(That is CNBC Professional’s stay protection of Tuesday’s analyst calls and Wall Road chatter. Please refresh each 20-Half-hour to view the most recent posts.) Tuesday’s analyst calls embrace upgrades to 2 photo voltaic names and a downgrade to a key crypto inventory. Truist raised its score on Sunnova and Enphase Vitality to purchase from maintain, noting the shares ought to get a lift because the Federal Reserve begins chopping charges. On a extra downbeat observe, JPMorgan minimize Coinbase to underweight from impartial, calling for a steep decline forward for the inventory. Try the most recent calls and chatter under. All instances ET. 6:05 a.m.: Teva Prescribed drugs will see margin growth this yr, based on Jefferies Traders have ample alternative in Teva Prescribed drugs , Jefferies stated on Tuesday. The agency upgraded the pharma inventory to purchase from maintain. It additionally raised its value goal to $14 per share from $10, implying upside of twenty-two%. “We are bullish heading into ’24 guide given consensus rev ests [revenue estimates] look conservative despite several tailwinds at play,” analyst Glen Santangelo wrote in a observe to shoppers. “Further, consensus adj EBITDA implies modest margin expansion (70bps), which we think is reasonable given higher-margin rev tailwinds buoyed by commentary that gross margin is expected to improve in 2024.” A number of growth this yr will stem from Teva’s sturdy steerage, continued energy in fundamentals, in addition to additional product approvals and pipeline updates within the second half of this yr, Santangelo. Therapies Austedo for involuntary motion, Ajovy for migraines and Uzedy for schizophrenia are among the many core income development drivers. The inventory is up roughly 10% to date this yr, shifting larger after the corporate on Jan. 9 introduced a profitable completion of participant enrollment in its part 3 medical trial of mdc-TJK/Olanzapine for schizophrenia. Teva additionally acquired FDA approval on Jan. 17 for its fidaxomicin oral tablets, the primary generic model of Merck’s Dificid diarrhea therapy. — Pia Singh 5:41 a.m.: Cantor Fitzgerald is lastly bullish on semiconductors — particularly Nvidia Cantor Fitzgerald initiated protection of a number of semiconductor shares, together with Nvidia as one among its finest concepts for 2024. The agency thinks Nvidia will outperform earnings expectations and hike up its consensus estimates all through 2024 and 2025, main shares to additionally climb. Cantor’s $775 value goal signifies 29.9% upside from Monday’s shut. Analyst C.J. Muse stated he sees 14% upside for its semiconductor protection universe this yr. On condition that the market is barely within the “early stages of cyclical recovery,” he anticipates one other sturdy 12 months for semiconductor shares with traders in search of an exit technique in late 2024 into early 2025. Total, Muse is betting that semiconductor revenues will develop 18% through the 2024 calendar yr. “At a high level, Semiconductors are under-shipping GDP — particularly when excluding both NVDA and Memory…so while the soft- vs. hard-landing debate continues amidst the next move from the Fed being potentially lower, we see the setup for Semiconductor revenues recovering as quite good,” Muse wrote in a Monday observe, including that essentially the most “interesting end markets” for the semiconductor business are AI and reminiscence. Nvidia is coming off a monster yr, rallying 238.9% in 2023 to steer all S & P 500 members on the again of enthusiasm round synthetic intelligence. NVDA 1Y mountain NVDA in previous yr — Pia Singh 5:34 a.m.: JPMorgan downgrades Coinbase Coinbase shares might be in hassle because the mud settles on the approval of Bitcoin ETFs, based on JPMorgan. Analyst Kenneth Worthington downgraded the crypto alternate to underweight from impartial, reiterating his value goal of $80. That forecast implies draw back of 37%. “While we continue to see Coinbase as the dominant U.S. exchange in the cryptoecosystem and a leader in cryptocurrency trading and investing globally, we think the catalyst in Bitcoin ETFs that has pushed the ecosystem out of its winter will disappoint market participants,” Worthington stated. Coinbase is coming off a monster yr, rallying 391% as traders awaited the regulatory approval of spot Bitcoin ETFs. In 2024, nevertheless, shares have already fallen 26%. COIN YTD mountain COIN in 2024 “We see the potential for 2024 to be a more challenging year for Coinbase stock, despite what we see as continued progress in various meaningful initiatives including its buildout of derivatives,” Worthington stated. — Fred Imbert 5:34 a.m.: Truist upgrades Sunnova and Enphase Vitality Truist thinks photo voltaic shares Sunnova and Enphase Vitality are due for a bounce as Federal Reserve charge cuts draw nearer. Analyst Jordan Levy upgraded Sunnova to purchase from maintain and raised his value goal to $18 from $10. The brand new forecast implies upside of 72% from Monday’s shut. He upgraded Enphase Vitality to purchase from maintain, shifting his value goal to $145 from $85. That focus on alerts a achieve of 35%. “It will come as no surprise that 2023/start of 2024 have been challenging for the Sustainability space. Up & to the right growth expectations driven by low rates & a global focus on energy availability have fallen back to earth, taking shares with it,” Levy wrote. “While we’ve surely not seen the end of volatility in the group, we see meaningful upside opportunity moving into the fed rate cut cycle particularly for the resi solar group.” Sunnova and Enphase have fallen 31% and 18.9%, respectively, to start out 2024. They had been each up greater than 2% within the premarket Tuesday. — Fred Imbert