Here are the biggest calls on Wall Street on Friday:
Wolfe reiterates Nvidia as outperform
Wolfe says Nvidia is “too cheap to ignore.”
“With NVDA stock at just 13x our bull case EPS, we think the stock is too cheap to ignore - and it remains our favorite idea.”
Morgan Stanley reiterates Apple as overweight
Morgan Stanley says its checks show March App Store revenue is decelerating for Apple.
“App Store rev growth is decelerating in C1Q to +6% Y/Y, resulting in net revs of +7% Y/Y QTD, 1 point below our +8% Y/Y. Separately, another qtr of above-seasonal iPhone builds in the Jun qtr supports our well-above-Street iPhone forecasts.”
Barclays reiterates Tesla as equal weight
Barclays says it’s optimistic about Tesla’s foray into chips.
“Yet with Tesla now in a new phase of growth driven by efforts in physical AI (autonomous driving, humanoid robots), we see a new pillar of Tesla’s growth strategy for the coming decade – chips.”
Texas Capital initiates Strategy at buy
The firm says it sees an attractive entry point.
“Strategy was the founder and is the clear leader in digital asset treasury (DAT) management, offering investors differentiated digital equity and credit investments.”
Bernstein reiterates Netflix as outperform
Bernstein says trends are “down” for the stock but that it’s sticking with Netflix.
“Q1 engagement in the US is trending down for NFLX, further amplifying the overhang the company has faced over the past year.”
HSBC upgrades Arm to buy from reduce
HSBC says Arm is well positioned for AI.
“Upgrade to Buy (from Reduce) on game-changing AI CPU narrative: We believe Arm is now firmly in the middle of a transition from being a smartphone dependent semi- IP play, into a major AI server CPU beneficiary that remains undervalued by the market”
Barclays reiterates Rivian as equal weight
Barclays says it’s bullish on the company’s partnership with Uber.
“Yesterday RIVN announced an up to $1.25bn investment from Uber and plans to deploy up to 50k fully autonomous R2 robotaxis on Uber’s network through 2031. We view the announcement positively, with the partnership arguably a validation of RIVN AV hardware/software capabilities outlined at the December AV day, with incremental capital also always appreciated.”
HSBC upgrades Chevron to buy from hold
HSBC says Chevron is well positioned.
“We upgrade Chevron from Hold to Buy with a raised TP of USD215. Chevron’s shares have
modestly lagged Exxon y-t-d despite a much lower exposure to the broader Middle East region.”
