Top Calls on Wall Street: Nvidia, Tesla, TSMC, Coinbase, Rivian, Shopify, CrowdStrike, SoundHound, and More

Here are Monday’s biggest calls on Wall Street:

KeyBanc reiterates Nvidia as overweight

KeyBanc said it’s bullish on Nvidia’s Blackwell chip.

“The continued ramp of Blackwell and the initial ramp of Blackwell Ultra with higher ASPs [average selling price] should support continued upward estimate revisions.”

UBS reiterates Tesla as sell

UBS said the stock remains overvalued.

“We believe TSLA remains fundamentally overvalued, but the price reaction will depend on Musk’s call comments.”

Morgan Stanley adds a catalyst driven idea on Taiwan Semiconductor

The firm said it’s bullish on the semis stock heading into earnings.

“We expect TSMC’s share price to rise if it raises full-year revenue guidance. We suggest accumulating ahead of the July 17 print given low expectations.”

Argus initiates Coinbase as buy

Argus said the crypto company is a market leader.

“We are launching coverage of Coinbase Global Inc. with a BUY rating and a price target of $400.”

Guggenheim downgrades Rivian to neutral from buy

Guggenheim said it’s concerned about softening sales for the EV company.

“We are updating numbers post-RIVN 2Q deliveries and lowering our rating to NEUTRAL from BUY to reflect softer long-term R2/R3 assumptions driven by both softer R1 sales and negative US Electric Vehicle and Emissions policy changes.”

Needham initiates Shopify as buy

Needham said it likes the company’s “durable growth.”

“We initiate coverage on Shopify with a Buy rating and $135 PT.”

Morgan Stanley downgrades CrowdStrike to equal weight from overweight

Morgan Stanley downgrades CrowdStrike on valuation.

“Stepping to the sidelines given full valuation after ~50% run and rising growth expectations. Still a compelling long-term story, but the second half acceleration we expect now looks well priced in the shares.”

Piper Sandler downgrades SoundHound to neutral from overweight

Piper said it sees a tough setup for the AI company.

“We are downgrading shares of SoundHound from OW to Neutral but reiterating our $12 price target.”

Citizens downgrades Goldman Sachs to market perform from market outperform

The firm said in its downgrade of Goldman that the bull thesis has played out.

“At $700+ today, we believe much of our thesis has played out and the bar is now much higher for another leg up. Accordingly, while we are bullish on the business, we see the risk/reward as balanced and we will evaluate for a new entry point or developments that change our valuation framework.”

Piper Sandler downgrades Best Buy to neutral from overweight

Piper said it sees no “meaningful catalysts” ahead.

“We are downgrading BBY to Neutral and reducing our PT to $75. Certainly, we recognized BBY has underperformed YTD, and both expectations and valuation are low.”

Goldman Sachs initiates Nebius Group as buy

Goldman said the AI cloud company is well positioned.

“We initiate on Nebius (NBIS), a leading player in the AI Neocloud market (a niche AI GPU infrastructure rental market), with a Buy rating and a 12-month price target of $68 implying c.45% upside”

Baird upgrades nCino to outperform from neutral

Baird said the fintech company is firing on all cylinders.

“nCino is well underway on many initiatives, all aligned to reaccelerate subscription growth into DD% YoY range.”

William Blair upgrades Stitch Fix to outperform from market perform

William Blair upgraded the stock following a series of constructive meetings with management.

“We hosted meetings with Stitch Fix CEO Matt Baer and CFO David Aufderhaar. The company
has increasingly been in a more offensive stance as it moves out of the second phase of Baer’s restructuring strategy and into the ‘growth’ phase, embolden by a return to revenue growth in the April quarter, which was a year ahead of prior guidance.”

Evercore ISI downgrades Procter & Gamble to in line from outperform

Evercore said it sees too many negative catalysts ahead.

“Macro pressures are transient, and unlike prior downturns, Procter’s portfolio now extends into mid-tier flanker brands in its price-sensitive categories, offering alternatives to pressured consumers.”