(This is CNBC Pro’s live coverage of Thursday’s analyst conference call and Wall Street chatter. Refresh every 20-30 minutes to see the latest posts.) Semiconductor makers and beauty stocks were among the names being talked about by Street analysts. KeyBanc issued a bullish earnings preview for Nvidia, saying Blackwell chip delays won’t impact earnings. Meanwhile, Piper Sandler upgraded Estee Lauder to overweight, noting that the bearish thesis for the stock has probably run its course. Check out the latest conference call and chatter below. All times ET. 7:38 a.m.: Williams upgrades Crocs to buy According to Williams Trading, the HeyDude clothing brand’s new sponsorship deal could be a boost for its parent company, Crocs. Analyst Sam Poser said in a client note that the announcement that actress Sydney Sweeney is now a spokesperson could reverse a negative trend in HeyDude sales. “CROX has seen strong short-term results from long-term brand marketing, and we believe that will begin to play out with HEYDUDE,” the note said. The increased marketing should coincide with improved product lineups to drive sales, according to Williams. “Based on the Spring ’25 product reviews we’ve seen in Atlanta, it’s clear that both brands’ offerings are becoming more focused,” the note said. Poser also raised his price target on the stock to $163 from $133. The new target is about 16% higher than Wednesday’s closing price. — Jesse Pound 6:52 a.m.: Bernstein Calls TJX a ‘Hidden Place’ in Retail Investors looking to take a defensive retail play may want to keep a close eye on TJX stock. “TJX has become a defensive ‘hideaway’ in the consumer sector amid a retail downturn and slowdown in sportswear and luxury,” analyst Aneesha Sherman wrote. “We believe TJX’s defensive capabilities will enable it to sustain its premium multiples even in an uncertain macroeconomic and weak consumer spending environment.” Sherman raised her price target on the discount retailer to $127 per share from $120, reflecting an increase of about 6% from Wednesday’s closing price. The target change came after the discounter reported strong second-quarter results and raised its full-year guidance before the close on Wednesday. Sherman expects the company to continue to gain share in its Marmaxx and Home Goods businesses, even as the retail environment struggles. She also thinks the company can “bend the curve” and accelerate earnings per share growth to 14% from 10%. The stock has soared more than 28% in 2024. —Samantha Sabin 6:28 a.m.: Morgan Stanley Names Flutter Entertainment a Top Gamble Pick According to Morgan Stanley, the time has come for investors to bet on Flutter Entertainment. Analyst Ed Young covers the sports betting company with an overweight rating and named it his top pick in the gambling sector. “Flutter is an attractive company with long-term growth potential globally,” he wrote in a client note Thursday. “The company is the scale leader in online gambling, roughly three times the size of its peers by revenue. The company has established leadership positions in the U.S., U.K. and other global markets.” FanDuel’s parent company’s listing on the New York Stock Exchange earlier this year should also help improve liquidity and provide “technical tailwinds,” he added. “The sharp shift in U.S. profitability is transforming the company’s financial profile,” Young wrote. He set a price target of $247 on the stock, suggesting an upside of about 18% from Wednesday’s closing price. The company’s shares have risen more than 17% since the beginning of the year. — Samantha Sabin 6:03 a.m.: Wells Fargo Upgrades SentinelOne SentinelOne is benefiting from the CrowdStrike fiasco, according to Wells Fargo. The bank raised its rating on the cybersecurity stock to overweight from equal weight. It also raised its price target to $29 a share from $19 a share, an 18% increase from Wednesday’s closing price. “SentinelOne has recently gained share at the expense of CrowdStrike, which should translate into strengthening revenue growth,” analyst Andrew Nowinski wrote. “Furthermore, the pipeline looks very strong, so share growth should continue going forward.” The upgrade by Wells Fargo comes about a month after CrowdStrike caused a global IT outage that led to business closures and flight cancellations. Support for the analyst’s theory includes a view that SentinelOne will reach operating breakeven within two quarters, which should be a positive for the company’s valuation. “Given SentinelOne’s overall improving financial performance and strong pipeline, we believe these are having a positive impact,” Nowinski wrote. The stock was up more than 3% before the close but is down more than 10% year to date. — Samantha Sabin 5:43 a.m.: Piper Sandler Upgrades Estée Lauder Piper Sandler is becoming more bullish on Estée Lauder shares following the latest earnings report. Analyst Colin Wolfmeyer upgraded the stock to overweight from neutral, citing confidence in the company’s current valuation. “The management change should be viewed as a positive, and the valuation suggests limited downside, so there is little reason to suggest the bearish thesis will continue further here,” he wrote. Estée Lauder shares are down nearly 4% this week after the company gave a disappointing outlook, citing weakness in China. The company also announced that its CEO will step down in 2025. Wolfmeyer said the China forecast seems “reasonable” despite remaining uncertainties. He also emphasized that the company’s efforts to regain market share in Western markets are on track, adding that investors should view the CEO change as a positive. “We recognize that the stock may remain broadly flat following the new CEO announcement until the outlook for the second half becomes clearer, but on a 12-month outlook, the risk/reward profile is increasingly favorable with limited downside,” he added. Wolfmeyer raised his price target to $114 from $95 a share, pricing in an upside of about 25% from Wednesday’s closing price. The stock was up 2% before the close, but is down more than 37% this year. EL YTD Mountain EL YTD — Samantha Subin 5:43 AM: KeyBanc Bullish on Nvidia Ahead of Earnings Release KeyBanc isn’t worried about Nvidia’s Blackwell chip delays ahead of earnings release. “Supply chain feedback indicates performance issues resulting in a one-quarter delay due to chip respins for Blackwell tiles, but we do not expect any impact to near-term results and guidance,” analyst John Vinh wrote. “We believe that modest expectations for Blackwell shipments in FQ3 were offset by increased Hopper preorders. We expect NVDA to report above/upgrade results, with the upside driven by strong demand for Hopper GPUs,” he added. Vinh reiterated his overweight rating on Nvidia and a $180 price target, which would imply a 40% upside from Wednesday’s closing price. Nvidia is scheduled to report earnings on Aug. 28. The stock is expected to rise nearly 160% in 2024. NVDA YTD MountainNVDA YTD — Fred Imbert
