Wall Street analysts launch and revise ratings across tech, energy and consumer stocks

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Highlights

UBS raises Marvell price target to $340 from $230 and reiterates buy, citing market share in CXL products for AI and data center growth.
Goldman Sachs, Morgan Stanley, and Bank of America launch new buy ratings on Liftoff Mobile, Innio, Sunshine Silver Mining & Refining, and Quantinuum, all driven by demand for distributed power, quantum computing, and silver exposure.
Wells Fargo downgrades Progressive to underweight anticipating tougher growth, while JPMorgan, UBS, TD Cowen, and Seaport upgrade Primoris, Cytokinetics, Delek U.S. Holdings, and Warner Bros Discovery to overweight or buy following company-specific catalysts.

Brokerages set Monday's key rating changes

As reported by CNBC, Wall Street firms are issuing a broad set of rating changes and initiations on Monday, with Bank of America, Citi, Goldman Sachs, UBS, TD Cowen and others outlining new targets across multiple sectors.

Bank of America initiates Applied Aerospace & Defense with a buy rating, citing space and defense demand, while Citi starts TeraWulf at buy and points to data center expansion for the bitcoin miner. Goldman Sachs also initiates Liftoff Mobile and Innio at buy, saying Liftoff has further upside and describing Innio as a distributed power provider positioned for data center, power solutions and compression markets.

Elsewhere, Raymond James starts AppLovin at strong buy with a $640 price target, Morgan Stanley initiates Sunshine Silver Mining & Refining at overweight as a way to gain exposure to silver, and Bank of America begins coverage of Quantinuum at buy, calling the quantum computing company a performance leader. TD Cowen also initiates Vertex at buy, describing it as a global indirect tax and e-invoicing software vendor, while Wolfe starts FrontView REIT at outperform and Needham initiates Solaris Energy Infrastructure at buy.

Several firms also revise existing views. UBS reiterates Marvell at buy and raises its price target to $340 from $230, while Wells Fargo downgrades Progressive to underweight from equal weight on expectations of a tougher growth period. JPMorgan upgrades Primoris to overweight from neutral, UBS upgrades Cytokinetics to buy from neutral, TD Cowen upgrades Delek U.S. Holdings to buy from hold, and Seaport upgrades Warner Bros Discovery to buy from neutral.

Artificial intelligence, data centers and cyclicals drive the outlook

Many of the calls center on themes tied to artificial intelligence infrastructure and related supply chains. Analysts highlight opportunities in data center expansion, power systems, compute connectivity and robotics, with UBS pointing to Marvell's market share in CXL products and Bernstein reiterating Nvidia as outperform because of its role in processors and software for humanoid robots.

Other recommendations reflect more cyclical or company-specific catalysts. Citizens initiates Six Flags at market outperform and says integration following its merger with Cedar Fair could help attendance and the balance sheet, while Loop reiterates Apple at buy after channel checks related to sourcing memory in China. Melius initiates Seagate and Western Digital at buy, arguing investors should buy the dip, and BMO upgrades Casey's General Stores to outperform after meetings with management following the company's June 24 investor day.

Consumer and specialty retail also appear in the mix, with Bank of America initiating Warby Parker at buy and calling the eyewear company a disruptor. TD Cowen keeps Tesla at buy ahead of its delivery report, saying its estimate remains above consensus and that late-quarter swings could still support upside.

In our earlier article on Nvidia’s outlook, we noted that after a strong rally and a subsequent pullback, the stock was entering a period with fewer near-term corporate catalysts ahead of its quarterly earnings. We highlighted continued expansion in AI infrastructure—such as large-scale data center projects that could deploy massive volumes of Nvidia accelerators—while also pointing to technical signals around the 200-day SMA and the risk of a post-earnings “sell-the-news” reaction.

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