(This is CNBC Pro’s live coverage of Monday’s analyst conference call and Wall Street chatter. Refresh every 20-30 minutes to see the latest posts.) Among Wall Street’s biggest conference calls on Monday included a bullish call for Apple and more optimism for Nvidia. Loop Capital upgraded Apple to Buy from Hold, and TD Cowen raised its price target for Nvidia to $165 per share. Morgan Stanley also named Nvidia a top pick. Check out the latest conference call and chatter below. All times are ET. 6:43 a.m.: Evercore ISI sets Datadog to Outperform Monitoring and analytics software company Datadog could be poised for a breakout later this year, according to Evercore ISI. “After two years of footfall, we believe DDOG has reached some maturity (valuation growth) and can become a more consistent compounding manager over the next 12-24 months,” said analyst Kirk Materne. The analyst began covering Datadog on Monday, with an outperform rating and a $150 per share price target. Materne’s forecast suggests an upside of more than 17% from Friday’s closing price of $127.80. “Looking ahead to the second half and beyond, we believe risk/reward is tilted to the upside based on the potential for better than expected growth and continued expansion of DDOG’s TAM,” he said. [total addressable market]”, and optionality around new AI services,” Mattern said. Datadog shares are trading at 5.2% upside to 2024. —Brian Evans6:25 AM: Citi Downgrades Bank of New York MellonCiti believes Bank of New York Mellon’s current valuation accurately reflects the company’s recent beat on second-quarter earnings expectations, and that it will be hard for the stock to rise further.[Management] The company has made significant progress towards its medium-term goals and we believe the stock is fairly valued at 2.5x TBV. [tangible book value]Analyst Keith Horowitz downgraded the stock to “neutral” from “buy” on Monday but maintained his $65 per share price target. Citi’s forecast suggests less than 1% upside from Friday’s closing price of $64.69. Bank of New York Mellon shares are up more than 24% in 2024. — Brian Evans 6:01 a.m.: Loop Capital upgrades Apple, predicts iPhone maker will be “base camp” choice for AI According to Loop Capital, Apple’s upcoming artificial intelligence suite and its subsequent integration into future iPhones could send shares soaring more than 30%. Analyst John Donovan argues that Apple’s current opportunity is “an opportunity to solidify itself as the ‘base camp’ choice for consumers’ AI generation over the next few years, much like social media (iPhone) was 15 years ago and digital content consumption (iPod) was 20 years ago.” Donovan upgraded the iPhone maker to buy from hold on Monday, and Donovan raised his price target to $300 from $180 a share. Apple closed at $230.54 a share on Friday, up about 20% in 2024. “We see anything related to ‘Gen AI’ as the primary driver, but other factors include a strengthened refresh cycle due to amplified COVID demand and a new ‘iPhone platform’ coming with the iPhone 17 in 2025,” Donovan said. — Brian Evans 5:45 a.m.: TD Cowen raises Evidia price target, predicts Blackwell demand will be ‘sustainable’ TD Cowen expects demand for Evidia’s artificial intelligence systems, Blackwell and Hopper, to remain solid, driving up the stock price. “Evidia’s fundamental strength remains unchanged,” analyst Matthew Ramsay said. “Indeed, our research continues to show data center upside as demand for Hopper/Blackwell-based AI systems continues to outpace supply.” The analyst raised his price target on the AI darling to $165 per share from $140 and reiterated his buy recommendation. The company’s forecast calls for an upside of about 28% from Friday’s closing price of $129.24. Nvidia is surging 161% in 2024. “Overall, we see a product roadmap that shows relentless innovation in all aspects of the AI computing stack,” the analyst added. Ramsey also predicted the company would beat Wall Street’s second-quarter expectations on Aug. 15 and would raise his outlook for Nvidia due to robust data center demand. — Brian Evans
Apple’s AI push lifts stock price; NVIDIA raises price target
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