Wednesday’s Biggest Analyst Calls: Nvidia, Apple, Netflix, Amazon, Crowdstrike and More

Here are some of the most notable calls from Wall Street analysts on Wednesday:

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Mizuho Upgrades Corning to Outperform from Neutral

Mizuho upgraded Corning Inc. to an "Outperform" rating, encouraging investors to take advantage of the recent dip in the company's stock. The firm emphasized that there’s no evident slowdown in Corning's business or growth initiatives, particularly ahead of the company's upcoming review of its Optical glass fiber business on September 19. Mizuho believes this is an opportune moment for investors to buy into Corning's potential.

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Raymond James Reiterates Nvidia as Strong Buy

Raymond James maintained its "Strong Buy" rating on Nvidia, expressing confidence ahead of the company’s earnings report next week. The firm anticipates another robust quarter from Nvidia, despite concerns surrounding potential delays in the launch of Blackwell, Nvidia’s next-generation chip architecture. This reiteration reflects Raymond James' continued bullish stance on Nvidia’s growth prospects.

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Citi Upgrades Texas Instruments to Buy from Neutral

Citi upgraded Texas Instruments (TXN) from "Neutral" to "Buy," predicting the company is poised for significant earnings per share (EPS) growth. The firm expects that margins, which have recently bottomed out, will rebound to their previous peak, potentially leading to 100% EPS growth. This optimistic outlook on Texas Instruments is based on its ability to recover and expand profit margins, making it an attractive buy.

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Morgan Stanley Reiterates Sunrun as Overweight

Morgan Stanley reaffirmed its "Overweight" rating on Sunrun, the largest residential solar company in the U.S., and raised its price target from $31 to $35 per share. The firm continues to view Sunrun as its preferred choice within the distributed solar market, reflecting strong confidence in the company’s market position and growth potential.

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Bank of America Reiterates CrowdStrike as Buy

Bank of America reiterated its "Buy" rating on CrowdStrike as the cybersecurity company prepares to report its earnings next week. This will be CrowdStrike’s first public commentary since a significant software incident caused a global IT outage on July 19. Despite the recent challenges, Bank of America remains confident in CrowdStrike's ability to deliver strong performance and sees potential for continued growth.

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Wells Fargo Resumes Coverage of Keysight Technologies as Overweight

Wells Fargo resumed coverage of Keysight Technologies with an "Overweight" rating, setting a price target of $180 per share. The firm expressed optimism following the company’s solid third-quarter results and its positive guidance for the fourth quarter. Keysight, which specializes in electronics test and measurement equipment, is seen as well-positioned for continued success.

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Deutsche Bank Reiterates Marvell as Buy

Deutsche Bank reiterated its "Buy" rating on Marvell Technology, highlighting the company’s ability to maintain its secular momentum even as it awaits a cyclical upswing. With earnings approaching, Deutsche Bank remains bullish on Marvell’s long-term prospects in the semiconductor industry.

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Morgan Stanley Reiterates Apple as Overweight

Morgan Stanley reiterated its "Overweight" rating on Apple, naming it a top pick among technology stocks. The firm emphasized that the market has undervalued Apple’s upcoming intelligence upgrade cycle, which Morgan Stanley believes will drive significant growth. Apple remains a cornerstone of Morgan Stanley’s investment strategy, reflecting its strong market position and innovation pipeline.

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Wells Fargo Downgrades Sonoco to Underweight from Equal Weight

Wells Fargo downgraded Sonoco, a global provider of consumer packaging, to "Underweight" from "Equal Weight," citing uncertainty in the company’s outlook. The firm also lowered its price target to $52 per share and adjusted its earnings per share (EPS) estimates for fiscal years 2024 and 2025. This downgrade reflects concerns about the company's future performance amidst ongoing market challenges.

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KeyBanc Reiterates Netflix as Overweight

KeyBanc reaffirmed its "Overweight" rating on Netflix following the company’s recent upfront presentation to advertisers. Netflix reportedly secured a significant increase in upfront ad sales commitments, more than 150% higher than in 2023. This success underscores Netflix's growing appeal to advertisers and solidifies its position as a leader in the streaming market.

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Jefferies Upgrades BrightView to Buy from Hold

Jefferies upgraded BrightView, a commercial landscaping company, to "Buy" from "Hold." The firm expects the company to return to low single-digit revenue growth and achieve record margins, making it an attractive investment opportunity. This upgrade reflects confidence in BrightView’s ability to improve its financial performance in the coming quarters.

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BTIG Upgrades Consensus Cloud Solutions to Buy from Neutral

BTIG upgraded Consensus Cloud Solutions, a provider of digital fax services, to "Buy" from "Neutral," citing the company’s strong margins and cash flow. The firm sees value in Consensus Cloud’s business model, particularly in its ability to generate consistent revenue and profit in the digital communications space.

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Bank of America Downgrades American Express to Neutral from Buy

Bank of America downgraded American Express (AXP) to "Neutral" from "Buy," pointing to valuation concerns. The firm believes there is limited upside potential given the current premium valuation and the likelihood of subdued billings volume growth. This downgrade reflects a more cautious outlook on American Express’s near-term growth prospects.

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Cantor Fitzgerald Initiates MicroStrategy as Overweight

Cantor Fitzgerald initiated coverage of MicroStrategy with an "Overweight" rating, highlighting the company’s unique position as a Bitcoin accumulator. While MicroStrategy is technically a provider of business intelligence and analytics software, Cantor views its Bitcoin holdings as a key driver of value, especially as the company continues to build its cryptocurrency portfolio.

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Bernstein Reiterates Tesla as Underperform

Bernstein reiterated its "Underperform" rating on Tesla, citing concerns over price cuts and falling lead times across various markets. The firm noted that Tesla has near-zero lead times and significant inventory levels in the U.S., which could pressure the company’s margins and overall financial performance.

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Citi Opens Positive Catalyst Watch on Gap

Citi initiated a positive catalyst watch on Gap ahead of the retailer’s earnings report on August 29. The firm anticipates a strong second-quarter EPS beat, driven by better-than-expected gross margins and slightly stronger sales. This optimistic outlook reflects Citi’s confidence in Gap’s ability to outperform market expectations.

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MoffettNathanson Reiterates Amazon as Buy

MoffettNathanson reiterated its "Buy" rating on Amazon, praising the e-commerce giant’s unmatched inventory offering and global fulfillment network. The firm continues to see Amazon as the best-positioned player in the e-commerce space, with a strong foundation for continued growth.

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Raymond James Downgrades Chewy to Market Perform from Outperform

Raymond James downgraded Chewy, the online pet food retailer, to "Market Perform" from "Outperform" due to valuation concerns. The stock has surged more than 50% over the past three months, surpassing Raymond James’ price target of $24. This downgrade reflects a more cautious stance following the stock’s recent gains.

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Bank of America Upgrades California Resources to Buy from Neutral

Bank of America upgraded California Resources, a carbon energy company and spinoff of Occidental Petroleum, to "Buy" from "Neutral." The firm believes California Resources is uniquely positioned to benefit from the state’s data center build-out, given its ownership of a power plant. This upgrade highlights the company’s potential for growth in the evolving energy landscape.

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