Here are Thursday's biggest analyst calls: Nvidia, Apple, Amazon, Palantir, Exxon, Salesforce & more


Here are the top Wall Street calls for Thursday: BMO initiated Civitas Resources, a producer of energy. BMO stated that its fundamentals were favorable in initiating Civitas. Civitas also leads the way in returning cash to investors via its less volatile, variable dividends and share buyback programs. Evercore ISI upgraded Okta from underperform to in line Evercore stated that the company has put its past mistakes behind it. We believe that the risk/reward ratio is better balanced at this level, given that the business appears to be stabilizing. Morgan Stanley reduces Palantir from equal to underweight Morgan Stanley says Palantir fundamentals are “mismatched.” The valuation of Palantir is inflated by its AI promise, but fundamentals remain mismatched. Goldman Sachs confirms Apple is a buy Goldman stated that it was bullish about Apple’s iPhone announcement in September. We believe that Apple’s ecosystem (iOS, Services, iPad/Mac/Watch compatible) and the iPhone 15 will drive growth of the iPhone installed base by increasing market share and decreasing churn. Goldman Sachs confirms Salesforce is a buy Goldman reiterated its buy rating for Salesforce following its earnings report released on Wednesday. We expect the profitability to remain at 30% in FY24, despite a higher level of reinvestment (in Gen AI and targeted hiring) in 2H. This is because management has reaped significant savings from earlier workforce restructuring. You can read more about this call. Rosenblatt reiterates Amazon is buy Rosenblatt stated that it was bullish on Amazon’s partnership with Shopify. The news that Amazon and Shopify have natively integrated Buy with Prime after the close of trading highlights and strengthens Amazon’s new growth vector – coopetition or becoming a platform to rivals. Bank of America says it will continue to buy Nvidia. The bank said that Nvidia gaming sales are expected to grow. After effectively undershipping the demand for 3-4 quarterly, we continue to believe that NVDA gaming revenues will increase. Wells Fargo has downgraded Victoria’s Secret from overweight to equal weight. The stock was downgraded after Wednesday’s earnings report. VSCO has cut its FY plan again, as the top-line trends and share dynamics are still unfavorable. The uncertainty about their ability to turn things around is growing and the valuation should continue to decline.” Bank of America confirms Uber shares as a buy Bank of America has said that it is standing behind the ride-sharing company’s shares. We continue to believe that Uber is well-positioned for both top and bottom line growth, and we maintain our Buy rating. Raymond James upgrades SkyWest from market perform to outperform Raymond James is bullish about the regional airline. We are upgrading SKYW to Outperform from Market Perform due to our increased conviction in the continued improvement of pilot trends, as U.S. mainline airlines and cargo carriers moderate growth (and hiring pilots) until 2024. You can read more about this call. JPMorgan introduces Establishment Labs to its overweight portfolio JPMorgan stated in its introduction of the med-tech company that Establishment Labs had a “unique offer.” The company has a broad range of breast implants available under the Motiva brand. This is backed by a differentiated clinical profile and competitive data that have contributed to its success on the $2,0-2.2B breast reconstruction and augmentation markets. Truist launches RadNet stock as a buy Truist stated in its initial initiation of RadNet that the stock is “well-positioned with solid, overarching tailwinds.” RadNet (RDNT), a leader in outpatient diagnostic imaging with over 360 centers, is a major provider of outpatient radiology services in the United States. JPMorgan introduces MP Materials with an overweight rating JPMorgan stated that “solid growth in demand” is seen by the company, which manufactures rare-earth materials. We are initiating our coverage of U.S. rare earths producer MP Materials with an Overweight and a price target of $27 in December 2024. Canaccord upgraded Shopify from hold to buy Canaccord said that the stock’s set-up looks “pretty decent.” “Favorable setup overshadows valuation concerns. Management meeting takes, upgrade to buy.” Citi upgrades Arista Networks from neutral Citi stated that the computer networking company was an “early AI” play. Arista Networks is the best networking bet on Generative AI because of its cloud exposure. You can read more about the call here. Evercore ISI has downgraded Chewy from outperform to in line. Evercore did this after the earnings report on Wednesday. “Our View: In light of the In-Lineish results for FQ2 earnings, we are downgrading CHWY to In-Line with a $35 PT. (reduced by $53). JPMorgan reduces Hostess Brands from Overweight to Neutral. JPMorgan lowered the stock’s valuation. We are downgrading TWNK shares from Overweight to Neutral because the stock has now reached our price target ($28), a result of media reports that the company may be for sale. Morgan Stanley increases 3M’s weight to equal from underweight Morgan Stanley says it sees more balance in risk/reward with the improvement of fundamentals. 3M’s liabilities will likely grow, but they look better discounted in shares. Redburn Atlantic upgrades Exxon from sell to neutral. Redburn upgraded this stock primarily on valuation. We upgrade ExxonMobil to Neutral from Sell due to the limited downside in valuation and recent upgrades. “