Bernstein reiterates Apple as outperform, arguing that its valuation is reasonable, while Piper Sandler downgrades General Mills to neutral because of operating pressures and dividend risks. Oppenheimer and Bernstein downgrade Nvidia to market perform, citing the turmoil surrounding Jensen Huang, while William Blair upgrades AMD to outperform because of opportunities in custom chip programs. Other notable calls include upgrades to Reliance, Maravai Lifesciences and Engene, a price-target increase for Ulta to $723, and a downgrade of Victoria’s Secret to neutral. BTIG initiates coverage of Quantinuum with a $60 price target, Roth initiates Kimball Electronics with a $37 target and UBS initiates Ensysce Biosciences with a $2 target.
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