(This is CNBC Pro's live coverage of Tuesday's analyst conference call and Wall Street chatter. Refresh every 20-30 minutes to see the latest posts.) Chip giants and e-commerce companies were among the names analysts were talking about on Tuesday. Oppenheimer raised its price target on Nvidia, which completed its 1-for-1 stock split. Meanwhile, JPMorgan initiated Shopify with an overweight rating. Check out the latest conference call and chatter below. All times ET. 8:32 a.m.: JPMorgan downgrades Cleveland-Cliffs JPMorgan says it's time to move to the sidelines for Cleveland-Cliffs. Analyst Bill Peterson cut his rating on Cleveland-Cliffs to neutral from overweight and lowered his price target, saying the steelmaker needs to increase spending even as it contends with a tough environment. “Given rising capital expenditure needs, declining pull-through demand due to replenishing auto inventories, and a lack of NT growth projects, we rate Cliffs shares Neutral with a December 2024 price target of $17,” Peterson wrote on Tuesday. Cleveland-Cliffs shares have already fallen more than 20% this year. But analysts expect downside risks to the company's second-quarter guidance could further cool sentiment on the stock. The analysts' $17 price target is down from $23 previously and just above Monday's closing price of $15.65. The shares fell another 3% in premarket trading. “Weaker forward pricing than previously expected, coupled with rising capital expenditures over the next few years, makes FCF and shareholder returns less attractive than previously expected, likely moving to a Neutral rating,” Peterson wrote. — Sarah Min 8:31 a.m.: Citi raises Uber price target, reaffirms ride-sharing stock as top pick Citi is backing the company after extensive discussions with Uber Technologies Inc. executives. “We believe Uber is well positioned to take advantage of the reopening trend,” analyst Ronald Josey said. “Driver supply is recovering and mobility is recovering, while delivery remains strong, expanding beyond food to grocery, alcohol and convenience stores.” Josey reaffirmed his buy recommendation on Uber shares and raised his price target to $96 from $93, which represents an increase of about 40% from Monday's closing price. “With Uber One, we believe Uber is better positioned to benefit from cross-platform usage, which has proven to be driven by increased frequency on the platform. Finally, we expect improved overall profitability,” Josey added. Uber shares have risen more than 11% in 2024. — Brian Evans 7:37 a.m.: Bernstein calls shoe stock On Holdings a buy According to Bernstein, emerging shoe brand On Holdings will be more than just a passing fad. Analyst Aneesha Sherman initiated coverage of the stock with an outperform rating and said in a client note that On can continue to grow by expanding into more markets and categories. “While the brand's hype appears to have peaked in major global cities, the fact is that the brand still has an attractive combination of LSD% market share, low awareness and low retail distribution in all major markets,” the note said. Sherman estimates the company's sales will reach $3 billion in fiscal 2025 from less than $1.8 billion in 2023, with profit margins expanding as well. Bernstein has a price target of $50 per share for On, which would be 17% above the stock's closing price on Monday. — Jesse Pound 7:34 a.m.: DA Davidson upgrades Apple, says company's AI efforts are historic moment DA Davidson thinks the WWDC event where Apple unveiled its artificial intelligence suite will be similar to the transition from Napster to iTunes. “I think yesterday's presentation overlaps with one of Apple's landmark moments of the past – the transition of digital music from standalone apps with questionable regulatory status (e.g. Napster) to an experience integrated into existing consumer applications (e.g. iTunes),” analyst Gil Luria wrote on Tuesday. The analyst upgraded the iPhone maker's shares to “buy” and raised his price target to $230 from $200. Davidson's forecast suggests upside of about 19% from Monday's closing price of $193.12. Luria went so far as to claim that “AI now stands for Apple Intelligence.” “Because Apple has not only consumer information but also trust, it is able to provide the highly integrated capabilities mentioned above that cannot be fully replicated by standalone chat applications, PCs or Android devices,” Luria added. — Brian Evans 7:07 a.m.: Baird raises First Solar price target Baird sees more room for growth after First Solar soared 46% over the past month. “Solar's superior economics, technology differentiation, manufacturing advantages, strong backlog and growing U.S. market all set up a compelling investment thesis that we believe is still to be realized,” analyst Ben Calo said in a note. The firm reiterated its outperform rating on First Solar and raised its price target to $344 from $246 a share. Baird's forecast suggests upside of more than 18% from Monday's closing price. Calo also highlighted First Solar's influence on the artificial intelligence trend that remains prominent on Wall Street. AI data centers require large amounts of power, which could be advantageous for First Solar as it seeks alternative sources of power. “FSLR is a backdoor to capitalize on the AI/datacenter rise as hyperscalers seek off-grid power, and we expect the stock to maintain its recent strength,” he added. First Solar shares are up more than 62% into 2024. –Brian Evans6:27 a.m.: Analysts speak after Apple's WWDC eventAnalysts are cautious to call Apple's WWDC event a game-changer, but see the iPhone maker's advances in artificial intelligence as enough to give it a foothold. Shares fell Monday amid “lack of killer app.” [but] “Our experience with consumer research on previous iPhone launches shows that hardware upgrade cycles are driven by a series of feature upgrades across a range of applications that, in total, provide a reason to upgrade for an installed base of 1.4 billion over the next few years,” JPMorgan analyst Samik Chatterjee said Tuesday, reiterating an overweight rating with a target price of $225 per share. Chatterjee's forecast suggests an upside of about 17% from Monday's closing price of $193.12. “We think Apple's WWDC was its best WWDC conference in a long time as it showcased 'AI for regular people,'” Citi analyst Atif Malik said. The analyst reiterated a buy rating on the iPhone maker and maintained his $210 per share target price, or about 9% upside. “We are encouraged by the financial impact of today's announcement. The product features should help drive product upgrade demand,” said Michael Ng of Goldman Sachs. His buy rating and $238 per share price target suggest more than 23% upside going forward. The analyst added that Apple's partnership with OpenAI to license ChatGPT “could potentially alleviate computing costs.” — Brian Evans 6:07 a.m.: Morgan Stanley maintains Ford as top pick Adam Jonas, head of U.S. automotive research at Morgan Stanley, believes Ford Motor is best aware of the changing dynamics of the electric vehicle market. “We believe Ford is increasingly understanding that it needs to significantly change its current EV strategy,” Jonas said. The analyst reiterated Ford as a top pick with a $17 per share price target and an Overweight rating, suggesting an upside of more than 37% from Monday's closing price. Jonas said Ford's move to work with Chinese automakers to bolster its EV business is the best way forward, as declining consumer EV adoption rates remain a headwind. “We expect any near-term 'burst' of protectionism will eventually subside into mutual cooperation/partnerships that allow Western companies to leverage Chinese EV technology (on-ramp) while mitigating EV spending burdens (off-ramp),” he added.Ford shares are up about 2% in 2024. — Brian Evans 5:41 a.m.: Oppenheimer raises NVIDIA price target after stock split Oppenheimer says NVIDIA's momentum will continue. Analyst Rick Schafer reiterated his outperform rating on NVIDIA in a note on Monday and raised his price target to $150 per share from $110, adjusted for splits. Schafer's forecast suggests upside of more than 23% in 2024. NVIDIA recently completed a 1-for-10 stock split. “We see NVDA as best positioned for AI, benefiting from full-stack AI hardware, network and software solutions,” Schafer said. The analyst also raised his full-year earnings forecasts for 2024 and 2025 to $2.62 and $3.32 per share, taking into account the stock split. “We see several structural tailwinds in high-end gaming, data center/AI and autonomous vehicles that will drive sustained, outsized revenue growth,” he added. — Brian Evans 5:41 a.m.: JPMorgan announces buy of Shopify Shopify is “the online deal you don't want to miss,” according to JPMorgan. The bank initiated the e-commerce stock with an Overweight rating. Its $74 price target implies a 17.4% upside from Monday's closing price. Shopify shares have been under pressure this year, down 19.1%. But analyst Reginald Smith thinks the pullback has created a buying opportunity for investors. SHOP YTD MOUNTAIN SHOP YTD “We believe Shopify's product breadth, ease of use and scale are clear competitive advantages that will continue to drive industry-leading growth,” Smith wrote. “As SHOP benefits from the secular shift to e-commerce and scales its growth initiatives, we forecast compound revenue growth of 18% through 2026. We also believe the recent share price decline presents an attractive entry opportunity for new investors.” Following the strong open, Shopify shares rose 1%. — Fred Imbert
