Tuesday’s key analyst recommendations: Nvidia, Apple, Tesla, Goldman Sachs, Meta, Crocs, Carvana, Reddit, Spotify and others

Market Updates from Wall Street

Here’s what’s happening on Wall Street this Tuesday:

JPMorgan’s View on Goldman Sachs: JPMorgan has downgraded Goldman Sachs from “buy” to “neutral.” They noted that the risk-reward profile for investment banks appears more balanced now. Goldman Sachs has gained significant market share in its sales and trading areas and has refocused its strengths in global banking and asset management.

Cantor Fitzgerald on Tesla: Cantor Fitzgerald maintains an “overweight” rating on Tesla, feeling optimistic ahead of the company’s earnings announcement. They’re particularly interested in comments from Elon Musk regarding upcoming milestones, such as the rollout of robotaxis and updates on the Model 3 and Y vehicles.

TD Cowen’s Upgrade for Trust: TD Cowen upgraded Trust from “hold” to “buy,” stating that strong third-quarter results have created significant momentum. They believe the bank has turned a corner in its investment strategy.

Spotify Named Top Pick by Morgan Stanley: Morgan Stanley feels that Spotify is on the verge of major growth. They anticipate a new pricing strategy this fall that could enhance revenue growth, aided by advancements in AI technology.

Goldman Sachs on Apple: Goldman Sachs has raised its price target for Apple ahead of its earnings call. They expect strong iPhone demand, which is likely to be bolstered by competition among U.S. carriers and new product features.

Raymond James Upgrades Capri: Raymond James upgraded Capri from “market perform” to “outperform,” citing positive trends for affordable luxury brands like Michael Kors amid recent challenges.

Citi’s Upgrades: Citi upgraded both NextTracker and Sunrun to “buy” from “hold”. They have a bullish outlook for both companies and are optimistic about future cash flow and shareholder returns.

Citi’s Positive Catalyst Watch for Reddit: Citi has introduced a “Positive Catalyst Watch” for Reddit, encouraging investors to consider buying. Despite a notable stock decline, they believe in Reddit’s growth strategies and potential for profitability.

Mizuho’s Views on Broadcom: Mizuho reaffirms its “outperform” rating for Broadcom, adjusting its price target slightly upwards due to the company’s leadership in the AI market and strong customer relationships.

JP Morgan on Carvana: JP Morgan continues to view Carvana as “overweight,” raising its price target, as they predict ongoing performance boosts this quarter.

Bank of America and Crocs: Bank of America confirmed its “buy” recommendation for Crocs but lowered its price target slightly after mixed performance in Q2. They see potential for improvement moving forward.

BMO on Royal Gold: BMO upgraded Royal Gold, highlighting the growth potential from its new assets. They believe this will contribute both short-term production and long-term growth opportunities.

Wells Fargo Downgrades Cleveland Cliffs: Wells Fargo has downgraded Cleveland Cliffs from “equal weight” to “underweight,” citing valuation as their primary concern after a significant stock price surge.

Mizuho and Nvidia: Mizuho remains confident in Nvidia, expecting the company to retain its leading position in the AI hardware market.