Here are Monday’s biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight Morgan Stanley lowered its price target on Apple to $210 per share from $215 and said the company’s upcoming earnings report early next month is not likely to change investor’s views of the stock. “Solid margins & Services upside are highlights this quarter, but earnings unlikely to sway bulls or bears. Remain OW with new $210 PT.” JPMorgan reiterates Nvidia as overweight JPMorgan said AI buildouts are leading to expanding demand for Nvidia products. “The build-out of generative AI and large language/transformer models is continuing to drive expanding demand for NVIDIA s accelerated compute/ networking silicon platforms and software solutions.” UBS upgrades UnitedHealth to buy from neutral UBS called the stock a “core holding.” “Several issues arose in 1Q, however, that have pressured valuations for UNH and the rest of the MCO group this year We believe that the strong Q3 release from UNH is a clearing event that should pave the way for improved valuation for the stock.” Read more about this call here . Jefferies upgrades Pfizer to buy from hold Jefferies said investors should buy the dip in shares of Pfizer. “Cost cuts of $3.5B = 2024/5 cons. EPS more than hittable; We think investors have an attractive catalysts path forward.” Read more about this call here. Goldman Sachs upgrades D.R. Horton to buy from neutral Goldman said it sees earnings upside for the homebuilder. “We look for D.R. Horton to leverage its operating acumen against this, driving upside to results.” Read more about this call here. Goldman Sachs initiates Instacart as buy Goldman said it’s very bullish on the stock. “We are initiating coverage of Maplebear Inc. with a Buy rating and a 12-month price target of $48. Instacart is a grocery technology company that operates an online delivery platform for consumers and offers technology solutions to enterprises.” Piper Sandler reiterates Tesla as overweight Piper lowered its price target on the stock to $290 per share from $300 and said it’s cautious heading into earnings later this week. “Cybertruck and other growth initiatives are on the horizon – and there’s a reasonable likelihood that margins will bottom in Q3 – but still, we wouldn’t be surprised if TSLA trades sideways, at best, in the coming months.” UBS reiterates Disney as buy UBS lowered its price target on Disney to $110 per share from $122 but said it’s standing by its buy rating ahead of earnings next month. “We expect F4Q to show continued top-line pressure in Linear, cost cutting and solid, albeit moderating growth for US Parks.” Truist initiates Klaviyo as buy Truist said in its initiation of the marketing automation company that it’s pounding the table on the stock. “We recommend investors buy Klaviyo shares ahead of what we expect to be a strong 3Q report. Longer term, we are confident in a growing set of upside drivers leading to sustained best-in-class growth with consistently expanding profits and cash flow.” UBS initiates Evolent Health as buy UBS said it sees more upside for the health care company. “We initiate on Evolent Health (EVH) with a Buy rating and $46 PT. EVH has evolved from a robust IT platform servicing mainly admin needs for payors into a competitive provider of specialty management tools in value-based care.” Morgan Stanley upgrades Varonis Systems to overweight from equal weight Morgan Stanley said the data security and analytics company has “underappreciated AI tailwinds.” “Stabilizing demand and signs of a faster than expected SaaS transition underpin our upgrade to Overweight, while our bull case could see the stock double from here as Varonis ‘ data security platform becomes a key enabler of Generative AI adoption within the enterprise.” Read more about this call here. Morgan Stanley upgrades Nice Systems to overweight from equal weight Morgan Stanley said in its upgrade of the contact center software company that it’s an AI beneficiary. “We believe there will be meaningful competition and strategic activity to capture opportunity, but favor early positioning of NICE, upgrade to OW.” Evercore ISI reiterates Netflix as outperform Evercore said it’s standing by its outperform rating on the stock ahead of earnings later this week but the results could be “mixed.” “We still see NFLX holding $15.00 in EPS under most ’24 scenarios and believe the stock would maintain a 20x P/E multiple.” UBS upgrades Tal Education to buy from neutral UBS said the a turnaround for the education tech company is underway. “Despite the strong run recently, TAL’s valuation, adjusted for growth, still looks attractive to us.” RBC upgrades UBS to outperform from sector perform RBC said in its upgrade of the investment bank that it has better “visibility.” “We now have more visibility on a number of fronts and are reassured by what we see. UBS will provide further details with its next strategic update expected in February.” BMO downgrades Enphase Energy to market perform from outperform BMO said it sees an uncertain recovery for the solar company. “The trough in U.S. residential solar demand appears to be deeper than we had anticipated and timing of recovery uncertain. Our forecasted trajectory for ENPH to resume sequential revenue growth ~2Q 2024 is unchanged but based on our updated U.S. inverter demand assumptions.” Stifel upgrades Colgate-Palmolive to buy from hold Stifel said in its upgrade of the stock that it sees “modest multiple expansion.” “From a stock standpoint, we upgrade CL shares to Buy from Hold reflecting modest multiple expansion on improving fundamentals coupled with what we view as undemanding current valuation.”
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