Jefferies upgraded Rivian to buy, citing an order conversion rate for the R2 that exceeded expectations and volumes expected at roughly twice those of the R1 in the fourth quarter. Morgan Stanley reiterated Amazon as overweight while cutting its price target to $335, saying tactical expectations for AWS had become too high; Raymond James reiterated Nvidia as strong buy, arguing that AWS continued buying Nvidia systems alongside its Trainium and Inferentia chips. Bernstein reiterated SpaceX as outperform, while Deutsche Bank reiterated Coinbase as buy and cut its price target to $190 following slightly above-expectation quarterly results. HSBC upgraded GE Vernova to buy with a $1,100 price target, and Rosenblatt upgraded Monolithic Power Systems to buy after a strong quarter and raised outlook. Bank of America downgraded Intel to neutral, removed Apple from its top picks list and downgraded Reddit to sector weight; TD Cowen downgraded Hershey to hold, and BMO downgraded Honeywell Aerospace to market perform.
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