Here are the biggest calls on Wall Street on Tuesday:
The firm lowered its price target on Nvidia to $152 per share from $166.The firm also went to $246 per share from $265 on Broadcom. Additionally, the firm lowered its price target on Marvell to $113 per share from $120 and cut Micron to $91 per share from $98.
“The DeepSeek release highlights evolutionary innovations in AI, some of which may be deflationary. That said, the stock market reaction is probably more important than the cause, and could bring further export controls or reduce spending enthusiasm; trimming PTs but remain positive.”
The firm says it’s sticking with its buy rating on the stock.
“Key drivers for AAPL include launch of iPhone SE in March/April, insourcing the modem (higher GMs), WWDC in June with more AI driven use cases (potentially agreements with Gemini etc), and iPhone 17 in Sep 2025.”
The firm says any sell-off in the stock is overdone.
“In our judgement, the very modest -2% impact on Microsoft shares (one of the very few large-cap tech firms that was spared) felt about right, as the DeepSeek news validates much of what Microsoft has been saying/doing of late.”
Melius says it sees profits being pressured.
“We cut numbers already on January 6th on GPU’s [graphic processing unit] and the stock actually went up 3%, so a guide down on disappointing MI300 sales for 2025 is already expected. We are now more cautious on x86 server and PC as well over the long-term for AMD.”
Bank of America says Uber is well positioned heading into earnings next week.
“We see opportunity for multiple expansion on steady growth & margin improvement in ’25 coupled with a stable-to-improving AV [autonomous vehicle] narrative.”
The firm says it likes Target’s latest initiatives like Target+.
“Alternative revenue businesses at Target have the potential to drive operating margin and multiple expansion.”
Evercore added the stock to its top five outperform list and says it’s “ready for prime time.”
“We think the evidence is mounting that LULU’s product issues were contained to 2024, and our conviction is increasing that compelling innovation is poised to improve (bolstered by easy compares) in 1Q.”
Barclays says the company is seeing a “brand renewal.”
“We upgrade shares of VSCO as it checks off our 3 critical fundamental catalysts: 1) positive promotional inflection this quarter; 2) sustainable positive comp inflection in FY3Q24.”
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