(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 luxury car makers and aerospace giants. Bernstein raised its price target on Ferrari to $599 per share, suggesting a 20% upside over the next 12 months. Meanwhile, Wells Fargo downgraded Boeing to Sell. Check out the latest conference call and chatter below. All times ET. 7:01 a.m.: Bank of America and Wells Fargo are currently trading at attractive valuations, according to Deutsche Bank. Deutsche Bank upgraded its investment ratings on Bank of America and Wells Fargo to Buy from Hold, saying recent share price weakness makes them an entry point for investors. Analyst Matt O’Connor has a $65 price target on Wells Fargo, which suggests an 11.2% upside for the stock. The stock is up 18.8% this year but down 1.6% this quarter. “In the near term, we would say there has been a fair bit of risk aversion, given the lowering of both net I/I and capital guidance (in the July conference call) and that regulatory risk is more priced in than it was a few months ago,” O’Connor wrote about Wells Fargo. “In the longer term, some positive themes remain… Valuation looks attractive given recent lags.” O’Connor’s $45 price target for Bank of America suggests the stock could rise 10.4% over the next 12 months. He noted that the decline in the stock over the past six weeks was largely due to disclosures of stock sales by Warren Buffett’s Berkshire Hathaway. Still, the bank could benefit from growth drivers, including a normalization of net interest margins and investment banking and trading operations. Bank of America shares are up about 21% this year. — Pia Singh 6:35 a.m.: Broadcom Sees Demand for AI Products Continue to Accelerate, Says JPMorgan Ahead of the semiconductor company’s earnings release on Thursday, JPMorgan remains bullish on Broadcom. Analyst Harlan Sah reiterated his overweight rating on the stock and maintained his price target at $200, suggesting room for 22.8% upside. The stock has risen more than 45% this year. Sah expects Broadcom to raise its fiscal 2024 outlook and artificial intelligence semiconductor revenue outlook to $12 billion from $11 billion. “Our strengthening fiscal 2024 revenue outlook is driven by continued accelerating demand for AI products (custom ASICs and networking solutions) and stabilizing/early recovery in diversified semiconductor (non-AI) end markets (enterprise, server/storage, etc.),” the analyst wrote in a Tuesday note. “Overall, we continue to see acceleration in AI fundamentals combined with positive synergies/value creation in the software business. The team is the second largest AI semiconductor supplier in the world and the No. 1 custom chip ASIC supplier.” Sur noted that Broadcom is poised to ramp up two AI programs for its two largest AI ASIC customers later this year, adding that a recovery in general cloud demand is also driving orders for older generation network chipsets later this year. The company is a “technology infrastructure giant” with strong leadership in many end markets, he said. — Pia Singh 6:07 a.m.: Loop Capital upgrades NetApp to Buy Loop Capital sees a great buying opportunity in NetApp. Analyst Ananda Baruah upgraded the data storage company to Buy from Hold and assigned a $150 price target, implying upside of about 24.2%. The stock has risen 36.9% this year, despite a 6.3% decline in the current quarter. NTAP YTD NTAP YTD “We are leveraging three legitimate structural trends and NTAP’s differentiated hyperscale storage software as catalysts for the coming years, leveraging last week’s 9% pullback after NTAP’s July quarter EPS on Aug. 28,” Baruah said in a Monday note. Among those catalysts are NetApp’s move from 10k hard disk drives to quad-level cell NAND technology, and its leadership in file, object and cloud storage that could make the stock an AI winner. NetApp has cloud storage software partnerships with Amazon Web Services, Microsoft Azure and Google Cloud Platform, which analysts pointed to as another growth catalyst. — Pia Singh 5:45 a.m.: Boeing shares could plummet more than 30%, according to Wells Fargo Wells Fargo thinks hard-hit aircraft maker Boeing is set to struggle even more. Analyst Matthew Akers downgraded the stock to underweight from equal weight and cut his price target by $66 to $119. This suggests that the stock price could fall about 31.5% over the next 12 months, after already falling nearly 33.4% this year. [free cash flow]”We expect Boeing’s cash flows to peak by 2027 as aircraft development costs offset further production growth and capital increases could further dilute shares,” Ackers said in a Tuesday note, projecting Boeing’s cash flows through 2030 to peak in 2027. He also sees the aerospace company’s free cash flow estimates 15-20% lower than consensus between 2026 and 2027. “We believe BA has had generational FCF opportunities over the last decade driven by production growth and low investment needs for mature aircraft,” he added. “However, after significant delays and additional costs, we see FCF capped in the coming years as rising production cash flows bump up against a new aircraft investment cycle.” Ackers estimated that the aerospace company has $45 billion in net debt on its balance sheet and trying to pay down that level of debt “would consume all of its cash by 2030.” — Pia Singh 5:45 a.m.: Bernstein Increases Price Target for Ferrari Shares According to Bernstein, Ferrari’s strong 2024 performance is not expected to fade anytime soon. Analyst Steven Reitman raised his price target for the U.S.-listed shares to $599 from $488. The new forecast suggests a 20% upside from Friday’s closing price. Reitman rates the stock an outperform. Ferrari shares have soared this year, up more than 46%. Most of those gains came after the company reported strong second-quarter results on Aug. 1. Since then, the stock has risen 20%. “With nearly every Ferrari sold out, the pace of shipments and recognition of quarterly revenue and profits will be determined entirely by Ferrari, with only the level of final personalization per vehicle varying slightly, as customers can modify their orders until fairly close to the actual production date,” the analyst wrote. — Fred Imbert
All the market-moving chatter on Wall Street on Tuesday
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