Here are Monday’s biggest calls on Wall Street: JPMorgan reiterates Amazon as overweight JPMorgan said it’s sticking with shares of the e-commerce giant. ” Amazon remains our best idea and our December 2025 PT of $240 based on ~32.5x our 2026E FCF of $75B.” Goldman Sachs initiates Tyson Foods and Hormel as buy Goldman said it sees “strong protein demand” for both companies. “We expect near-term supply reductions in turkey to support our Buy rating on HRL , along with its solid packaged food portfolio, including a recovery in its Planters nut business. We also believe the cyclical low in beef profitability is creating an attractive entry point for patient investors in Buy-rated TSN , while its diversified model underpins its long-term resiliency, with strength in chicken and prepared foods supporting upside in the near-term.” Deutsche Bank upgrades Estee Lauder to buy from hold Deutsche said in its upgrade of the stock that beauty demand concerns are bottoming. “Increasing evidence that EL’s strategy is (rightly, in our view) diversifying well beyond China (and related travel retail) for future growth, underpinned by moves to accelerate innovation (across brands and price tiers) and migrate decision-making geographically closer to where business gets done…” JPMorgan initiates Wynn Resorts as overweight JPMorgan said Wynn has underappreciated growth optionality overseas. ” WYNN is well positioned to utilize dividends from Macau to return capital to shareholders.” JPMorgan initiates Penn as overweight JPMorgan said the gaming company is a top idea. “PENN (PT $24): (1) Attractive catalyst path with $1b new projects opening in the next two years, potentially driving upside to estimates; (2) improving FCF profile/ balance sheet, with PENN targeting $325m of remaining buybacks in ’25 (~14% of market cap).” Wells Fargo upgrades FMC Corporation to overweight from equal weight Wells said it sees an earnings recovery for the chemical manufacturer. “We upgrade FMC to OW as we are increasingly confident that 2024 will mark the near-term bottom for EPS given positive market trends and strategic actions. Our $50 PT (prior $41) reflects 10.0x 2026 EV/EBITDA, at the low end of its historical range. JPMorgan initiates Marriott as neutral JPMorgan initiated the hotel chain and says the stock’s valuation is appropriate. “MAR is a solid, asset-light compounder that benefits from strong brands, a credible management team, and network effects.” Rothschild & Company Redburn reiterates Nvidia as buy The firm said the company remains extremely well positioned ahead of its next earnings report on August 27. ” Nvidia reports July quarter earnings on 27 August, which should confirm rising networking attach rates, a smooth transition to Blackwell Ultra B300s and sustained further improvement in AI model capability and therefore AI capex investment.” Morgan Stanley upgrades Moelis & Co to overweight from underweight and Evercore ISI to overweight from equal weight The firm said it’s bullish on several capital markets companies. “Evercore (EVR) upgraded to OW from EW; poised for large cap deals and Private Capital Advisory strength, with comp ratio leverage ahead. Moelis (MC) double upgraded to OW from UW; record deal pipeline with comp ratio leverage ahead.” Melius upgrades Advanced Micro Devices to buy from hold Melius said it sees a slew of positive catalysts ahead for the stock. “We are upgrading shares of AMD given our view that many things have changed for the better since the beginning of the year.” Read more here. Raymond James upgrades DoorDash to strong buy from outperform Raymond James said it likes the synergy possibilities with delivery company Deliveroo. “We upgrade DASH to Strong Buy following a bottom-up merger analysis and believe the synergy potential with Deliveroo (ROO) is underappreciated.” Wedbush reiterates Tesla as outperform Wedbush said Tesla’s robotaxi is “very impressive” after taking a test ride. “We took two approximately 15 minute rides around Austin and the key takeaways are that it was a comfortable, safe, and personalized experience. The ride itself was completely smooth, and it was indistinguishable that the car was driverless as there was never a moment in the vehicle where we felt as if it did something irrational.” Read more. BMO downgrades Dow to underperform from market perform BMO said in its downgrades of Dow that it sees softer pricing for the chemicals company. “The significant weakness across its end-markets resulting in soft pricing and lower vols/op rates is likely to result in severely challenged 2Q EBITDA and 2H estimates coming solidly lower.” Morgan Stanley reiterates Citi and Bank of America as overweight The firm raised its price target on Bank of America to $49 per share from $47 and on Citi to $94 per share from $90. “Announced M & A and Equity Capital Markets volumes are accelerating. We see momentum ahead driven by market conditions, regulatory clarity, pent up demand for both M & A and IPOs, and greater sponsor engagement.” Argus reiterates Netflix as buy Argus raised its price target on the stock to $1,410 per share from $1,200. ” Netflix’s maintenance of its full-year guidance is one proof point of the company’s resilience in an extraordinarily uncertain time for the macroeconomy.” JPMorgan downgrades Howard Hughes to neutral from overweight JPMorgan said in its downgrade of the real estate investment stock that it’s skeptical activist investor Bill Ackman can turn the company into a diversified holding company. “Notwithstanding the above, we are moving from an Overweight rating to Neutral on the shares. Pershing Square and Bill Ackman’s intention is to use the cash infusion into the company to make investments outside real estate (perhaps into insurance) and turn HHH into a diversified holding company.”
