(This is CNBC Pro’s live coverage of Tuesday’s analyst conference call and Wall Street chatter. Refresh every 20-30 minutes to see the latest posts.) E-commerce giants and social media names lined up among the stocks analysts were talking about on Tuesday. Wolf Research initiated coverage on Amazon with an Outperform rating and predicted a nearly 30% upside. Meanwhile, Loop Capital downgraded Reddit to Hold from Buy, citing overvaluation. Elsewhere, Bank of America raised its rating on Shopify to Buy from Neutral. Check out the latest conference call and chat below. All times ET. 7:12 a.m.: Bank of America names Broadcom a top pick Bank of America believes Broadcom’s “multiple vectors of growth” will drive the stock higher as the artificial intelligence boom continues. Analysts reiterated their buy rating on Broadcom shares and maintained their $215 target price per share. Bank of America’s forecast suggests upside of more than 25% from Monday’s closing price. Broadcom shares are up 54% in 2024. “We emphasize that AVGO remains one of the best and most consistent cash generators, at 45-50%+ of sales,” the analyst added, calling the stock a top pick. — Brian Evans 7:03 a.m.: Goldman Sachs raises Spotify price target Goldman Sachs thinks Spotify will beat Wall Street’s second-quarter earnings expectations. “We expect Spotify to report solid results with potential upside to gross and operating margin trajectories. In general, as 2024 progresses, we expect SPOT to see increased margin momentum on the back of prior-period restructuring efforts, business mix changes, and price/product changes,” analyst Eric Sheridan said. The firm maintained its neutral rating and raised its price target to $320 from $317. Goldman’s forecast suggests an upside of about 6% from Monday’s closing price of $302.15. The stock is up nearly 61% in 2024. The company will report its second-quarter results on July 23. “Looking at near-term demand trends, third-party data (included in this report) indicates an overall robust end-demand environment, driven by strength from international markets,” the analyst added. “Furthermore, efforts across the digital advertising industry indicate a robust and stable environment (particularly in the form of a return of budget momentum and spend visibility in brand advertising budgets).” — Brian Evans 6:50 AM: Bank of America upgrades Shopify, says company is at turning point Bank of America said Shopify may be at a turning point after years of declining margins. “We are pleased to report that Shopify is seeing robust revenue growth and strong growth in its overall digital ad spend environment, driven by strength from international markets,” the analyst added. [free cash flow] “1) solid high single-digit baseline e-commerce growth, 2) steady share growth, and 3) disciplined expense spending will drive the turnaround from here,” analyst Brad Sills wrote on Tuesday. The analyst upgraded the e-commerce stock to Buy from Neutral and raised his price target to $82 from $78. Bank of America’s forecast suggests an upside of about 28% from Monday’s closing price of $64.21. “Revenue growth and disciplined expense spending suggest healthy margin expansion going forward. We expect FY26 operating margins to be 17.4%, up from 14.3% in FY24,” the analyst added. “We expect Q2 revenue growth to rise 23%.” Shopify appears well-positioned to continue to gain e-commerce market share while improving scale and FCF conversion,” Sills noted. Shopify shares are trading at about 18% lower in 2024. — Brian Evans 6:25 a.m.: Jefferies upgrades EPAM Systems, sees long-term AI opportunity A combination of a long-term artificial intelligence opportunity, a spending recovery and bottoming out of demand could help EPAM Systems grow, according to Jefferies. The firm upgraded shares of the software engineering services company to buy from hold. It also raised its price target to $237 per share from $202. Jefferies forecasts an upside of about 19% from Monday’s closing price. “We believe both earnings and valuation have bottomed, and the potential upside from a recovery in discretionary spending and the potential boost in demand from AI are undervalued by the market,” analyst Surinder Shinde said. “Current consensus forecasts for 2024 revenue growth of -1.5% YoY and 2025 revenue growth of -1.5% YoY are now expected to be -1.5% in 2024. “+7.5% YoY in 2025 is reasonable and is consistent with our model (i.e., our forecasts have not changed),” the analyst added. EPAM Systems shares are down 33% in 2024. — Brian Evans 6:08 AM: Piper Sandler Downgrades Dollar Tree on Concerns Surrounding 2024 Presidential Election Though the stock has already fallen nearly 27% this year, Piper Sandler believes Dollar Tree could face more risks going forward regardless of who wins the 2024 presidential election. “Regardless of the outcome of the presidential election (Trump = tariffs, Biden = overtime rule changes), we believe the company is particularly disadvantaged as the likelihood of tariffs makes it difficult to hold the stock over a 12-month or longer time horizon,” analyst Peter Keith wrote. Keith downgraded the discount retailer’s shares to neutral from overweight on Tuesday and lowered his price target to $112 from $143 a share. The analyst’s forecast suggests upside of about 8% from Monday’s closing price. DLTR YTD Mountain DLTR YTD “DLTR would be significantly impacted by tariffs if Trump wins, but the company still largely maintains its fixed-price sales model (selling at $1.25 in most stores),” Keith said. “If Biden/Democrats win, the overtime rule change (raising the minimum salary threshold for overtime pay to $58,000) will likely be appealed and challenged in 2025. If the salary threshold approaches $58,000, this will have a material impact on DLTR’s EPS,” he continued. — Brian Evans 5:45 a.m.: Loop Capital Downgrades Reddit Loop Capital is on the sidelines, saying it “does not believe the upside rewards materially outweigh the downside risks.” Analyst Alan Gould downgraded shares of the forum social network to hold from buy and reiterated his $75 price target per share. Gould’s forecast suggests upside of about 3% from Monday’s closing price of $72.98. “The stock is currently trading at well over double its March IPO price, a significantly higher multiple of sales relative to its peers, which will likely face selling pressure once the lockup period expires on August 9,” Gould wrote on Monday. Reddit priced its initial public offering (IPO) at $34 a share. “We believe users, revenue and adjusted EBITDA are likely to exceed our and the Street’s expectations,” Gould warned despite the downgrade. “Even if 2025 revenue beats our forecast by 10% (which is already slightly above consensus), a 10x sales multiple would imply a price target of $81, which we believe is not enough of an upside to sustain our buy rating.” — Brian Evans 5:45 AM: Wolf Research Initiates Amazon With an Outperform Rating Amazon is unstoppable, according to Wolf Research. Analyst Shweta Khajuri has initiated coverage of the e-commerce giant with an Outperform rating. His $250 price target suggests a 29.7% upside from Monday’s closing price. “Broadly speaking, Amazon benefits from a) a leadership position in three $1 trillion+ market opportunities: retail, digital advertising, and cloud computing; b) a differentiated value proposition in these three verticals; c) exposure to new growth opportunities in video, grocery, fulfillment (purchase with Prime), healthcare, Project Kuiper, and Amazon Business; and d) an experienced management team,” Khajuri wrote. “In terms of short- to medium-term fundamentals, Amazon’s 2024 setup is favorable. [year-over-year] “AWS growth this year, continued retail margin expansion, growing e-commerce share due to faster delivery speeds and a mix shift toward everyday essentials, and new growth catalysts from Prime Video, groceries, and Amazon Logistics,” the analyst added. Amazon shares have soared nearly 27% this year. AMZN YTD AMZN YTD — Fred Imbert
All the market-moving chatter on Wall Street on Friday
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