Wall street’s analyst shifts: Apple, Nvidia, Disney, and more

Bernstein reaffirmed its ‘outperform’ rating for Apple (AAPL), citing the company’s customer loyalty, earnings stability, growth potential, free cash flow generation, and shareholder returns. The firm believes a 4% terminal growth rate is reasonable.

Piper Sandler downgraded General Mills (GIS) to ‘neutral’ from ‘overweight’, pointing to concerns about the company’s dividend and ongoing operational pressures.

Barclays upgraded Reliance (RS), a steel company, to ‘overweight’ from ‘equal weight’, anticipating higher steel prices and improved margins.

Nvidia (NVDA) faced a double downgrade. Oppenheimer downgraded the stock to ‘perform’ from ‘outperform’ due to reports of founding CEO Jensen Huang’s potential departure amid allegations of an extramarital affair. Bernstein also downgraded Nvidia to ‘market perform’ from ‘outperform,’ expressing uncertainty about the company’s future.

KeyBanc upgraded Maravai Lifesciences (MRVI) to ‘overweight’ sector weight, noting the company’s potential benefits from recent political shifts and management changes, which have reduced annualized expenses by $65 million.

William Blair upgraded Advanced Micro Devices (AMD) to ‘outperform’ from ‘market perform’, suggesting AMD could benefit from the challenges currently facing Nvidia.

Roth initiated coverage of Kimball Electronics with a ‘buy’ rating and a $37 price target, highlighting its potential for growth. BTIG also initiated coverage of Quantinuum (QNT) with a ‘buy’ rating and a $60 price target, considering it a leader in its sector.

Jefferies initiated coverage of Pattern Group (PTRN) with a ‘buy’ rating, citing the company’s strong track record and potential for continued growth.

Wells Fargo upgraded Engene (ENGN) to ‘overweight’ from ‘equal weight’, raising its price target to $6 from $2, expressing increasing confidence in the biotech company.

UBS initiated coverage of Ensysce Biosciences (ENSC) with a ‘buy’ rating and a $2 per share price target, recognizing its differentiated approach to chronic pain management.

Barclays initiated coverage of Dorman Products with an ‘overweight’ rating, anticipating positive catalysts and revenue growth.

Bank of America downgraded Victoria’s Secret (VS) to ‘neutral’ from ‘buy’, citing limited potential for earnings per share growth.

Oppenheimer reiterated its ‘outperform’ rating for SpaceX, highlighting its growing terrestrial ambitions and potential impact on telecom incumbents.

Deutsche Bank raised its price target for Ulta Beauty (ULTA) to $723 from $671, emphasizing the durability of its sales momentum.

Evercore ISI reiterated its ‘outperform’ rating for Disney (DIS), suggesting that a catalyst is needed to drive further stock appreciation.