Wolfe Flips Retail, Morgan Stanley Eyes Tech Surge

Wolfe Research made a decisive retail sector call today. The firm upgraded TGT from Hold to Buy while simultaneously downgrading HD from Buy to Hold. It is a straight rotation trade — money moving from the home improvement giant toward the struggling discount retailer.

The day's biggest target price move belongs to DD. Morgan Stanley's Vincent Andrews raised his price target on DuPont to $156 from $52. That is a three-fold jump. Andrews kept his Hold rating, but the implied upside is striking for a $19.5 billion company trading with just 3% short interest.

BNP Paribas struck a bearish note on NKE. Analyst Laurent Vasilescu initiated coverage with a Sell rating and a $23 target. Nike's market cap sits near $52 billion. A $23 target represents deep downside from current levels, one of the most bearish calls on a mega-cap consumer name in recent months.

Morgan Stanley also boosted IBM to $267 from $225. Separately, they cut CTSH sharply — Cognizant's target fell from $63 to $44, a 30% slash while keeping a Hold rating.

Consensus targets on AMD ticked higher to $496, reflecting broad optimism on AI chip demand heading into the second half.