Monday’s Biggest Analyst Calls: Nvidia, Tesla, Netflix, Amazon, Estee Lauder, Amd, Doordash, Penn & More

Here are Monday’s biggest calls on Wall Street:

On Monday, several Wall Street firms issued notable updates on major companies across sectors ranging from e-commerce and food production to gaming, chemicals, and semiconductors. These calls reflect a blend of optimism, caution, and shifts in investor sentiment based on changing market conditions, upcoming catalysts, and broader industry dynamics.

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JPMorgan Reaffirms Amazon as a Top Pick

JPMorgan remains bullish on Amazon, keeping its “Overweight” rating and identifying it as their most compelling investment idea. The firm maintained its price target of $240 for December 2025, based on a valuation of approximately 32.5 times its projected 2026 free cash flow of $75 billion.

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Goldman Sachs Starts Tyson Foods and Hormel with Buy Ratings

Goldman Sachs began coverage on Tyson Foods (TSN) and Hormel Foods (HRL), rating both as “Buy.” The firm cited strong protein demand as a key factor driving its outlook. For Hormel, Goldman expects a supply shortage in turkey products to support pricing and sales, complemented by its steady packaged foods business and recovery in the Planters nut brand.

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Tyson, meanwhile, is seen as a long-term winner despite recent weakness in beef margins. The firm believes its balanced business model, with strengths in chicken and prepared foods, provides resilience and near-term upside.

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Estee Lauder Upgraded by Deutsche Bank

Deutsche Bank raised its rating on Estee Lauder (EL) from “Hold” to “Buy,” suggesting that concerns over weakening beauty product demand may be nearing a bottom. The firm also highlighted the company's strategy to reduce its reliance on China and duty-free sales by diversifying geographically and investing in innovation across price categories and brands.

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JPMorgan Begins Coverage of Wynn Resorts and Penn Entertainment

Wynn Resorts (WYNN) received an “Overweight” initiation from JPMorgan, which sees the casino operator benefiting from growth opportunities, particularly in Macau. The firm noted that cash flow from the region could be used to enhance shareholder returns.

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Similarly, JPMorgan launched coverage of Penn Entertainment (PENN) with an “Overweight” rating and a price target of $24. It sees multiple positive catalysts, including $1 billion worth of new projects expected to launch in the next two years, a healthier balance sheet, and significant share buyback activity projected for 2025.

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FMC Corp Upgraded by Wells Fargo

Wells Fargo raised its rating on chemical company FMC Corporation from “Equal Weight” to “Overweight.” The firm now believes 2024 will mark a low point for earnings, thanks to favorable market trends and strategic changes within the company. Its new price target of $50 reflects an EV/EBITDA multiple of 10x for 2026, which Wells notes is on the lower end of FMC’s historical range.

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JPMorgan Starts Marriott with Neutral Rating

JPMorgan initiated coverage on hotel chain Marriott (MAR) with a “Neutral” stance, describing it as a strong, asset-light business with well-known brands, solid leadership, and powerful network effects. However, the firm feels its current valuation fairly reflects these positives.

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Redburn Reiterates Buy on Nvidia Ahead of Earnings

Rothschild & Co.’s Redburn reiterated its “Buy” rating on Nvidia (NVDA), expressing confidence in the chipmaker ahead of its earnings release scheduled for August 27. The firm anticipates robust networking hardware demand, a smooth transition to its upcoming Blackwell Ultra B300 chips, and continued AI advancements that will drive increased capital expenditures.

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Morgan Stanley Upgrades Moelis and Evercore

Morgan Stanley turned more optimistic on capital markets activity, upgrading Moelis & Co. (MC) from “Underweight” to “Overweight” and Evercore (EVR) from “Equal Weight” to “Overweight.” Both firms are seen as well-positioned to benefit from a revival in M&A and advisory services, with cost management adding further leverage to earnings.

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Melius Upgrades AMD on New Catalysts

Semiconductor firm Advanced Micro Devices (AMD) was upgraded by Melius Research from “Hold” to “Buy.” The firm cited multiple positive changes since the start of the year and expects future catalysts to continue driving the stock upward.

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DoorDash Upgraded Following Merger Review

Analysts also issued an upgrade on DoorDash (DASH) to “Strong Buy” after evaluating the potential synergies from its merger with Deliveroo. The analysis suggests that the market is underestimating the value of this combination.

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Wedbush Remains Bullish on Tesla

Wedbush reiterated its “Outperform” rating on Tesla after testing its highly anticipated robotaxi. The firm reported a safe, smooth, and personalized experience during two 15-minute rides in Austin, noting that the ride quality made it easy to forget the car was driving itself.

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Downgrade for Dow by BMO

BMO Capital Markets cut its rating on Dow Inc. (DOW) to “Underperform” from “Market Perform,” citing weak end-market demand, lower pricing, and reduced operating rates. These headwinds are expected to significantly impact second-quarter earnings and weaken performance in the second half of the year.

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Morgan Stanley Raises Targets on Bank Stocks

Morgan Stanley maintained “Overweight” ratings on both Bank of America (BAC) and Citigroup (C), lifting their price targets to $49 and $94 respectively. The firm sees momentum building in M&A and IPO activity due to improving market conditions, regulatory clarity, and increased activity from financial sponsors.

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Argus Raises Netflix Target, Maintains Buy

Argus Research reaffirmed its “Buy” rating on Netflix (NFLX) and raised its price target from $1,200 to $1,410. The firm pointed to Netflix’s consistent performance and its ability to maintain full-year guidance, despite broader macroeconomic uncertainty.

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JPMorgan Downgrades Howard Hughes Holdings

Finally, JPMorgan downgraded real estate developer Howard Hughes Holdings (HHH) from “Overweight” to “Neutral.” The firm expressed skepticism over Bill Ackman’s vision of turning the company into a diversified investment firm by using new capital to expand into industries outside real estate.

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