(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.) Among the stocks analysts were talking about on Tuesday were a major cruise line operator and a Midwest bank. Mizuho raised its rating on Norwegian Cruise Line to Buy from Neutral. Meanwhile, JPMorgan raised Huntington Bancshares to Overweight from Neutral, suggesting a 31% target price upside. Check out the latest conference call and chatter below. All times ET. 6:30 a.m.: Wells Fargo Downgrades Zscaler Wells Fargo thinks mounting pressure and executive changes may finally hit Zscaler. The bank downgraded its rating on the cybersecurity stock to Equal Weight from Overweight. Analyst Andrew Nowinski cited growing competitive pressure as the reason for the change. “We believe that increased competition could weigh on billing growth over the next 12 months or more,” he wrote. On top of that, mass departures of sales executives could disrupt sales and renewal cycles in the near term. “While all employees are replaceable, the company is going through a tough comparison period, leaving little room for disruption from departures, especially with a seasonally important fiscal year ending in F4Q24 (July),” Nowinski added. The combination of these two headwinds could limit Zscaler’s sales growth and put near-term pressure on the stock, the analyst wrote. That would put the company below peers that have seen steady revenue, profitability and free cash flow growth. Zscaler shares have fallen about 23% this year. Nowinski’s price target was lowered to $182 from $275, which could allow the stock to rise 6% from here. — Lisa Kay-Lai Hung 6:28 a.m.: Citi upgrades DuPont According to Citi, DuPont is set to gain following the much-hyped announcement of the separation. Analyst Patrick Cunningham upgraded the chemical stock to buy from a previous neutral rating. He raised his price target to $95 from $85 in line with the move. DuPont shares have risen 5% this year. Cunningham’s forecast suggests the stock could rise another 15%. Last week, the company announced plans to separate its water and electronics verticals into separate businesses. Cunningham noted that the stock has already risen after the announcement and that the separation could be a catalyst for further upside this year. “The separated electronics business is well positioned to benefit from the secular growth of semiconductors and electronics, all of which have a new driver: AI,” he wrote. Meanwhile, the analyst believes DuPont’s water business is poised to benefit on the back of secular growth. “The water business has a strong portfolio of filtration components and membranes, with roughly 70% of the business having a recurring revenue profile,” he said. “The company has significant customer relationships across various end markets and is well-positioned to focus on new technologies (hydrogen, DLE)” — Lisa Kailai Hung 5:50am: JMP upgrades Duolingo to Outperform According to JMP, Duolingo’s growth potential could give it an edge over its peers. Analyst Andrew Boone upgraded the e-learning platform’s shares to Market Outperform from Market Perform. The analyst also set a price target of $260, which represents a 46% upside from here. Boone noted that the rollout of a new subscription tier, Duolingo Max, alongside optimization of existing services, has been a big driver for the company. “After rolling out Max to 5%-10% of DAUs in April, Duolingo plans to expand Max to more users in the coming months,” he wrote. “In addition, Duolingo now has a dedicated team focused on improving its family plan, which could be a key driver of customer retention.” The analyst added that Duolingo plans to release a “conversational experience,” another reason for users to upgrade to the Max tier. Boone added that the company could benefit from artificial intelligence in the e-learning space. “Duolingo’s differentiated language teaching is both fun and engaging (making people ‘eating broccoli’ to take their daily language lessons, perhaps the hardest thing for competitors to replicate). We believe Duolingo is likely to benefit from an AI-enabled conversational experience, as it creates upselling opportunities and improves the effectiveness of teaching,” he wrote. Duolingo shares have fallen 21% this year. DUOL YTD Mountain DUOL YTD — Lisa Kailai Han 5:40 AM: Mizuho Bank upgrades Norwegian Cruise Line, points to inflection point in performance According to Mizuho Bank, it’s time for investors to bet on Norwegian Cruise Line. The bank upgraded the cruise operator’s shares to buy from neutral and raised its price target to $24 from $21. This latest forecast suggests Norwegian Air shares could rise 50% from their closing price. With the shares down 20% so far this year, analyst Ben Chaiken thinks sentiment is finally shifting as valuations become more attractive. “After roughly two years of significant relative underperformance (~-160% vs. RCL since Jan 2023), NCLH is streamlining its business (e.g., cost reductions), which should provide upside to its near/mid-term forecasts,” he wrote. The analyst also noted Norwegian’s cost-cutting as another catalyst for change. The airline has committed to targeting $300 million in cost savings by 2026, and achieved $100 million this year. Norwegian has also worked to provide investors with high yields, Chaiken noted. “In a very favorable industry environment (i.e., limited industry supply and healthy demand), we see yields rising as NCLH optimizes (i.e., simplifies) its fleet itineraries, and further buildout of its private island portfolio will provide a yield tailwind over the longer term,” he wrote. — Lisa Kailai Hung 5:40 a.m.: JPMorgan upgrades Huntington Bancshares Huntington Bancshares’ strong rally this year is just the beginning, according to JPMorgan. Analyst Steven Alexopoulos upgraded the Columbus, Ohio-based bank to overweight from neutral. His price target was raised to $18 from $16, suggesting a 31% upside from Friday’s closing price.Alexopoulos said he became more optimistic about the stock after meeting with the company’s CEO and CFO. “What we learned from the meeting is that (1) the benefits of the company’s domestication in key markets are not only much more transformative than expected, but also that the timing is coming sooner than expected, and (2) the company is moving forward with plans to add new verticals and expand into new markets beyond its 2022 investor day, and the potential incremental organic growth from these efforts is much larger than expected,” the analyst wrote. Huntington shares are up 8% year-to-date. They are also up 26% over the past six months. Following the upgrade, shares were up more than 1% premarket. HBAN YTD Mountain HBAN YTD — Fred Imbert
All the market-moving chatter on Wall Street on Tuesday
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