4 big analyst picks: Citi bullish on Apple, sees 30% upside

investing.com:

Here is your Pro Recap of the biggest analyst picks you may have missed since yesterday: Initiation at Apple, upgrades at NVIDIA, Carnival, and Frontline.

InvestingPro subscribers got this news first. Never miss another market-moving headline.

Citi initiated coverage on Apple (NASDAQ:AAPL) with a Buy rating and a price target of $240.00, as reported in real-time on InvestingPro.

While shares are up 46% YTD as the company is navigating the macro slowdown and inflationary pressure on consumer spending by consistently gaining share from Android phones, Citi expects approximately 30% further upside potential from current levels.

The firm believes the Street is underestimating continued gross margin expansion, driven by (1) the shift in iPhone sales towards higher-priced Pro/Pro Max models, leading to a higher blended average selling price, (2) anticipated further market share gains in China and India, (3) ongoing development of self-designed cellular chips to reduce costs, and (4) a higher-margin services sales mix.

Daiwa Securities upgraded NVIDIA (NASDAQ:NVDA) to Outperform from Neutral and raised its price target to $475.00 from $408.00.

Following its recent tech tour and checks, the firm has a higher level of confidence that NVIDIA’s commanding position for AI, and Generative AI, will be difficult to replicate near term by the competitors such as Advanced Micro Devices (NASDAQ:AMD), Intel (NASDAQ:INTC), and others.

Carnival (NYSE:CCL) shares rose more than 2% pre-market today after Jefferies upgraded the company to Buy from Hold and raised its price target to $25.00 from $9.00.

Deutsche Bank upgraded Frontline (NYSE:FRO) to Buy from Hold with a price target of $17.00 (from $19.00). Shares surged more than 3% pre-market