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(This is CNBC Pro’s live coverage of Monday analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) After a tough run lower in July, Nvidia has rebounded and still has more room to run according to analysts at Goldman Sachs. The firm upgraded the tech giant for its position as a leader in cloud computing. At the same time, Morgan Stanley has taken a dimmer look at HP, seeing limitations ahead for the computing company. Elsewhere, analysts were positive on Snowflake and Taiwan Semiconductor. Check out the latest calls and chatter below. All times ET. 6:50 a.m. Bernstein expects Taiwan Semiconductor Manufacturing to see rapid earnings, revenue growth Taiwan Semiconductor Manufacturing is on track to see strong growth in the next couple of years, according to Bernstein analyst Mark Li. Li maintained his outperform rating on the chipmaker and lifted his price target by $20 to $220, which implies 26% potential upside. Shares have raced ahead this year, gaining more than 67%. “Expecting no notable damage from the Blackwell delay (report), we expect strong N3 & N4/5 demand from data center AI & high-end smartphone to offset the slow recovery of older nodes,” Li wrote in a Monday note, adding that the stock’s valuation appears “attractive.” TSM YTD line Taiwan Semiconductor shares Intel outsourcing its production to Taiwan Semiconductor will also contribute to more growth this year, he said. According to the analyst, the company will expand its revenue by 26% this year and its earnings per share by 29%. That growth of its data center AI business should continue into 2025 and 2026, he said, noting that growth will decelerate in 2026 as momentum slows. — Pia Singh 6:33 a.m.: TD Cowen thinks Snowflake shares could jump more than 40% after this year’s slide There’s “solid upside” in store for Snowflake ahead of earnings out this week, according to TD Cowen. Analyst Derrick Wood kept his $180 price target on the cloud-based data storage company, which implies the buy-rated shares could gain more than 40% over the next 12 months. His most likely case assumes strong free cash flow margins and that Snowflake’s product revenue growth will be in the mid-20% range in fiscal year 2025. “Near-term overhangs are likely to persist but we continue to think sentiment is too bearish & beat & raise cadence should help strengthen confidence in growth durability,” he wrote in a Monday note. “We think SNOW is ushering in a high level of innovation to the large Data Mgmt market, supporting a long growth runway.” Snowflake shares are down about 35.7% this year. Warren Buffett sold his entire stake of 6.1 million shares in the company during the second quarter, according to a recent regulatory filing. — Pia Singh 6:08 a.m.: Goldman remains buy-rated on Nvidia, cites chipmaker’s ‘robust competitive position in AI’ Goldman Sachs remains bullish on Nvidia even as some investors have grown skeptical of the ballooning AI trade, saying the stock has a “compelling risk/reward” profile ahead of earnings. Analyst Toshiya Hari reiterated his buy rating on the chipmaker and kept the stock on his conviction list ahead of Nvidia’s quarterly results scheduled for after the bell on Aug. 28. His $135 price target implies 8.4% potential upside for the stock, which has jumped more than 150% this year. NVDA YTD line Nvidia stock performance “Importantly, we believe customer demand across the large Cloud Service Providers and enterprises is strong and Nvidia’s robust competitive position in AI/accelerated computing remains intact,” Hari said in a Sunday note. Although the analyst noted that the reported delay in Nvidia’s next-generation GPU Blackwell shipments could lead to some near-term volatility in its share price fundamentals, he expects the management commentary — as well as supply-chain data points over the coming weeks — to boost confidence in Nvidia’s 2025 earnings power. — Pia Singh 6:03 a.m.: HP has limited outperformance ahead, Morgan Stanley says Morgan Stanley thinks HP ‘s growth catalysts are now priced into the stock. Analyst Erik Woodring downgraded the computing company to equal weight from overweight in a Monday note, but kept his price target of $37, which implies about 8.5% potential upside for shares. This year, the stock has added 19.3%, just surpassing the broader market’s gains. “We see limited upside to valuation with HPQ trading ~1 standard deviation above its historical average, and limited upside to FY25-26 estimates as the PC market recovery and improving print hardware trajectory are largely priced in,” the analyst said. Although he remains a “PC market bull,” Woodring expects a slightly weaker second half of the year for the PC market due to slow consumer PC and back-to-school demand and little signs of restocking demand from the PC and semi supply chain, among other factors. A softer second half adds to the risk of HP’s personal systems business growing below normal seasonality levels in the following quarter, he said. — Pia Singh
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