Wall St Engine
BofA Reiterates Buy on $NVDA, PT $180; remains best positioned to benefit from the ongoing AI tide
Analyst comments: "We were pleased to host NVIDIA CFO Colette Kress and VP of Investor Relations Toshiya Hari for an investor dinner, as well as VP/GM of Hyperscale and HPC Computing Ian Buck for a keynote session in San Francisco. Overall, the tone was very positive regarding demand and continued customer interest across cloud and enterprise, now supported by a full-scale supply ramp.
Importantly, we believe NVIDIA addressed three key investor debates that have weighed on the stock over the past year: 1) Blackwell rack ramp and execution, 2) AI diffusion and sovereign demand, and 3) China AI shipments. We maintain our Buy rating and $180 price objective, viewing NVIDIA as a top sector pick. We believe the company remains best positioned to benefit from the ongoing AI tide, backed by a multi-year lead in performance (AI scaling), a strong pipeline, incumbency, scale, and developer support.
The current 30x next-twelve-month P/E is attractive versus the 5-year historical median of 39x, and the stock trades at a PEG ratio of less than 1.0x compared to a 2.4x median for the rest of the Magnificent Seven, excluding NVIDIA."
Analyst: Vivek Arya
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BofA Reiterates Buy on $NVDA, PT $180; remains best positioned to benefit from the ongoing AI tide
Analyst comments: "We were pleased to host NVIDIA CFO Colette Kress and VP of Investor Relations Toshiya Hari for an investor dinner, as well as VP/GM of Hyperscale and HPC Computing Ian Buck for a keynote session in San Francisco. Overall, the tone was very positive regarding demand and continued customer interest across cloud and enterprise, now supported by a full-scale supply ramp.
Importantly, we believe NVIDIA addressed three key investor debates that have weighed on the stock over the past year: 1) Blackwell rack ramp and execution, 2) AI diffusion and sovereign demand, and 3) China AI shipments. We maintain our Buy rating and $180 price objective, viewing NVIDIA as a top sector pick. We believe the company remains best positioned to benefit from the ongoing AI tide, backed by a multi-year lead in performance (AI scaling), a strong pipeline, incumbency, scale, and developer support.
The current 30x next-twelve-month P/E is attractive versus the 5-year historical median of 39x, and the stock trades at a PEG ratio of less than 1.0x compared to a 2.4x median for the rest of the Magnificent Seven, excluding NVIDIA."
Analyst: Vivek Arya
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Barclays on $AMZN (OW; PT $240): "The key takeaway: It shouldn't come as a major surprise that Project Kuiper is running behind, as the satellite launch delays were fairly well telegraphed and are already baked into our published numbers. This note provides detail on these changes and their impact.
We now expect 10 Kuiper launches in 2025—including one completed on April 28, one scheduled for late next week, and the remaining eight occurring in the second half of the year—down from our initial estimate of 12 (see our Kuiper Deep Dive). Kuiper is projected to cost Amazon around $2.5 billion in 2025, with quarterly costs skewing higher in the second half. We slightly increased our 2025 cost assumptions by approximately $70 million, reflecting higher satellite production costs, partially offset by lower launch costs."
Analyst: Ross Sandler
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Barclays on $AMZN (OW; PT $240): "The key takeaway: It shouldn't come as a major surprise that Project Kuiper is running behind, as the satellite launch delays were fairly well telegraphed and are already baked into our published numbers. This note provides detail on these changes and their impact.
We now expect 10 Kuiper launches in 2025—including one completed on April 28, one scheduled for late next week, and the remaining eight occurring in the second half of the year—down from our initial estimate of 12 (see our Kuiper Deep Dive). Kuiper is projected to cost Amazon around $2.5 billion in 2025, with quarterly costs skewing higher in the second half. We slightly increased our 2025 cost assumptions by approximately $70 million, reflecting higher satellite production costs, partially offset by lower launch costs."
Analyst: Ross Sandler
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Jefferies Downgrades $CHWY to Hold from Buy, Raises PT to $43 from $41
Analyst comments: "Chewy shares are up 41% this year and trade at 24x 2026 EBITDA—a valuation primed for a beat and raise. We think it's unlikely in Q1. The pet macro environment appears relatively stable, and Chewy is performing well. However, a CFO transition is underway, and current share levels already reflect the positives, including growth in sponsored ads and favorable web/app alternative data. We see limited upside to numbers beyond the high end of guidance at this point and downgrade to Hold on valuation. Price target raised to $43."
Analyst: Kaumil Gajrawala
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Jefferies Downgrades $CHWY to Hold from Buy, Raises PT to $43 from $41
Analyst comments: "Chewy shares are up 41% this year and trade at 24x 2026 EBITDA—a valuation primed for a beat and raise. We think it's unlikely in Q1. The pet macro environment appears relatively stable, and Chewy is performing well. However, a CFO transition is underway, and current share levels already reflect the positives, including growth in sponsored ads and favorable web/app alternative data. We see limited upside to numbers beyond the high end of guidance at this point and downgrade to Hold on valuation. Price target raised to $43."
Analyst: Kaumil Gajrawala
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Wall St Engine
After the UK’s Telegraph sold for £500M, Morgan Stanley says News Corp’s newspaper assets could be worth more than the market’s giving them credit for. Analyst Andrew McLeod keeps an Overweight rating and $37 target on $NWSA, noting the Telegraph deal values it at ~8.4x EV/EBITDA—well above what’s baked into News Corp’s current sum-of-the-parts.
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After the UK’s Telegraph sold for £500M, Morgan Stanley says News Corp’s newspaper assets could be worth more than the market’s giving them credit for. Analyst Andrew McLeod keeps an Overweight rating and $37 target on $NWSA, noting the Telegraph deal values it at ~8.4x EV/EBITDA—well above what’s baked into News Corp’s current sum-of-the-parts.
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NINTENDO SWITCH 2 SELLS OUT FAST - RTRS
Nintendo has dropped its next-gen Switch 2 console, priced at $499.99, and it’s flying off shelves. In Japan, 2.2 million fans entered a sales lottery just to try and get one. U.S. preorders sold out in under two hours. Nintendo expects to ship 15 million units this year, but analysts say demand could blow past that.
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NINTENDO SWITCH 2 SELLS OUT FAST - RTRS
Nintendo has dropped its next-gen Switch 2 console, priced at $499.99, and it’s flying off shelves. In Japan, 2.2 million fans entered a sales lottery just to try and get one. U.S. preorders sold out in under two hours. Nintendo expects to ship 15 million units this year, but analysts say demand could blow past that.
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Wall St Engine
UBS Assumes Coverage on $KC with Buy Rating, Raises PT to $14 from $12.50
Analyst comments: "As it is a pure-play cloud vendor with increasing AI exposure (40%+ of total revenue in 2027E vs. 17% in 2024), we think KC stands to benefit from the growing LLM training and inference demand. We forecast a turnaround in its public cloud growth, with a 20% revenue CAGR in 2025-27 (vs. -3% in 2022-24), supported by AI-driven cloud industry growth, incremental demand from Xiaomi's ecosystem and continued third-party client expansion.
"We also expect its non-GAAP operating margin to narrow losses before it turns profitable in 2027E due to a higher AI revenue mix and scale-driven cost efficiency. KC is trading at 2.4x 2025E price to sales (P/S), below its recent average/peak of 2.6x/4.2x and back to its pre-DeepSeek levels."
Analyst: Wei Xion
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UBS Assumes Coverage on $KC with Buy Rating, Raises PT to $14 from $12.50
Analyst comments: "As it is a pure-play cloud vendor with increasing AI exposure (40%+ of total revenue in 2027E vs. 17% in 2024), we think KC stands to benefit from the growing LLM training and inference demand. We forecast a turnaround in its public cloud growth, with a 20% revenue CAGR in 2025-27 (vs. -3% in 2022-24), supported by AI-driven cloud industry growth, incremental demand from Xiaomi's ecosystem and continued third-party client expansion.
"We also expect its non-GAAP operating margin to narrow losses before it turns profitable in 2027E due to a higher AI revenue mix and scale-driven cost efficiency. KC is trading at 2.4x 2025E price to sales (P/S), below its recent average/peak of 2.6x/4.2x and back to its pre-DeepSeek levels."
Analyst: Wei Xion
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Wall St Engine
Bankrupt 23andMe is headed for a second auction after former CEO Anne Wojcicki challenged the last one. She’s now leading a $305M opening bid—almost $50M higher than Regeneron’s winning offer from the first round. Both bidders have promised to follow 23andMe’s privacy rules. The company filed for bankruptcy in March.
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Bankrupt 23andMe is headed for a second auction after former CEO Anne Wojcicki challenged the last one. She’s now leading a $305M opening bid—almost $50M higher than Regeneron’s winning offer from the first round. Both bidders have promised to follow 23andMe’s privacy rules. The company filed for bankruptcy in March.
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Wall St Engine
Citi Lowers $ENPH PT to $43 from $47 - Sell/H
Analyst comments: "We received multiple questions regarding what is currently priced into residential solar, the potential for improvements to IRA provisions in the Senate, and Enphase’s valuation under various scenarios. We believe the deficit is unlikely to increase further, and commentary from senators indicates Medicaid is a higher priority.
If the bill is passed in its current form, historical context suggests U.S. residential solar installations could decline by approximately 75% next year. This would lead to large-scale business closures in the residential solar sector, a significantly slower pace of innovation due to reduced R&D budgets, and challenging restructurings within companies.
Assuming no changes to the bill, we estimate Enphase’s EBITDA could decline by about 60% next year, with the stock potentially trading in the high teens. Maintain Sell rating."
Analyst: Vikram Bagri
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Citi Lowers $ENPH PT to $43 from $47 - Sell/H
Analyst comments: "We received multiple questions regarding what is currently priced into residential solar, the potential for improvements to IRA provisions in the Senate, and Enphase’s valuation under various scenarios. We believe the deficit is unlikely to increase further, and commentary from senators indicates Medicaid is a higher priority.
If the bill is passed in its current form, historical context suggests U.S. residential solar installations could decline by approximately 75% next year. This would lead to large-scale business closures in the residential solar sector, a significantly slower pace of innovation due to reduced R&D budgets, and challenging restructurings within companies.
Assuming no changes to the bill, we estimate Enphase’s EBITDA could decline by about 60% next year, with the stock potentially trading in the high teens. Maintain Sell rating."
Analyst: Vikram Bagri
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Wall St Engine
JPMorgan Upgrades $DLTR to Overweight from Neutral, Raises PT to $111 from $72
Analyst comments: "Multi-year, we see Dollar Tree returning to a double-digit EPS “compounder” with top- and bottom-line drivers in place at the core DT banner (MPP 3.0 format store expansion) and idiosyncratic bottom-line drivers through tariff mitigation strategies, MPP expansion, 1x cost recapture, and corporate expense leverage following the sale of the FDO business (with capital allocation representing an incremental catalyst)."
Analyst: Matthew Boss
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JPMorgan Upgrades $DLTR to Overweight from Neutral, Raises PT to $111 from $72
Analyst comments: "Multi-year, we see Dollar Tree returning to a double-digit EPS “compounder” with top- and bottom-line drivers in place at the core DT banner (MPP 3.0 format store expansion) and idiosyncratic bottom-line drivers through tariff mitigation strategies, MPP expansion, 1x cost recapture, and corporate expense leverage following the sale of the FDO business (with capital allocation representing an incremental catalyst)."
Analyst: Matthew Boss
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WALMART’S FLIPKART GETS RBI NOD TO START LENDING
Flipkart, backed by Walmart $WMT, just got approval from India’s 🇮🇳 central bank to lend directly to customers and sellers. It’s the first time India has issued a lending license to a major e-commerce player. Flipkart Finance can now operate as a non-bank lender.
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WALMART’S FLIPKART GETS RBI NOD TO START LENDING
Flipkart, backed by Walmart $WMT, just got approval from India’s 🇮🇳 central bank to lend directly to customers and sellers. It’s the first time India has issued a lending license to a major e-commerce player. Flipkart Finance can now operate as a non-bank lender.
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Wall St Engine
$HUM BACKS LIMITS ON MEDICARE ADVANTAGE BILLING - WSJ
Humana told Congress it’s open to curbing billions in extra payments tied to home-visit diagnoses by nurse practitioners, per WSJ. The company’s position could shape new rules for how insurers are paid under Medicare Advantage, which now covers nearly half of all Medicare enrollees.
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$HUM BACKS LIMITS ON MEDICARE ADVANTAGE BILLING - WSJ
Humana told Congress it’s open to curbing billions in extra payments tied to home-visit diagnoses by nurse practitioners, per WSJ. The company’s position could shape new rules for how insurers are paid under Medicare Advantage, which now covers nearly half of all Medicare enrollees.
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$AAPL TAPS TATA FOR IPHONE & MACBOOK REPAIRS IN INDIA
Apple’s handing over its India device repair biz to Tata, replacing Wistron’s unit. Repairs will now run from Tata’s Karnataka campus. With India iPhone sales hitting 11M last year, the move deepens Apple’s bet on India as both a market and supply chain hub — Reuters
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$AAPL TAPS TATA FOR IPHONE & MACBOOK REPAIRS IN INDIA
Apple’s handing over its India device repair biz to Tata, replacing Wistron’s unit. Repairs will now run from Tata’s Karnataka campus. With India iPhone sales hitting 11M last year, the move deepens Apple’s bet on India as both a market and supply chain hub — Reuters
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