Wall Street saw a flurry of ratings changes on Tuesday, with Evercore ISI initiating Nvidia as an outperform. They highlighted that Nvidia is more than just a semiconductor company, emphasizing the importance of the ecosystem the company has created. Meanwhile, UBS upgraded Rivian to buy, citing a more balanced risk/reward profile for the electric vehicle maker. Additionally, Deutsche Bank downgraded Honeywell to hold due to limited upside based on their revised price target.
In other notable moves, Bank of America initiated Reddit as neutral, citing that it is still early in its growth trajectory. JPMorgan reiterated its underweight rating on Tesla following news of significant layoffs, emphasizing concerns about demand for the electric vehicle maker. On a more positive note, Citi added a positive catalyst watch on Coty, highlighting an attractive opportunity post a negative stock reaction. These varied ratings changes across different sectors reflect the diverse perspectives of analysts on Wall Street.
Goldman Sachs initiated several buys, including GE Vernova, DraftKings, and Genius Sports, based on the companies’ potential for growth and revenue generation. Other upgrades included HSBC upgrading Advanced Micro Devices to buy, Wells Fargo upgrading Kroger to overweight, and Barclays upgrading Tyson Foods to overweight. With a mix of upgrades, downgrades, and initiations, investors have a range of recommendations to consider in their investment decisions across various industries.