Wells Fargo raised its price target on Marvell Technology to $310 from $240, reiterating an outperform rating ahead of the chipmaker's earnings report due Tuesday. The revised target implies roughly 28 times the bank's forward earnings-per-share estimate of approximately $11 for fiscal year 2029.
Baird made a decisive sector call Monday, downgrading Chipotle Mexican Grill to neutral from outperform while upgrading Darden Restaurants to outperform from neutral. Baird's concern with Chipotle centers on cost structure: the firm said CMG may need to spend more to grow less. Darden's new target is $250, raised from $220.
Baird described Darden as a core casual dining holding with reliable top-line drivers and strong execution. The firm sees a durable growth algorithm at Darden that it no longer sees at Chipotle at current valuations. Chipotle trades at $53.73, while Darden carries a comparatively lower multiple.
Baird separately started coverage of Brinker International, parent company of Chili's, at outperform. The firm cited one of the restaurant industry's most impressive operating turnarounds, driven by simplified menu offerings, sharper value messaging, improved hospitality and wider advertising reach.
Evercore ISI added Dell Technologies to its tactical outperform list ahead of the company's upcoming earnings, calling Dell the purest beneficiary of server strength in the current AI infrastructure build-out.
UBS upgraded Celestica to buy from neutral and raised its price target to $430, citing AI-driven demand as the primary catalyst. Celestica makes electronic manufacturing services with direct exposure to hyperscaler supply chains.
Morgan Stanley opened three new positions Monday. The bank initiated Jersey Mike's (JMKE) at overweight, calling it a robust franchised business and a long-standing share taker in a large but mature quick-service segment. Morgan Stanley also initiated ArcelorMittal's ADR at overweight with a price target of $82, citing meaningful upside for the steel company. A third initiation covered Q32 Bio at overweight.
Jefferies initiated Ionic Digital at buy, describing the company as a data center beneficiary entering the AI infrastructure space with no debt on its balance sheet and a well-structured anchor lease.
Bank of America upgraded Suzano, the Brazilian pulp and paper producer, to buy from neutral and raised its price objective to R$66 per share, equivalent to $13 per ADR. The firm expects pulp prices to bottom and seasonal improvement to begin in September, turning earnings momentum positive as prices recover.
Citi initiated Reformation (REF) at buy with a $20 price target, describing the clothing retailer as a unique brand with attractive store growth opportunity at current levels.
Wells Fargo separately initiated Fortune Brands Innovations at overweight, arguing the company presents quality end-market exposure—particularly in plumbing and faucets—at a discount to intrinsic value through ongoing self-help turnaround initiatives.
Nvidia shares fell 1.0 percent to $214.72 on Monday. The S&P 500 added 0.4 percent to 7,674, the Nasdaq rose 0.4 percent to 26,180, and the Russell 2000 led major indexes with a 0.9 percent gain to 3,018.
