(This is CNBC Pro’s live coverage of Monday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) An online auto seller and a chipmaker were among the stocks being talked about by analysts on Monday. JPMorgan named Carvana a top pick, calling for major gains ahead. Morgan Stanley meanwhile, lowered its rating on Advanced Micro Devices to equal weight. Check out the latest calls and chatter below. All times ET. 6:35 a.m.: JPMorgan upgrades Walmart JPMorgan expects Walmart to be a major earnings grower over the next year. Analyst Christopher Horvers upgraded the big-box retailer to overweight and hiked his price target by $15 to $81, which suggests 25.4% potential upside. This year, shares have advanced 25.4%. WMT YTD mountain WMT in 2024 “We believe the stock adds a strong balance of defense and offense on both the top and bottom lines in a soft (to softening) consumer backdrop with a highly uncertain 2H24 ahead,” Horvers wrote in a Monday note. He added that “estimates remain beatable while there is the potential for an uptick in the multiple,” as he expects Walmart to see multiyear double-digit earnings per share growth given the retailer’s market share gains. â Pia Singh 6:09 a.m.: Nvidia could gain another 20% post-stock split, according to Barclays Barclays hiked its estimates on Nvidia ahead of the chipmaker’s first trading day following its 10-1 stock split, which became effective Friday after market close. Analyst Tom O’Malley’s price target is now $145 per share, which implies 19.9% potential upside from Friday’s close. The stock, which he remains overweight on, has jumped 144.1% this year. O’Malley also revised his CY25/FY26 revenue higher to $157.1B, which he said reflects a roughly $25 billion increase in incremental AI product revenue from the Sovereign AI opportunity that he believes should accelerate significantly next year. “The company has long-term sustainable growth led by a large lead in GPUs for AI in DC, with further Edge opportunities (autos, robots, etc.) and a competitive moat around a large portion of the market,” the analyst said. TD Cowen analyst Matthew Ramsey also increased his price target on the chipmaker following the stock-split announcement, hiking it by $20 to $140, which implies 15.8% potential upside. Ramsey also attributed his new price target to the firm’s latest data center modeling which estimates a software-based revenue breakout for Nvidia. â Pia Singh 5:49 a.m.: JPMorgan names Carvana a top pick Used car retailers could see a tough year ahead amid consumer spending declines, choppy supply and below-average industry volumes, according to JPMorgan. Carvana could buck those trends, however, the firm said. Analyst Rajat Gupta remains overweight on Carvana, calling the company his “top pick” in the retail ecosystem. He raised his price target to $150, which implies 40.8% upside from Friday’s close. Shares are up more than 101% this year. CVNA YTD mountain CVNA year to date “We believe CVNA’s recent de-coupling from industry trends on unit growth, coupled with strong execution on margins, makes them best positioned in this backdrop to drive relative upward revisions,” Gupta said in a Monday note, adding that the company has shown “superior execution” compared to its peers in the sourcing and recognition of broader and cheaper mix of vehicles, which has allowed for strong conversion and low overall inventory levels. “In addition, with a strong starting point on unit economics, the highest in the industry, CVNA has significant wiggle room to add some slack to its operations down the line to drive accelerated growth and demonstrate leverage on fixed costs,” Gupta said. The broader industry, meanwhile, is struggling with cyclical and structural supply constraints that should likely put a cap on any inflection in used car unit sales over the next 12 to 18 months, the analyst said. â Pia Singh 5:49 a.m.: Morgan Stanley downgrades AMD Artificial expectations around Advanced Micro Devices may be too elevated at the moment, according to Morgan Stanley. Analyst Joseph Moore downgraded the chipmaker to equal weight from overweight. He kept his price target of $176, which implies upside of just 4.8%. “We like the AMD story, but investor expectations for the AI business still seem too high to us. We see limited upward revision potential for AI from here,” Moore wrote. He also noted valuations for Nvidia and Broadcom are more attractive. “We have been OW AMD on the thesis that the core business is set to reaccelerate following a severe downturn in all markets, with AI contributing to further multiple expansion. We still believe in that thesis, but AI has moved from a secondary driver to the primary one,” he added. AMD shares fell more than 2% following the downgrade. The stock has gained nearly 14% year to date. AMD YTD mountain AMD year to date â Fred Imbert
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