Thursday’s Biggest Analyst Calls: Nvidia, Disney, Tesla, Instacart, Arm, Rivian, Target & More

Here are the notable recommendations from Thursday on Wall Street:

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Goldman Sachs starts coverage on Apellis Pharmaceuticals with a buy rating, expressing confidence in the company's ongoing execution. Apellis focuses on biopharmaceuticals, specifically inhibiting complement at the C3 level, with approved assets Syfovre and Empaveli.

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HSBC initiates Tesla with a reduce rating, citing the stock's rich valuation. HSBC acknowledges Tesla's aspirations as an innovator beyond being an expensive auto company.

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Barclays upgrades Kellanova to equal weight from underweight, anticipating top-line growth for the company following the spin of its North America cereal business.

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Wolfe upgrades Spirit AeroSystems to buy outperform from peer perform, stating that the aerospace company's shares are now derisked, setting the stage for an expected production upcycle.

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JPMorgan upgrades Montrose to overweight from neutral, considering the environmental services company's shares as compelling despite adjusting the price target.

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Bank of America reaffirms its buy rating for Disney after mixed fourth-quarter results, noting that while revenues were below forecasts, operating income exceeded expectations.

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Goldman Sachs reiterates Arm as overweight, maintaining the buy rating after the stock's earnings report and updating the 12-month price target.

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Goldman Sachs also reiterates Instacart as a buy, sticking to the positive rating based on the grocery delivery company's recent earnings report.

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Morgan Stanley reaffirms Rivian as overweight, emphasizing the electric vehicle company's potential for approximately 40% upside to their price target.

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Deutsche Bank initiates Eli Lilly as hold, expressing concern about the stretched valuation due to the high FY24E EPS multiple and premium compared to peers.

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Deutsche Bank starts coverage on Merck as a buy, expressing bullish sentiment on the pharma company's oncology drug, Keytruda.

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Evercore ISI adds a tactical outperform on Target, expressing optimism heading into the earnings report and highlighting the company's ability to manage earnings.

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Deutsche Bank upgrades Parker Hannifin to buy from hold, citing strong potential for multiple expansion and the likelihood of continued beat/raise guidance.

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Goldman Sachs starts coverage on Cytokinetics as a buy, pointing to an attractive risk/reward profile for the biotech company.

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Wells Fargo reaffirms Nvidia as overweight, expressing bullish sentiment ahead of the company's upcoming earnings report.

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HSBC upgrades Anheuser-Busch InBev to buy from hold, citing market share stabilization and favorable valuation.

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Barclays upgrades Valaris to overweight from equal weight, noting valuation upside for the offshore driller.

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Barclays also upgrades Unilever to overweight from equal weight, expressing confidence in the consumer products company's management.

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Citi upgrades ContextLogic to neutral from sell, citing a more balanced risk/reward outlook amid strategic changes in the e-commerce company.