Wednesday’s Biggest Analyst Calls: Nvidia, Apple, Tesla, Cava, Toast, Roblox, Coinbase, Duolingo & More

Here are Wednesday’s biggest calls on Wall Street:

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Goldman Sachs Reaffirms Buy on Apple, Lowers Price Target
Goldman Sachs continues to recommend buying Apple stock, though it trimmed its price target slightly to $256 from $259. The firm remains optimistic ahead of Apple’s May 1 earnings release, expecting solid performance driven by innovation in upcoming products such as the iPhone 16e, M4-powered MacBook Air, and updated iPads. Concerns over tariff-related price changes may also be boosting near-term sales.

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Deutsche Bank Maintains Buy on Tesla
Following Tesla’s earnings update, Deutsche Bank is holding its buy rating. Despite a turbulent start to the year, the bank believes Tesla is reaching a turning point where vehicle deliveries and investor sentiment could be stabilizing.

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UBS Keeps Neutral Rating on Apple, Lowers Price Target
UBS maintained a neutral stance on Apple but cut its target price to $210 from $236. The firm noted that Apple likely accelerated iPhone shipments in anticipation of widespread tariffs, which helped boost year-over-year revenue in the March quarter despite flat demand trends.

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Citi Remains Bullish on Nvidia
Citi reiterated its buy rating on Nvidia ahead of its earnings expected later in May. The firm pointed to the company’s strong positioning to benefit from long-term growth in artificial intelligence.

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Citi Flags Roblox as Positive Catalyst
Citi opened a 30-day positive catalyst watch on Roblox, confident that the gaming company could exceed both internal and Wall Street expectations for first-quarter bookings, based on third-party data from Rolimon.

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Benchmark Starts Coinbase Coverage With Buy
Benchmark initiated coverage of Coinbase with a buy rating and a $252 price target. The firm expects the cryptocurrency platform to benefit from growing institutional interest in digital assets.

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HSBC Upgrades Intuit to Buy
HSBC upgraded Intuit from hold to buy, noting that the company’s current revenue is heavily reliant on small businesses. It sees significant room for growth in the mid-market segment, which remains largely untapped.

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Bernstein Upgrades Cava to Outperform
Bernstein raised its rating on Mediterranean restaurant chain Cava to outperform from market perform, keeping its price target steady at $115. The firm sees an attractive risk-reward profile.

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Piper Sandler Downgrades Oracle
Piper Sandler lowered its rating on Oracle to neutral from overweight and reduced the price target to $130 from $190. The downgrade comes amid concerns that increasing AI-related investments may pressure margins and free cash flow going forward.

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Redburn Downgrades Chevron to Sell
Redburn Atlantic Equities cut its rating on Chevron to sell, citing high valuation and the company’s heavy reliance on oil, which makes it the most oil-leveraged among the major energy firms.

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Morgan Stanley Starts Duolingo Coverage With Overweight
Morgan Stanley began coverage on language learning app Duolingo with an overweight rating, highlighting the company’s fast-growing user base, improving margins, and opportunities related to generative AI.

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Baird Boosts Lockheed Martin to Outperform
Baird upgraded Lockheed Martin to outperform, following strong first-quarter results. The firm is optimistic about sustained global demand for missile systems and believes potential risks heading into the quarter have largely diminished.

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Morgan Stanley Downgrades Solar Stocks
Morgan Stanley downgraded Enphase and SolarEdge to underweight from equal weight, and lowered Sunrun to equal weight from overweight. The firm warned of weakening growth and margin prospects in the rooftop solar segment.

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Citi Lowers Texas Roadhouse to Neutral
Citi downgraded Texas Roadhouse from buy to neutral, citing growing competition. Although the firm still sees the brand as strong, it believes there are limited upcoming catalysts to boost sales trends.

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Morgan Stanley Upgrades RTX to Overweight
Morgan Stanley raised RTX to overweight from equal weight, believing the stock offers better risk/reward after a recent pullback.

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UBS Begins Coverage of J.M. Smucker With Buy Rating
UBS started coverage on J.M. Smucker with a buy rating and a $134 price target, suggesting a 15% potential upside. The firm sees the company's growth potential as undervalued by the market.

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Citi Flags Gildan Activewear for Positive Catalyst
Citi added Gildan Activewear to its positive catalyst watch list, arguing that the company is well-positioned to benefit from global tariff dynamics. With the stock down significantly since February, Citi sees the upcoming earnings call as an opportunity to spotlight its resilience.

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KeyBanc Upgrades ATI to Overweight
KeyBanc boosted its rating on ATI, a specialty materials firm, citing expectations for increased defense contracts in 2024 and 2025.

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Wells Fargo Keeps Overweight on Apple, Lowers Price Target
Wells Fargo maintained its overweight rating on Apple but dropped its price target to $245 from $275. The firm cautioned that Apple may not issue detailed third-quarter guidance due to economic and tariff uncertainties.

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Barclays Cuts Chevron to Equal Weight
Barclays downgraded Chevron from overweight to equal weight, noting that the stock is trading at a premium compared to ExxonMobil. The firm also expects a possible share buyback reduction soon.

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Wolfe Upgrades Toast to Outperform
Wolfe Research raised its rating on Toast to outperform, citing its consistent growth, expanding market, and improving profitability as justification for a higher valuation.

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KeyBanc Reaffirms Nvidia as Top Pick
KeyBanc reiterated Nvidia as overweight, emphasizing its strong position in generative AI and favorable inventory trends. Nvidia, along with Broadcom, remains one of the firm’s top investment ideas.

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