unchanged, with a ramp-up not expected until 2027 or 2028.

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UBS: Netstreit Initiated as Buy
UBS initiated coverage of Netstreit, a real estate investment company, with a buy rating. The firm argued that the stock is undervalued, with accelerating external growth anticipated at a discounted valuation.

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Goldman Sachs: AutoZone Downgraded to Sell
Goldman Sachs downgraded AutoZone from buy to sell, citing muted growth prospects. The firm suggested reallocating stock ratings toward companies more exposed to discretionary goods.

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Evercore ISI: Apple Added to Tactical Outperform List
Evercore ISI added Apple to its tactical outperform list ahead of its earnings report later this month. The firm believes that bearish sentiment on Apple has created a buying opportunity, predicting that Apple will deliver results in line with expectations, which should boost the stock.

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JMP: Duolingo Downgraded to Market Perform
JMP downgraded Duolingo from market outperform to market perform, primarily due to valuation concerns. After shares surged 78% since the company's second-quarter earnings report, Duolingo’s stock now trades above JMP’s previous price target.

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Baird: KeyCorp Downgraded to Neutral
Baird downgraded KeyCorp from outperform to neutral, noting a more balanced risk/reward profile for the regional bank after its recent outperformance in the S&P 500 since March.

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Jefferies: AptarGroup Upgraded to Hold
Jefferies upgraded AptarGroup to hold from buy, highlighting the company’s strong execution and new product pipeline. The firm expects the pharmaceutical segment, including delivery systems for key drugs, to drive an 8.5% annual EBITDA growth through 2026.

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Piper Sandler: SentinelOne Upgraded to Overweight
Piper Sandler upgraded SentinelOne from neutral to overweight, citing multiple upcoming catalysts that could drive the cyber company’s shares higher by the end of the year.

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Wells Fargo: VF Corp Downgraded to Underweight
Wells Fargo downgraded VF Corp, the owner of brands like Vans, from equal weight to underweight. They expressed concerns that the company’s valuation is now fully priced, leaving limited room for further upside.

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Wells Fargo: Canada Goose Downgraded to Underweight
Wells Fargo also downgraded Canada Goose to underweight, noting macroeconomic challenges in China that pose risks for the outerwear company, which has made China a central part of its expansion strategy.

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Goldman Sachs: AppLovin Downgraded to Neutral
Goldman Sachs downgraded software publisher AppLovin from buy to neutral, citing a more balanced risk/reward outlook. Although the stock has risen 192% since April 2022, the firm now sees limited upside from current levels.

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Oppenheimer: Walmart Reaffirmed as Top Pick
Oppenheimer reaffirmed Walmart as a top pick, raising its price target from $81 to $90. The firm believes Walmart’s strong performance has more room to grow, with the current bull run continuing to show strength.

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