Check out today's top analyst calls from around Wall Street, compiled by The Fly.
NVIDIA DOWNGRADED ON VALUATION: Wedbush analyst Matt Bryson downgraded Nvidia (NVDA) to Neutral from Outperform with a price target of $300, up from $220. The analyst cites valuation for the downgrade with the shares trading at 55 times his 2024 numbers. However, Bryson believes the combination of "unprecedented demand" for both data center and client offerings will allow Nvidia to again exceed expectations next week when its reports. He sees no "negative catalyst" for the stock and improving fundamentals for Nvidia but downgrades the shares on valuation.
LORDSTOWN DOWNGRADED: BTIG analyst Gregory Lewis downgraded Lordstown Motors (RIDE) to Neutral from Buy without a price target following last night's Q3 results. While the analyst continues to like the longer-term prospects for Lordstown's Endurance "to carve out a slice" of the commercial electric vehicle pickup truck market, with production being pushed back another few quarters he downgrades the shares. Endurance commercial deliveries are now expected to begin in the back half of 2022, Lewis tells investors in a research note.
COMMERCIAL MISSTEPS: JPMorgan analyst Robbie Marcus downgraded Acutus Medical (AFIB) to Underweight from Neutral without a price target. The analyst continues to view the company's technology "as a revolutionary new way" of mapping arrhythmias in a $5.7B global electrophysiology ablation market. However, despite its differentiated offering, the company faces "significant challenges" from the ongoing pandemic and its recent commercial missteps have significantly impaired system placements and procedure utilization trends to-date, Marcus tells investors in a research note. The analyst wants to see more proof of execution on the commercial front before getting more constructive on the shares.
PENN UPGRADED AFTER UNDERPERFORMANCE: Deutsche Bank analyst Carlo Santarelli upgraded Penn National Gaming (PENN) to Hold from Sell with an unchanged price target of $31. The analyst cites valuation for the upgrade. When downgrading the shares to Sell in June of 2020, Santarelli viewed the company's valuation as "stretched." Since that time, Penn National has "massively underperformed" its regional gaming peers, Santarelli tells investors in a research note. As such, the analyst upgrades the shares to Hold.
Q3 BEAT SEEN FOR WALMART: Jefferies analyst Stephanie Wissink has raised her Q3 EPS estimate and U.S. comp estimate for (WMT) above the Street consensus and is "biased to upside" based on alternative data and and expectation that the company has been able to manage supply chain headwinds favorably compared to peers, she tells investors in an earnings preview note. Looking beyond the near-term focus on supply chain/inflation and grocery share, she thinks the value remains attractive and would accumulate amid the "long-term discount," said Wissink, who has a Buy rating and $184 price target on Walmart shares.