Thursday’s Biggest Analyst Calls: Nvidia, Tesla, Apple, Micron, Rivian, Amazon, Deere, Unitedhealth & More

Thursday witnessed a flurry of significant calls on Wall Street, providing investors with diverse insights across various sectors. From technology and electric vehicles to healthcare and biopharma, analysts offered their perspectives on individual stocks, highlighting potential opportunities and challenges in the market.

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Starting with technology, Citi maintained a neutral rating on Tesla, signaling a wait-and-see approach for a more enticing entry point. On the other hand, Piper Sandler initiated Edgewise Therapeutics as overweight, expressing enthusiasm for the biopharma company's product pipeline.

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Jefferies took a bold step by initiating Rivian as a buy, emphasizing its resemblance to Tesla in terms of spirit, software stack, brand identity, global potential, and shared growth challenges. This move indicates confidence in Rivian's trajectory, even as it embarks on what Jefferies describes as a "capital spending crash course."

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UBS reiterated Apple as neutral, citing solid February App Store revenue, which demonstrated a 10.5% year-over-year increase. Meanwhile, Bank of America upgraded SBA Communications to buy, encouraging investors to seize the opportunity presented by the cellular tower company's multi-year low valuation.

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In the semiconductor space, Mizuho reiterated Nvidia as a buy, raising its price target to $1000 per share. The analysis emphasizes Nvidia's position as the biggest near-term AI winner, with AMD and AVGO also benefiting significantly.

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Deutsche Bank reiterated Amazon as a buy, underlining its bullish stance on Amazon's advertising opportunity. The bank anticipates Prime Video advertising dollars reaching $4 billion in 2024, potentially growing to $6 billion by 2025.

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Moving to the healthcare sector, Morgan Stanley initiated Arcellx as overweight, recognizing the cell therapy company's best-in-class potential. In contrast, JPMorgan downgraded Victoria's Secret to underweight following disappointing earnings.

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In biopharma, Jefferies initiated Vertex as a buy, labeling the company as a strong mid-stage obesity player with scarcity value. The report also highlighted the company's $110 price target.

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Shifting to the retail sector, Jefferies downgraded Nordstrom to hold, citing margin disappointments despite signs of growth stabilization. However, the same report reiterated Pinterest as a top pick, encouraging investors to capitalize on recent stock weakness.

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Bernstein reiterated Li Auto as outperform, advising investors to consider the dip in the China-based auto company's stock. Goldman Sachs initiated TKO Group as a buy, noting the UFC and WWE combined company's favorable positioning.

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Evercore ISI reiterated Microsoft as a buy, emphasizing the company's AI opportunity, projecting significant incremental revenue by 2028. UBS upgraded Sherwin-Williams to buy, positioning the paint company as well-prepared for a market recovery.

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In the athletic footwear industry, Telsey downgraded Foot Locker to market perform, citing a slower operating margin recovery. Redburn Atlantic Equities downgraded On Holding to neutral, stating that while optimism about long-term business potential remains, the valuation has caught up.

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Bank of America named UnitedHealth a top pick, underscoring its compelling value at 82% of the market multiple. DA Davidson added Deere to the gold trophy list, highlighting its position as the global leader in heavy tractors and related agricultural equipment.

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TD upgraded Shake Shack to outperform, recognizing the company's margin expansion strategy. RBC upgraded EVgo to outperform, viewing sluggish EV demand and high-interest rates as an opportunity for the charging company.

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Bank of America initiated Catalyst Pharma as a buy, identifying it as an undervalued biotech. Baird upgraded Akamai to outperform, taking advantage of recent weakness in the cloud computing company's stock. Finally, Bank of America upgraded Edwards Lifesciences to buy, suggesting that "double-digit growth is back" for the medical technology company.

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Stifel brought the focus back to the semiconductor industry by upgrading Micron to buy from hold, noting an inflection point and anticipating the return of leverage.

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In the Latin American travel sector, Cantor Fitzgerald initiated Despegar.com as a buy, describing it as a "LatAm travel leader with out of whack valuation."

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Overall, Thursday's major calls provided a comprehensive overview of diverse sectors and stocks, offering investors a rich tapestry of perspectives to consider in their decision-making process.

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