Here are Tuesday’s biggest calls on Wall Street: Goldman Sachs reiterates Tesla and Rivian as neutral Goldman said further price cuts are needed for Tesla and Rivian. “We are Neutral rated on both Tesla and Rivian, and increased confidence on the path to improve margins over the near-to-intermediate term is something that could make us more positive on each stock.” TD Cowen reiterates Arm as outperform TD said after a series of investors meetings that the Arm thesis is “gaining momentum.” “We hosted a lively investor dinner with Arm’s VP of IR Ian Thornton last week. Despite the significant move in the share price and upcoming lock-up expiration, the conversation focused much more on strengthening fundamentals across both the licensing and royalty franchises.” Morgan Stanley downgrades Sunnova to equal weight from overweight Morgan Stanley said in its downgrade of the solar company that it sees stock “dislocation.” “We believe there is a large dislocation between NOVA’s stock price and the value of the company’s asset base, but we see a less clear path to realizing that value over the next 12 months, driving our decision to downgrade the stock to Equal-weight.” Baird reiterates Nvidia as outperform Baird added the stock to its 2024 top AI picks list. “NVIDIA of course has been one of the huge early beneficiaries, but the effects of generative AI will be felt across all technology, along with the broader market.” DA Davidson reiterates Microsoft as buy DA said it’s standing by shares of the tech giant. “We expect Microsoft to maintain its leadership in the commercialization of artificial intelligence as it leverages its scale and technology prowess.” JPMorgan upgrades Sea Limited to overweight from neutral JPMorgan said the Singapore-based internet tech conglomerate is on an “upswing.” “In our view, in the current competitive environment, SE is likely to continue increasing commissions while reducing the intensity of sales and marketing spend.” KeyBanc initiates Array Technologies as equal weight Key said in its initiation of the solar company that it sees a slowing recovery. “However, we believe that ARRY will likely remain in the penalty box for the foreseeable future, as recent commentary and the 2024 outlook point to a slow recovery.” JPMorgan initiates Amphastar as overweight JPMorgan said it’s bullish on shares of the pharmaceutical company. “We see AMPH well-positioned in the space with a diverse (generic injectable, branded and OTC) and…
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