To The Moon

Wall Street analysts are making some important moves across technology, AI, cryptocurrency, aerospace and consumer stocks.

Tuesday’s research updates show an interesting mix of confidence in the AI investment cycle, growing interest in space infrastructure and renewed optimism about Bitcoin-related businesses.

Here are the calls that caught my attention and what investors should watch.

1. Nvidia: Wall Street Remains Bullish Ahead of Earnings

Citi reiterated its Buy rating on Nvidia but reduced its price target from US$315 to US$285.

The bank expects Nvidia to maintain its previous FY2028 revenue outlook, implying approximately 70% year-on-year growth in calendar 2027.

Wells Fargo also maintained its Overweight rating but lowered its target from US$315 to US$300.

Its analysts expect solid upside in Nvidia’s fiscal third-quarter results, but believe the bigger issue is whether management can provide confidence that the AI investment cycle will remain strong.

Two areas will be particularly important:

• Whether production capacity can continue scaling to meet demand.

• Whether visibility into customer demand extends into 2028 and beyond.

My take: Nvidia’s long-term AI opportunity remains significant, but investors are looking for evidence that demand is sustainable rather than simply strong today. Next week’s earnings and forward guidance could be important catalysts.

2. SpaceX: The Next Opportunity Could Go Beyond Rockets

Morgan Stanley reiterated its Overweight rating on SpaceX and highlighted a potential shift towards robotics, mesh networks and space-based infrastructure as the company moves towards 2027.

The interesting part is the broader vision.

SpaceX is no longer just a launch business. Its Starlink satellite network has created a major position in global connectivity, while future developments could expand its role in communications and other space-based services.

Morgan Stanley also highlighted the importance of energy efficiency in AI infrastructure, suggesting that companies with advantages in computing performance relative to power consumption could stand out.

My take: SpaceX’s long-term opportunity could extend well beyond launching rockets. However, investors should distinguish between established operations and future ambitions that still require substantial investment and execution.

3. Riot Platforms: A More Positive View on Bitcoin Infrastructure

Jefferies upgraded Riot Platforms from Hold to Buy and raised its price target from US$13 to US$28.

Riot is interesting because its business is evolving beyond traditional Bitcoin mining towards digital infrastructure and data-centre opportunities.

Bitcoin miners already operate facilities with substantial electricity requirements and access to power infrastructure. Some may be able to use these capabilities to support growing demand for AI and high-performance computing.

However, converting mining infrastructure into profitable data-centre operations requires significant investment, suitable facilities and customer agreements.

My take: Riot offers exposure to both cryptocurrency mining and the potential digital infrastructure opportunity. But its performance remains sensitive to Bitcoin prices, mining economics and execution of its infrastructure strategy.

4. MongoDB: Long-Term Growth Still Attracts Wall Street

BTIG initiated coverage of MongoDB with a Buy rating and a US$417 price target.

The firm believes several industry trends could support revenue growth above 20% over the next few years.

MongoDB provides database technology that helps developers build and manage modern applications.

As businesses expand cloud applications and AI-powered software, demand for flexible database infrastructure could increase.

However, strong revenue growth expectations need to be supported by customer adoption, improving profitability and competitive positioning.

My take: MongoDB is an interesting way to look beyond AI chipmakers and focus on the software infrastructure needed to build AI applications. Valuation remains an important consideration.

5. Other Notable Wall Street Calls

There were several other changes worth watching:

• Ralph Lauren: Cantor Fitzgerald initiated coverage with an Overweight rating, highlighting brand strength and opportunities for expansion across major regions.

• Tesla: Jefferies maintained Hold. It noted that a potential SpaceX-Tesla merger may be more challenging to implement following the US midterm elections, while highlighting Tesla’s free cash flow.

• American Airlines: Rothschild & Co Redburn upgraded the airline to Buy, citing improving network performance and potential longer-term margin and cash-flow improvements.

• Morgan Stanley Direct Lending Fund: UBS upgraded it to Buy despite lowering its price target, following a decline in net asset value.

• City Therapeutics: Goldman Sachs initiated coverage, highlighting its RNA-interference drug development pipeline.

My Watchlist

Three calls stand out to me:

$NVIDIA(NVDA)$ :The upcoming earnings report could provide evidence about the durability of AI infrastructure spending.

$SpaceX(SPCX)$ :Its potential expansion into connectivity, robotics and space-based infrastructure makes it an interesting longer-term story.

$Riot Platforms(RIOT)$ :The possibility of moving beyond Bitcoin mining into digital infrastructure creates another potential growth opportunity, although execution risks remain.

One important reminder: analyst upgrades and price targets are opinions, not guarantees. A Buy rating does not automatically make a stock undervalued, and a lower price target does not necessarily mean the underlying business is weakening.

The most useful signals will come from actual earnings, cash flow, customer demand and the ability to turn ambitious growth plans into measurable results.

For discussion purposes only, not financial advice.