Wall Street Calls: Evercore Reiterates Apple, Bank of America Sticks With Nvidia

According to CNBC, Evercore ISI reiterated Apple as outperform, saying checks showed gaming growth weighed on App Store revenue and that August App Store revenues fell 1% year over year, the first annual decline since November 2022. Bank of America reiterated Nvidia as buy after a series of meetings with investor relations, saying it maintained its Buy rating and top sector pick view despite concerns about memory and circular financing. Morgan Stanley reiterated Warner Music Group as overweight and called it a new top idea, while Jefferies initiated Cameco as buy, citing its balance sheet and exposure to the West's nuclear build-out. TD Cowen initiated Pagaya Technologies as buy with a $26 target price, and Jefferies initiated BWX Technologies as buy. Evercore ISI also upgraded Deere and CNH to outperform from in line, Wells Fargo raised its price target on Amazon to $338 from $328, and Macquarie upgraded Broadcom to outperform from neutral after earnings. Barclays reiterated Tesla as equal weight ahead of its cybercab event, and Rothschild & Co Redburn downgraded Moderna to sell from neutral, calling the stock overvalued.