Here are Wednesday’s biggest calls on Wall Street:
Bank of America said its analysis shows margins on the iPhone Pro models are “moving higher.”
“Our analysis of the teardowns of iPhone 16 Pro Max and comparison vs 15 Pro Max suggests that Apple has been very focused on driving lower costs across the Pro lines where the mix of the iPhones is steadily increasing.”
The firm said the stock remains a top pick ahead of earnings later this quarter.
“NVDA remains the dominant supplier of general purpose AI accelerators.”
Barclays raised its price target on the stock to $325 per share from $270.
“The stock has become untethered from fundamentals, arguably similar to what we saw with Tesla stock in late 2021 when the market was awash in EV euphoria. Yet it’s important to note this move has very little to do with EVs, as the Election catalyst is objectively a negative for EVs.”
The firm said it sees many tailwinds ahead for stocks like Oracle and Microsoft.
“As to our coverage we would own Oracle, Microsoft and SAP today.”
Deutsche said it sees “near term returns” for shares of Meta, Reddit and Spotify in 2025.
“As we look forward to 2025, we think successful themes of 2024 will similarly dictate stock action and sentiment this year. In particular, we think the combination of durable topline trends and positively inflecting margins will be the minimum requirements for favorable flow of funds.”
The firm said it’s sticking with Netflix heading into earnings next week.
“While we are lowering our target to $1,040 from $1,065 on FX, we are highlighting our Dec report and believe setup is favorable into 4Q earnings with shares -10% from Dec. high vs. NASDAQ -5%.”
William Blair initiated a couple of fintech stocks on Wednesday and says there’s a “paradigm shift” in digital finance.
“We are initiating coverage on the digital finance subsegment of fintech with Outperform ratings on Affirm and SoFi.”
Oppenheimer said the cybersecurity company has “platform breadth [that] is underappreciated.”
“We’re initiating coverage on SentinelOne with an Outperform rating and $32 PT.”
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