Here are Tuesday’s biggest calls on Wall Street: Citi upgrades Target to buy from neutral Citi said the big box retailer has emerged as one of the retail “winners.” “We believe TGT has emerged as one of the winners within the retail landscape with an opportunity to improve EBIT margin in the years to come.” Citi upgrades Gap to buy from neutral Citi said the clothing retailer has “momentum.” “We are upgrading shares from Neutral to Buy and raising our TP from $21 to $28.” Goldman Sachs reiterates Nvidia as buy Goldman said it sees a “favorable” risk/reward for shares of Nvidia. “We reiterate our Buy rating on NVDA (also on the Conviction List) with an updated 12-month price target of $1,100 (up from $1,000 prior) as we increase our FY2025-27 non-GAAP EPS estimates, on average, by 8% to reflect intra-quarter industry data points indicative of continued robust AI server demand and improving supply.” Goldman Sachs reiterates ServiceNow as buy Goldman said it’s standing by its buy rating on the stock following its financial analyst day. “We reiterate our Buy rating and $910 Price Target on ServiceNow after attending the company’s Financial Analyst Day at Knowledge 2024 in Las Vegas on 5/6.” UBS upgrades Vale to buy from neutral UBS said it sees an attractive risk/reward for shares for the metals and mining company. “While we remain concerned about iron ore fundamentals medium-term & see downside to the spot price, we believe the overall risk-reward for Vale has improved with operational performance strong into April & some of the key ESG concerns set to moderate.” Bank of America reiterates Apple as buy Bank of America said it’s sticking with its buy rating on shares of Apple following the company’s monthly 10Q report. “Our Buy rating on Apple is based on: 1) expected strong iPhone upgrade cycle in F25 driven by the need for latest hardware to enable Gen AI features, 2) higher growth in Services revenue…” Wells Fargo initiates UL Solutions at overweight Wells said in its initiation of research coverage of UL that the lab testing company checks “all the boxes.” “A best-in-class industry leader in the testing, inspection, and certification (TIC) industry with tailwinds from: 1) Increasing product complexity, 2) Increasing regulations, and 3) Growth in its higher margin software business. Bank of America reiterates Palantir as buy Bank of America said it’s sticking with its buy rating following the company’s earnings report on Monday. “We see Palantir as a beneficiary of rapidly growing demand for Artificial Intelligence (AI)-platforms in both commercial and government end-markets. Bank of America adds Nike to the US 1 focus list Bank of America added the stock to its best ideas list. “We are adding Cameco Corp (CCJ) and Nike Inc (NKE) to the US 1 List.” Wells Fargo reiterates Goldman Sachs as overweight Wells increased its price target on Goldman to $504 per share from $450. “The increase reflects our view that estimates are more likely to increase than decrease going forward, aided by dry powder in private equity, improved [investment banking] trends, excess capital, and lending.” Barclays upgrades Omnicom to overweight from equal weight Barclays said shares of the media marketing company are inexpensive. “We upgrade Omnicom to OW. We would argue that Omnicom is too cheap for the growth offered.” Wolfe upgrades Insulet to outperform from peer perform Wolfe says shares of the insulin pump company offer an undemanding valuation. “We rate PODD shares Outperform and have a year-end 2024 target price of $200.” TD Cowen initiates Ares as buy TD Cowen said it sees multiple ways for the alternative asset manager to outperform. “We initiate coverage of ARES with a contrarian Buy & conservatively built $154 12-mo. price target.” TD Cowen downgrades CVS to hold from buy TD Cowen said it sees too much “downside risk” for shares of CVS. “We downgrade CVS to Hold & lower our PT to $59, as we believe 1Q introduced further downside risk & uncertainty.”
