Here are the biggest calls on Wall Street on Tuesday: Barclays initiates Supermicro as overweight Barclays said the information technology company is well positioned for artificial intelligence. “Against the backdrop of AI investment trends, we believe SMCI is well positioned to capture the rising AI server opportunity with more share gains ahead driven by its superior design capability and strong AI partnerships.” Evercore ISI upgrades CVS to outperform from in line Evercore said in its upgrade of the drugstore chain that the stock is attractive. “We are upgrading shares of CVS with a new PT of $83 (8x ’24 EBITDA, 10x P/E) as we see operational issues improving and an attractive current valuation.” Goldman Sachs downgrades Lazard to sell from neutral Goldman said in its downgrade of the investment bank that the outlook is too “challenging.” “We believe near-term earnings at LAZ will face pressure, driven by a challenging top-line trajectory and a longer path to margin improvement, while we see valuation as slightly elevated.” Truist upgrades Royal Caribbean to buy from hold Truist said in its upgrade of the stock that it’s seeing strength in booking trends. “It didn’t take us a long time to get back on the (bull) train: Strong forward trends + cooled off stocks make us again Positive on the sector and we are upgrading RCL to Buy from Hold and CCL to Hold from Sell. Daiwa upgrades Dell to outperform from hold Daiwa said in its upgrade of Dell that “AI is starting to kick in.” “Beginning of new demand up cycle, raise rating to Outprf. from Neutral.” Redburn Atlantic Equities initiates Arm Holdings as neutral Redburn said in its initiation of the semiconductor company that it is overvalued right now. ” Arm’s guidance for a rapid pivot in achieved royalty rates would be a marked departure from historical performance trends. Given lacklustre financial performance in FY23 and the June quarter, F2Q earnings in mid-November need to evidence how such a pivot will be both delivered and sustained.” JPM downgrades Planet Fitness to neutral from overweight JPM downgraded Planet Fitness due to leadership changes and “ongoing systemic challenges.” “Removal of Chris Rondeau — the modern founder of the business and CEO since January 2013 — was clearly a surprise on September 15th, especially after our in-person time together on September 7th.” TD Cowen reiterates Nvidia as outperform TD said it’s even more bullish on the stock after attending a recent conference….
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