Wall Street firms issued a wave of new and revised ratings on Wednesday, including fresh coverage initiations on Nvidia and Apple, an upgrade for Marvell, and a reiterated rating on Tesla ahead of earnings. The calls span chipmakers, big tech, and transport names, with price targets moving in both directions.
Nvidia and Apple get new coverage
Yorkville Ives initiated coverage of Nvidia with an outperform rating and a $300 price target, citing the company's competitive advantage. According to the firm: "We are initiating coverage of NVIDIA (NVDA) with an OUTPERFORM rating and $300 PT."
The same firm also started Apple at outperform with a $400 price target, saying Apple is entering a new phase of its ecosystem.
Tesla target rises ahead of earnings
UBS reiterated its neutral rating on Tesla but raised its price target to $391 from $385 ahead of the company's earnings report. The bank said investor belief in Tesla's long-term plans is likely to create a high floor for the stock in the quarters ahead.
Chip and travel names move on upgrades
TD Cowen upgraded Marvell to buy from hold following the company's investor day, pointing to its connectivity business as the main growth driver. DA Davidson, meanwhile, reiterated its buy rating on Micron and raised its price target to $3,000 from $2,100 after meeting with the company's investor-relations team.
Citi also upgraded Flutter to buy from neutral with a $91 price target. Morgan Stanley separately reiterated its overweight rating on SpaceX, saying the company's next chapter involves converting energy into intelligence through physical robots built on and near shore.
The ratings moves touched names across the stock market, from semiconductors to space launch.
Source: CNBC
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