Wall Street Updates
KeyBanc has reiterated its belief that Apple is undervalued, noting that June’s carrier survey for the iPhone 17 showed a “slightly positive” trend. However, it’s also indicated that sales have slowed as some consumers are opting to wait for the upcoming iPhone 18, perhaps due to concerns about its pricing.
Meanwhile, Bernstein upgraded Wayfair to an above-market performer. They believe there’s potential for growth, raising the price target to $125, citing improvements in US e-commerce earnings for Q2 of 2026.
JPMorgan has increased its rating on Fox from neutral to overweight, stating the company is “firing on all cylinders.” They also raised their price target to $82, influenced by the core performance of Fox and an upcoming transaction with ROKU.
Jeffries initiated coverage of Aehr Test Systems, claiming the semiconductor test company stands out with its unique products. They believe they are the only vendor capable of offering both wafer-level and package-level burn-in for AI production, starting coverage at a buy rating with a target price of $175.
Stifel upgraded Intuitive Machines from hold to buy after their earnings call, despite a revenue shortfall in the second quarter. They pointed out a surge in backlog, driven by diverse projects including spacecraft production and NASA collaborations.
On the flip side, JPMorgan downgraded Cinemark from overweight to neutral, citing a lack of positive catalysts. They believe the stock’s current price around $38 reflects their previous expectations.
JPMorgan also restored coverage for SanDisk, upgrading it to overweight, noting its favorable position to capitalize on rising NAND demand, particularly driven by AI growth.
BMO initiated coverage of Energy Fuels, a rare earths company, with a price target of $18, emphasizing its potential to become a leading producer in its sector following multiple acquisitions.
HSBC upgraded Digital Realty from hold to buy as they expect earnings per share growth, adjusting the target price to $240 from $210, supported by improved capacity and cost management.
Morgan Stanley maintained an overweight rating for NVIDIA, expressing optimism about its revenue distribution strategy, while Wells Fargo reaffirmed its own overweight stance on Wells and adjusted its price target upwards.
Reiterating its positive outlook, Wells Fargo raised Dell Technologies’ price target from $505 to $545 ahead of their upcoming Q2 results.
RBC launched coverage of Crystal Biotech, highlighting its upside potential in gene therapy for rare diseases.
UBS adjusted its price target for Applied Materials downward, despite strong stock performance, maintaining a buy rating with a new target of $675 from $705.
Lastly, Wolf downgraded T-Mobile from outperform to peer perform amid concerns regarding its growth trajectory, while New Street upgraded Micron Technology to buy, remaining confident in its stock’s attractiveness amid expected normalization of gross margins.
