Check out today's top analyst calls from around Wall Street, compiled by The Fly.
BENCHMARK BOOSTS NVIDIA PRICE TARGET TO $275: Benchmark analyst Ruben Roy raised his price target on Nvidia (NVDA) shares to $275 from $240 to reflect his expectations for revenue and earnings growth of 20% and 34%, respectively, in the company's fiscal 2021. He sees Nvidia benefiting from a reacceleration of data center spending as well as improving demand for GPUs in gaming end markets, said Roy, who kept a Buy rating on the stock.
ROSENBLATT RAISES AMD PRICE TARGET TO $65: Rosenblatt analyst Hans Mosesmann noted that AMD (AMD) shares are up nearly 147% year-to-date but he views 2020 as a year in which the company will continue its early momentum in CPU share gains and he sees "limited competitive threats slowing the momentum" for the upcoming new 7nm mobile Ryzen chip. Given that he sees a strong back half of 2020 coming on the early ramp of new game consoles from both Microsoft (MSFT) and Sony (SNE), Mosesmann believes AMD is poised for multiple expansion, leading him to raise his price target on the shares to $65 from $52. He maintained a Buy rating on AMD.
BOFA BOOSTS NIO TO NEUTRAL: BofA analyst Ming Hsun Lee upgraded NIO Inc. (NIO) to Neutral from Underperform with a price target of $3.80, up from $2.10. The company's launch of a 100kWh battery pack will enhance the cruise range of the ES8 significantly and NIO also announced its third model, the EC6, which will be equipped with with dual motors, noted the analyst, who raised the firm's 2020-21 sales volume forecast by 42% and 23%, respectively. NIO is also showing faster than expected sales channel expansion and stronger brand equity, Lee tells investors.
SVB LEERINK CUTS WAVE LIFE SCIENCES TO MARKET PERFORM: SVB Leerink analyst Mani Foroohar downgraded Wave Life Sciences (WVE) to Market Perform from Outperform with a price target of $10, down from $33, citing limited catalysts until second half of 2020.
BAIRD CALLS AMAZON, ZYNGA TOP INTERNET PICKS: Baird analyst Colin Sebastian said he believes the Internet sector remains an attractive area of investment with "a bounty of meaningful technology transitions on the horizon." He highlighted Amazon (AMZN) as his top large-cap Internet pick for 2020, citing ongoing secular e-commerce strength and its "significant growth opportunities" there and in shipping/ logistics, advertising, cloud, payments, and international. He pointed to Zynga (ZNGA) as his top small-to-mid cap Internet pick for 2020, citing live services, new title launches and the potential for more M&A. Sebastian also said that he likes shares of Activision Blizzard (ATVI), Alibaba (BABA), Electronic Arts (EA), Alphabet (GOOGL) and PayPal (PYPL) at their current levels.
