Top Calls on Wall Street | Nvidia, Apple, Meta, TSMC, Block, AMC, CrowdStrike and More.

Here are Thursday’s biggest calls on Wall Street:

Bank of America reiterates Nvidia $NVIDIA(NVDA.US)$ as buy
Bank of America said it’s sticking with its buy rating on Nvidia and that investors should “focus on fundamentals.”

“So we understand the rotation away from AI/data-center semis towards industrial/auto/consumer, but it’s not supported by fundamentals and is likely short-term positioning driven.”

Goldman Sachs reiterates Apple $Apple(AAPL.US)$ as buy
Goldman said it’s bullish heading into Apple earnings on Aug. 1.

“Expect EPS beat with key debates surrounding iPhone demand, AI investment, Mac/iPad refresh, and valuation.”

Deutsche reiterates Alphabet $Alphabet-C(GOOG.US)$ and Meta $Meta Platforms(META.US)$ as buy
Deutsche raised its price target on Meta to $525 from $500. The firm also raised its price target on Alphabet to $195 from $190.

“Sentiment for the digital ad industry remains strong, with upcoming tailwinds from the political cycle as well as the Paris Summer Olympics. AI-based advertising tools continue to be the driver of growth, working to simplify, streamline, and optimize ad spend.”

Morgan Stanley reiterates Taiwan Semiconductor $Taiwan Semiconductor(TSM.US)$ as overweight
Morgan Stanley said it’s sticking with its overweight rating following the company’s earnings report.

“TSMC revised up its 2024 full year revenue to be slightly above 25% Y/Y in USD, better than our expectation of 25%.”

William Blair upgrades Block to outperform from market perform
William Blair said it sees a re-rating for the payment tech company.

“We see accelerating second half 2024 Square GPV [gross payment volume], gross profit, and EBITDA growth as driving a significant positive re-rating for Block.”

Roth MKM reiterates AMC $AMC Entertainment(AMC.US)$ as sell
Roth said it’s sticking with its sell rating on AMC.

“We are raising our 2Q estimates following a late period box office rally. Sequential improvement is anticipated in 3Q and a return to y/y growth is forecast for 4Q.”

Redburn Atlantic Equities downgrades CrowdStrike $CrowdStrike(CRWD.US)$ to sell from buy and Palo Alto Networks to neutral from buy
Redburn downgraded several cyber security stocks on Thursday due to “elevated valuation.”

“Early indicators of this include slowing dollar growth, declining insurance premiums and peak penetration. Market expectations are overly optimistic, driven by difficult-to-interpret pull-forward effects and potential deflationary pressures from Gen-AI. Elevated valuation multiples leave no room for disappointment. Consequently, we downgrade our prior top picks – CrowdStrike to Sell and Palo Alto to Neutral.”

Wolfe reinstates Exxon $Exxon Mobil(XOM.US)$ as outperform
Wolfe reinstated coverage of the stock and said it sees more growth potential.

“We resume coverage of ExxonMobil at outperform and a $146 PT. XOM is at the mid-point of a 2018-27 strategy that plans to double cash flow, with the bulk of growth still ahead.”

Morgan Stanley upgrades Gap $Gap Inc(GPS.US)$ to overweight from equal weight
Morgan Stanley said shares of Gap are compelling.

“This, alongside room for positive EPS revisions in 2H (& possibly long term), lead us to upgrade the stock to Overweight with a $29 price target.”

JPMorgan reiterates Dollar Tree $Dollar Tree(DLTR.US)$ as overweight
JPMorgan said the stock is “undervalued” following a meeting with company management.

“We rate DLTR Overweight. Multi-year, we see DLTR returning to a double-digit EPS ‘compounder’ with top- and bottom-line drivers in place at the core DT banner and stabilization at the Family Dollar concept.

UBS reiterates Chipotle $Chipotle Mexican Grill(CMG.US)$ as buy
UBS said it’s bullish heading into earnings next week.

“We continue to view CMG as well positioned for traffic momentum and sales outperformance through 2024 despite consumer spending pressure impacting the industry.”