(This is CNBC Pro's live coverage of Tuesday's analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A chipmaker and an e-commerce giant were among the stocks being talked about by analysts on Tuesday.
Citi lowered its price target on Micron Technology ahead of earnings. Meanwhile, Redburn Atlantic upgraded Shopify to buy. Check out the latest calls and chatter below.
All times ET. 6:24 a.m.
: Mizuho initiates Dell with outperform rating Mizuho Securities thinks the rise of generative artificial intelligence can benefit Dell . The firm initiated coverage of the personal computing and technology stock with an outperform rating and a $135 per share price target. Mizuho's forecast implies more than 16% upside from Monday's close.
Analyst Vijay Rakesh noted Dell's nearly $4 billion AI server backlog as of the July quarter as a means to be optimistic on the stock moving forward as demand remains robust. "We estimate C24E DELL AI Server revenues at ~$10-11B (vs 2023E at ~ $800M and compared to SMCI at ~$20B) and ramping up significantly into 2024E," the analyst said. "DELL is the overall global server market leader (2023 share: ~13%) with a robust supply chain, and is also gaining AI server share.
" Dell stock has surged more than 50% in 2024. — Brian Evans 5:52 a.m.
: Redburn Atlantic upgrades Shopify Redburn Atlantic thinks explosive growth in social e-commerce, where online shopping and social media platforms merge and allow companie.