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Today's top analyst calls - Oct 15: AVGO MRNA MU FB UBER TSLA NFLX

BROADCOM UPGRADED TO BUY: Goldman Sachs analyst Toshiya Hari upgraded Broadcom ($AVGO) to Buy from Neutral with a price target of $589, up from $527. The analyst said the upgrade comes as the firm transitions to a more defensive posture within the context of its Semiconductor and Semiconductor Capital Equipment coverage universe. Hari added that he believes outsized exposure to cloud/enterprise/telecom spending, pricing power, and FCF generation will drive a relative re-rating in the stock.

MODERNA UPGRADED TO OVERWEIGHT:
Piper Sandler analyst Edward Tenthoff upgraded Moderna ($MRNA) to Overweight from Neutral with an unchanged price target of $445. The shares have pulled back from recent highs and now represent a more attractive entry point, Tenthoff tells investors in a research note. The analyst points out that the FDA advisory panel voted 19-0 to approve the SpikeVax booster in adults 65 and older, 18-64 year olds at high-risk of severe Covid and 18-64 year olds with frequent institutional or occupational exposure. Tenthoff projects SpikeVax revenues of $5.5B in Q3 and $33.5B in 2022.

MICRON REINSTATED: BofA analyst Vivek Arya reinstated coverage of Micron ($MU) with a Neutral rating and $76 price target. The analyst says he is positive on the management's solid execution and the company's improving free cash flow returns, but inventory headwinds and supply shortages of non-memory components in PC/mobile markets are driving medium term declines in memory pricing. Arya warns that this dynamic could keep Micron stock rangbebound until the cycle re-accelerates.

'TACTICAL UNDERPERFORM LIST':
Evercore ISI analyst Mark Mahaney added Facebook ($FB) to the firm's "Tactical Underperform List" heading into the Q3 earnings report while keeping an Outperform rating on the shares with a $450 price target. The analyst sees risk to Facebook shares into the Q3 print and he's become "more incrementally cautious" on the online advertising names in the back half of 2021 due to tougher comps and the "difficult" online retail environment.

Meanwhile, Mahaney added Uber Technologies ($UBER) to the firm's "Tactical Outperform List" while keeping an Outperform rating on the name with a $70 price target. The analyst views Uber as being one of the "least riskiest Net stocks" in terms of consensus estimates heading into the quarter. Entry into the leading rideshare company and fastest growing online food delivery company "will provide meaningful upside" through the end of 2021 and into 2022, Mahaney tells investors in a research note. He views Uber's valuation setup as "very attractive" at current share levels.

Mahaney also added Netflix ($NFLX) to the firm's "Tactical Outperform List" while keeping an Outperform rating on the name with a $695 price target.

TESLA PRICE TARGET RAISE:
Jefferies analyst Philippe Houchois raised the firm's price target on Tesla ($TSLA) to $950 from $850 and keeps a Buy rating on the shares after raising his EBIT estimates 7%-9% for 2022-23. Following further analysis of Q3 data and various sources of information on the soon-to-be launched Berlin facility, he sees a higher capacity ramp and sustained demand, Houchois tells investors. In addition, he sees little evidence of legacy automakers closing the gap as Tesla continues to challenge them "at multiple levels," Houchois said.


Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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