(This is CNBC Pro's live coverage of Monday's analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) A major car stock and a pharmaceutical giant were part of the early morning analyst chatter Monday. Citi downgraded Ferrari to sell, citing concerns around the stock's valuation after soaring to start 2024. On a more positive note, Guggenheim upgraded GSK to buy thanks to strength across multiple product pipelines. Elsewhere, RBC upgraded Lyft to outperform, calling for a major rally ahead. Check out the latest calls and chatter below. All times ET. 8:26 a.m.: UBS hikes price target on Eli Lilly, citing increased topline growth acceleration UBS is optimistic on the continued growth of blockbuster pharmaceutical company Eli Lilly . Analyst Trung Huynh reiterated his buy rating and upped his price target by $100 to $910, which implies about 16.3% potential upside for the stock, which has already advanced more than 34% this year. He cited increased topline growth from the launch of Eli Lilly's antibiabetic and weight loss medication Mounjaro and obesity drug Zepbound. "We continue to be bullish on Lilly's outlook," Huynh wrote in a Sunday note. "We see LLY and Novo increasingly entrenched and maintaining a majority market share with any potential external competition unlikely to be commercially viable until the 2027/28 time frame." Huynh said he expects next-generation GLP-1s with differentiated formulations and/or better efficacy from Eli Lilly to ultimately offset pressures from competition, while also raising the bar for standard of care. The analyst's recent proprietary survey of 500 individuals in the U.S. using GLP-1s for obesity and diabetes informed his outlook on the current GLP-1 market, according to the note. — Pia Singh 8:14 a.m.: Evercore initiates coverage of Toast, sees 37% upside ahead Toast has a lot of room to run higher, according to Evercore ISI. The firm initiated coverage of the stock with an outperform rating on Monday and $32 price target, suggesting nearly 37% upside from Friday's close. "We view TOST as one of the leading SMB restaurant management and payments platform provider, delivering consistent market share gains through combinations of large addressable market, sustained innovation, and wide distribution network," analyst Sheriq Sumar wrote in a note. He sees Toast's market share rising to 25% in 2026 from 15% and a $26.2 billion revenue opportunity in the United States. In addition, Evercore's small- and medium-business restaurant owner survey ranks Toast No. 2, after Skytab from Shift4 and ahead of Square and Clover. Shares gained 1.3% in premarket trading and are up 28% year to date. — Michelle Fox 8:13 a.m.: Citi sees rebound for Snowflake despite CEO departure, but cuts price target Snowflake's stock should be able to recover its recent losses and provide a big return for investors who buy the dip, according to Citi. Shares of Snowflake have fallen 19% since Feb. 28, when the company announced that CEO Frank Slootman was retiring and gave first quarter guidance that was softer than expected. Citi analyst Tyler Radke lowered the price target on Snowflake to $240 per share from $290, but reiterated his buy rating on the stock. "We believe numbers have been adequately de-risked reflecting overly pessimistic scenarios on consumption, optimization headwinds and minimal contribution from new products," Radke said in a note to clients Sunday. The end of Slootman's will likely not hurt the company despite the departing CEO's strong track record, Radke said. "Slootman's departure is a significant event and we're mindful of the risk of additional departures. At the same time, we believe Ramaswamy was destined to be Slootman's successor, and has a strong following in Silicon Valley. Ultimately accelerating leadership transition timeline and appointing a tech CEO may be what SNOW needs amidst a dynamic GenAI landscape," the note said. — Jesse Pound 8:01 a.m.: Rosenblatt lifts Broadcom price target Rosenblatt analyst Hans Mosesmann upped his price target on Broadcom to $1,500 from $1,160 as artificial intelligence enthusiasm continues. "We take our PT for AVGO to $1,500 from $1,160 on a higher mid-20sx P/E vs ~20x which we consider justified and reasonable on cyclical semiconductor dynamics and excellent cash generation and dividend profile," he wrote in a Monday note, with the new target implying about 7% upside from Friday's close. To be sure, shares look a "tad ahead of themselves" after surging about 50% over the last three months and outperforming the iShares Semiconductor ETF. Given this, Mosesmann recommends that long-term investors consider using pullbacks as opportunities to build positions. Looking ahead, Mosesmann expects Broadcom to slightly beat January-quarter expectations when it reports results due to favorable AI tailwinds. "This performance is likely to lead to an improved outlook for FY24," he said. "The near-term outlook for non-AI enterprise, wireless, telecom, and broadband sectors appears to be stabilizing or bottoming out, while infrastructure software is expected to maintain a stable growth trajectory." Broadcom shares were up slightly in the premarket. AVGO 1D mountain AVGO in the premarket — Samantha Subin 7:52 a.m.: Morgan Stanley raises Walt Disney price target, cites inflection point Things are looking rosy for Walt Disney , according to Morgan Stanley. The bank raised its price target for the entertainment stock to $135 from $110, implying a potential 21% upside. Morgan Stanley currently has an overweight rating on shares of Walt Disney. "We raise estimates and our PT to reflect a more rapid and confident path to streaming profits in the quarters and years ahead. By the end of FY24, the two most impactful businesses to DIS shares should be inflecting — with streaming turning profitable and Parks growth accelerating," wrote analyst Benjamin Swinburne. He added that the largest influence on earnings continues to be Disney's more than $30 billion Experiences segment, which is undergoing current scale and diversification. Disney's direct-to-consumer segment, where Swinburne sees upside to consensus and double-digit EBIT margins in 2026, remains its most important driver of growth. — Lisa Kailai Han 7:33 a.m.: Goldman initiates Super Micro with neutral rating Soon-to-be S & P 500 member Super Micro Computer is a leading AI infrastructure company — that said, the upside potential may be limited, said Goldman Sachs. The firm initiated coverage on Super Micro with a neutral rating. Its price target of $941 implies shares gaining just 3.9% from Friday's close. Meanwhile, shares jumped 15% to $1,042 Monday during premarket trading, surpassing the price target. Shares have already surged more than 200% year to date amid the AI craze. Super Micro, which supplies high-performance server and performance systems, also has partnerships with big AI names Nvidia, AMD and Intel, per analyst Michael Ng. "With a roster of customers that include some of the largest GPU-specialized cloud-service providers that are investing heavily in AI infrastructure and a revenue and earnings power inflection in the last 2 years that have mirrored NVIDIA's, SMCI is an 'AI winner.' This helps to justify the stocks nearly 1,000% (11X) move since the beginning of 2023," Ng wrote in a Monday note. "That said, we view the stock as fairly valued." The market for Super Micro will likely become more competitive, the analyst added. — Hakyung Kim 7:29 a.m.: JPMorgan raises estimates on Liberty Media Formula One JPMorgan reiterated its overweight rating on Liberty Media Formula One as the Formula 1 Season kicks off. Analyst David Karnovsky raised his price target by $9 to $88, suggesting shares could gain about 20% over the next year. The stock has jumped 16.1% year-to-date. "FWONK's core asset, Formula 1, stands to benefit from several tailwinds, including inflation in sports media rights, a potentially longer race calendar, and better monetization of sponsorship, hospitality, merchandising, and digital," Karnovsky wrote in a Monday note. "FWON operates as an F1 pure-play with ample liquidity to deploy toward capital returns and/or adjacent assets." The analyst said he believes a premium multiple relative to other live entertainment stocks is appropriate due to the company's multi-year contracted revenue stream and higher free cash flow. The 2024 season got under way Saturday in Bahrain. — Pia Singh 6:51 a.m.: Wells Fargo says Popular is among 'best-positioned' in mid-cap banks Wells Fargo named Popular a top pick in mid-cap banks. The bank, which has the largest network of branches and ATMs in Puerto Rico and several locations across the U.S., has more than half of market share in what Wells Fargo considers "the most attractive U.S. geography right now," analyst Timur Braziler wrote in a Sunday note. With Popular also being the most dominant player in Puerto Rico, Braziler believes it will be an "outsized beneficiary of structural tailwinds." "BPOP remains among the best-positioned to benefit from higher-for-longer rates, as healthy loan growth is originated at 8%+ yields and is funded by sub-3% deposits," Braziler wrote in the note. The bank is expected to grow earnings per share by 33% through fiscal year 2025, he added. Braziler's $105 price target implies shares could gain more than 27% over the next 12 months. — Pia Singh 6:32 a.m.: Lyft gets an upgrade to outperform by RBC Capital Markets RBC Capital Markets upgraded Lyft , citing its market share dominance and potential DoorDash partnership as a possible growth catalyst. Analyst Brad Erickson upgraded Lyft shares to outperform from sector perform, and raised his price target by $6 to $23, implying roughly 40.7% potential increase. The stock has gained more than 9% this year. LYFT YTD mountain LYFT in 2024 "Our driver supply analysis continues pointing to U.S. ride hailing being more of a stable duopoly than not," Erickson wrote in a Monday note, adding, "we have greater confidence in 2024 EBITDA estimates with insurance and driver incentive costs adequately embedded in the model." Improvement in Lyft's core business allows the company to build scale and marketplace efficiency, and also gives potential partners more confidence in being a sustainable competitor in the long run, Erickson said. Uber's size and scale should lead to outsized profitability over time, according to the analyst. Additionally, "a partnership with DASH makes enormous sense and becomes more probable, in our view, every quarter the business looks more stable relative to UBER," Erickson wrote in the note to clients. The companies would see higher frequency member usage and incremental gross profits from a partnership, he said. Shares were up more than 5% on the call. — Pia Singh 6:10 a.m.: DoorDash upgraded by RBC on new partnerships potential, higher order growth RBC Capital Markets upgraded DoorDash to outperform from sector perform. Analyst Brad Erickson raised his price target by $45 to $175, suggesting roughly 37% potential upside. The stock has added more than 28% so far this year. "We believe New Verticals/International may be on the doorstep of stabilizing profitability, we've underappreciated the resilience of DASH's order growth due largely to frequency which should continue to be a multi-year mid-to-high-teens grower," Erickson wrote in a Monday note. "Risks remain the consumer bogeyman and slower ramp to non-restaurant verticals, but we view these as low likelihood with likely upward revisions to estimates going forward." According to the analyst, DoorDash's potential to establish partnerships, particularly with ridesharing service Lyft, could "drive significant incremental orders" and put its loyalty program on closer equal footing with Uber. He sees a potential scenario where DashPass subscribers would receive Lyft Pink for free included in the membership, and vice versa, helping create higher gross profit and free cash flow. DoorDash is already expanding into new delivery categories where RBC believes "cross-platform loyalty" could help the company's growth. — Pia Singh 5:46 a.m.: Guggenheim Securities upgrades GSK to buy, citing improved growth in 2024 and beyond Investors should pick up shares of drugmaker GSK , according to Guggenheim. Analyst Seamus Fernandez upgraded shares to buy from neutral and assigned a £20.31 price target, representing 21% upside to GSK's latest close. Such a gain would take the U.S.-listed stock to around $50. "We see continued strength in GSK's vaccine portfolio, with a strong foundation in Shingrix and growth potential in Arexvy as we predict expansion into ages 50-59 and third season data supporting repeat dosing," Fernandez wrote in a Monday note, saying there's "attractive upside potential in the stock" particularly if the overhang resolves from the series of lawsuits against its GSK's heartburn drug, Zantac. The analyst added that he expects the company to post revenue upside and maintain stable margins throughout the next few years due to strong product performance. Sales of GSK's shingles vaccination Shingrix, respiratory syncytial virus vaccine Arexvy and multiple myeloma Blenrep treatment should maintain and potentially grow sales, he added. U.S.-listed shares of GSK are up roughly 13.4% this year and have gained more than 21% over the past 12 months. — Pia Singh 5:46 a.m.: Citi downgrades Ferrari to sell The good times are over for Ferrari , according to Citi. The bank lowered its rating on the luxury sports car maker to sell from neutral. It also raised its price target on Milan-listed shares to €329 from €308, but that new forecast still implies 16% downside. Both the Milan and U.S.-listed shares have been on fire this year, soaring more than 25%. RACE YTD mountain RACE in 2024 "We understand that in equity markets that are now more concentrated in 'quality' stocks than ever, Ferrari could easily run further, and we may well be wrong in our timing," analyst Harald Hendrikse wrote. "However, after a 30% rally since December, ... we see the current valuation as rich and downgrade to Sell." U.S.-listed shares of Ferrari were down more than 2% in the premarket. — Fred Imbert
