4 big analyst picks: NVIDIA bags 3 upgrades on strong earnings, outlook

Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: upgrades at NVIDIA, Carnival, Toll, and Futu.

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NVIDIA receives 3 upgrades after strong Q1 earnings

NVIDIA (NASDAQ:NVDA) was upgraded at three Wall Street firms after the company reported its Q1 results, beating the Street estimates and providing significantly better-than-expected guidance, as InvestingPro reported in real time.

As a result, shares surged more than 24% yesterday. Q1 EPS came in at $1.09 on revenue of $7.19 billion, compared to the consensus estimates of $0.92 and $6.52B, respectively. The company expects Q2/24 revenue to be $11.00B, plus or minus 2%, beating the consensus estimate of $7.15B. This is attributed to the growing demand for its AI chips, used in ChatGPT and similar services.

Craig-Hallum upgraded the company to Buy from Hold and raised its price target to $500.00 from $190.00, while Wedbush upgraded to Outperform from Neutral, raising its price target to $490.00 from $290.00. Baird moved its rating to Outperform from Neutral with a price target of $475.00 (from $300.00).

Carnival upgraded at Citi

Citi upgraded Carnival (NYSE:CCL) to Buy from Neutral and raised its price target to $14.00 from $10.00, noting that the company’s balance sheet is at a "turning point" as the cruise industry recovers from pandemic-era restrictions.

"As arguably the last remaining COVID reopening story, pandemic tailwinds to the cruise industry are greater than any macro headwinds," mentioned the bank, adding that the new CEO Josh Weinstein’s turnaround efforts are working.

2 more upgrades

RBC Capital upgraded Toll Brothers (NYSE:TOL) to Outperform from Sector Perform and raised its price target to $77.00 from $55.00 after a strong Q2 beat, which resulted in shares gaining more than 4% yesterday.

The firm believes sentiment has been overly negative on a relative basis given Toll’s high-end, West Coast, and build-to-order exposures, with recent trends providing evidence that it has experienced improvement similar to peers.

Zelman & Associates, another Wall Street firm, upgraded the company to Buy from Hold.

Credit Suisse upgraded Futu (NASDAQ:FUTU) to Outperform from Neutral with a price target of $49.00.

The company reported its Q1 results on Wednesday, with revenue coming in better than the consensus estimate.

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