Here are Tuesday’s biggest calls on Wall Street: Morgan Stanley Calls Taiwan Semiconductor a Catalyst Morgan Stanley said the semiconductor company’s stock still has room to rise. “TSMC is the world’s leading supplier of AI chips, whose business outlook will be interpreted as having important implications for global AI demand.” Wolfe Initiates Meta, Amazon, Alphabet as Outperform Wolfe initiated Meta, Amazon, and Alphabet and said he was bullish on all three stocks. “Overall, we are selectively positive on the sector and see opportunities.” Jefferies Reiterates Microsoft as Buy Jefferies said he was bullish ahead of Microsoft’s earnings call next week. “We expect MSFT to execute well on its strongest quarter of the season, and we are fans of the LT consolidation and AI story.” Wells Fargo Reiterates Goldman Sachs as Overweight Wells raised its price target on Goldman Sachs after the results to $550 per share from $504. “More important to us than the modest top-line and bottom-line beat in Q2 2024 are expectations for meaningful improvement in the IB business and the commensurate multiplier effect, particularly given much higher quarterly backlogs and continued customer activity.” Baird Reiterates Tesla as Outperform Baird said he is bullish ahead of Tesla’s results next week. “We are buyers of the stock ahead of Q2 EPS. We like the setup and believe there is a strong likelihood of EPS outperformance.” Bernstein Reiterates Nvidia as Outperform Bernstein said the company’s data center opportunity is huge. “NVDA (OP, $130): The data center opportunity is huge, and still early, with significant upside still possible, in our view.” TD Cowen Upgrades Lamar Advertising to Buy TD Cowen said it is bullish on shares of the billboard advertising company. “Lamar is the largest U.S. billboard company by a wide margin and well positioned to retain market share as the category continues to grow.” Loop Downgrades Reddit to Hold from Buy Loop downgraded the stock primarily due to valuation. “RDDT shares now trade at 10x our 2025 revenue estimate and are close to our $75 price target. Even assuming a likely upside to our 2024 and 2025 estimates, we do not believe the upside reward meaningfully outweighs the downside risk.” Goldman Sachs Reiterates Amazon as a Buy Goldman raised its price target on the stock to $250 per share from $225. “While Amazon shares have outperformed the S&P and Nasdaq over the past 12 months, performance has been driven entirely by higher earnings estimates (during a period of outsized positive earnings revisions), as multiple compression has been a headwind to stock returns.” Piper Sandler Downgrades Dollar Tree to Neutral from Overweight Piper said the company is “particularly disadvantaged.” “We are downgrading DLTR to Neutral and reducing our PT to $112. While DLTR shares have already come under significant pressure year-to-date at -27% — suggesting that a lot of bad news is already priced in — we believe the company is particularly disadvantaged regardless of the outcome of the presidential election.” Morgan Stanley upgrades Chegg from underweight to equal weight Morgan Stanley said the risk/reward is balanced for the education company. “Upgrade CHGG to equal weight – The market expects negative estimate revisions and negative growth deceleration.” Morgan Stanley upgrades Sweetgreen from underweight to equal weight Morgan Stanley said the restaurant chain’s stock is starting to become compelling. “Upgrade SG to EW – we believe sales/ops/automation can be near-medium term catalysts contrary to our past concerns; offset by valuation/TAM debate.” Evercore ISI downgrades Yum and Starbucks to outperform from online Evercore said in its downgrade of Yum and Starbucks that trends are weakening. “For Starbucks and Yum Brands, we are lowering domestic calendar SSS estimates in the second half and are increasingly concerned about consumer and competitive dynamics in China as we head into 2025.” Evercore ISI Adds Tactical Outperform on IBM Evercore said it is bullish ahead of next week’s earnings call. “We are adding IBM to our tactical OP list ahead of its June quarter earnings call on Wednesday, July 24 after the market close.” Bank of America Upgrades Shopify to Buy from Neutral Bank of America said Shopify has turned a corner. “After years of declining margins, we believe the company has turned a corner in balanced growth and margins under the leadership of new CFO Jeff Hoffmeister.” Mizuho Upgrades Datadog to Outperform from Neutral Mizuho said “momentum” is building for the stock. “We believe DDOG appears to be solidifying its position as a clear leader in the observability market with multiple product areas at scale and new products growing rapidly.” Mizuho Downgrades Palantir to Underperform from Neutral Mizuho said the stock’s valuation is too “rich.” “PLTR has performed well overall in recent quarters. While encouraging, we remain concerned about the lack of visibility into PLTR’s business, we note that some of the beats have been lower quality, and we have limited confidence in the company’s ability to deliver consistently strong results.” Jefferies Upgrades Epam to Buy from Hold Jefferies says the software engineering company is a “high-quality asset.” “We upgrade EPAM to Buy from Hold given that demand has likely bottomed, the medium-term opportunity for a spending recovery, the long-term opportunity in AI, and an attractive valuation for a high-quality asset.” Bank of America Reiterates Broadcom as Buy Bank of America called Broadcom a “high-quality growth” company after its stock split. “We emphasize that AVGO remains one of the best and most consistent cash generators at 45-50%+ of sales.” Oppenheimer Reiterates Integer Holdings as Outperform Oppenheimer said the medical device company is defensive. “We are initiating coverage of Integer Medical with an Outperform rating and a $135 PT.” Evercore ISI Reiterates Netflix as Outperform Evercore said it was cautious heading into earnings later this week, but was sticking with its Outperform rating. “The bar is high, and while we are long-term bulls on NFLX, we would be cautious heading into this release.”