Wednesday’s Biggest Analyst Calls: Nvidia, Apple, Netflix, Meta, Tesla, Eli Lilly, Walmart, Microsoft, Oracle & More

Here are the major calls on Wall Street for Wednesday:

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Bernstein Initiates Coverage on Iris Energy and Core Scientific as Outperform

Bernstein expressed optimism on several Bitcoin miners, introducing coverage on Iris Energy (IREN) with a price target of $26, indicating a 78% upside, and Core Scientific (CORZ) with a price target of $17, indicating a 64% upside. Bernstein highlighted their hybrid Bitcoin/AI data center strategy as a key factor.

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Argus Upgrades Teva to Buy from Hold

Argus upgraded Teva Pharmaceuticals to Buy, citing a strong pipeline and improved performance after overcoming several years of challenges. Teva has launched a range of new drugs and has achieved margin growth across its primary business segments.

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Piper Sandler Downgrades Target to Neutral from Overweight

Piper Sandler downgraded Target, despite acknowledging its strong omni-channel model and exceptional merchandising capabilities. The firm mentioned that while the 2024 EPS guidance and medium-term EBIT margin target of 6% are reasonable, there isn't a clear catalyst to exceed these estimates in the near term.

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Jefferies Reiterates Walmart as a Top Pick

Jefferies reaffirmed Walmart as its top pick, emphasizing Walmart's potential for significant EBIT growth. Key developments include a partnership with Fox Robotics and new exit arch technology at Sam’s Clubs.

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Redburn Atlantic Equities Downgrades Spotify to Sell from Neutral

Redburn downgraded Spotify, suggesting that the growth expectations are overly optimistic. Despite Spotify’s strong operational momentum, Redburn predicts a 27% downside to their price target of $230.

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Jefferies Reiterates Buy Rating on Oracle

Jefferies maintained its Buy rating on Oracle, anticipating strong performance in the upcoming quarter. The firm believes Oracle is on track to achieve $65 billion in revenue and a 45% operating margin by fiscal year 2026.

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Goldman Sachs Reiterates Neutral Rating on Tesla

Goldman Sachs maintained a Neutral rating on Tesla, raising its 12-month price target from $175 to $248. The new target is based on a 65x multiple applied to updated EPS estimates.

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Barclays Reiterates Overweight Rating on Eli Lilly

Barclays increased its price target for Eli Lilly from $913 to $1,025, citing positive trends in drug scripts, new supply coming online, and momentum in the non-metabolic portfolio.

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Morgan Stanley Reiterates Overweight Rating on Microsoft

Morgan Stanley reaffirmed its Overweight rating on Microsoft, highlighting the company’s accelerating growth and leadership in AI, which the firm believes is not fully priced in.

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Citi Upgrades Quest Diagnostics to Buy from Neutral

Citi upgraded Quest Diagnostics, raising the price target from $145 to $165, citing potential upside in numbers.

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Bank of America Initiates Coverage on MKS Instruments as Buy

Bank of America initiated coverage on MKS Instruments with a Buy rating and a price target of $160, based on a 14x EV/EBITDA multiple for CY25, aligning with peers.

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Needham Upgrades Carvana to Buy from Hold

Needham upgraded Carvana, citing potential for profitable growth. The firm believes Carvana can expand unit sales and market share by leveraging its digital-first customer experience and under-utilized physical assets.

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BTIG Initiates Coverage on J.Jill as Buy

BTIG initiated coverage on J.Jill, finding the stock compelling due to its ability to capture market share in an underserved segment and improvements under new leadership.

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Citi Opens a Pair Trade on Alaska and Southwest Airlines

Citi opened a pair trade, favoring Buy-rated Alaska Airlines over Neutral-rated Southwest Airlines due to concerns about potential summertime disruptions for Southwest.

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TD Cowen Reiterates Buy Rating on Amazon

TD Cowen raised its price target on Amazon from $225 to $245 ahead of earnings, expecting the company to report results ahead of consensus.

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TD Cowen Reiterates Buy Rating on Alphabet

TD Cowen raised its price target on Alphabet from $200 to $220, noting that survey data suggests YouTube continues to gain share among younger viewers.

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TD Cowen Reiterates Buy Rating on Meta

TD Cowen raised its price target on Meta from $530 to $600, citing multiple AI-supported growth drivers.

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Bank of America Downgrades Visa and Mastercard to Neutral from Buy

Bank of America downgraded Visa and Mastercard, citing limited upside potential despite favorable views on their business models and competitive positions.

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Bank of America Downgrades WK Kellogg to Underperform from Neutral

Bank of America downgraded WK Kellogg due to weakening industry trends. The firm noted that volume trends in the packaged food industry, particularly cereal, have not shown meaningful improvement.

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KeyBanc Reiterates Overweight Rating on Netflix

KeyBanc raised its price target on Netflix from $707 to $735, expecting strong earnings driven by a robust content slate and monetization initiatives.

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Needham Reiterates Buy Rating on Apple

Needham raised its price target on Apple from $220 to $260, highlighting the company's $110 billion share repurchase authorization amid significant investments in GenAI infrastructure by other tech giants.

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Truist Initiates Coverage on Fluence as Buy

Truist initiated coverage on Fluence, viewing the energy storage company as well-positioned to drive growth through improved economies of scale, supply chain position, and differentiated technology.

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Truist Reiterates Buy Rating on Nvidia

Truist reaffirmed its Buy rating on Nvidia, anticipating the company’s earnings growth driven by organic sales growth.

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Nomura Downgrades Super Micro to Neutral from Buy

Nomura downgraded Super Micro, citing a mixed outlook with order uncertainties potentially offsetting strengths in liquid cooling.

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Raymond James Initiates Coverage on Bausch & Lomb as Outperform

Raymond James initiated coverage on Bausch & Lomb with an Outperform rating and a price target of $19, expressing optimism on the company’s prospects.

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Bank of America Initiates Coverage on Composecure as Buy

Bank of America initiated coverage on Composecure with a Buy rating and a $9 price target, showing bullish sentiment on the metal payment card manufacturer.

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