Mornings like this remind me why I still get a little rush checking the pre-market wires. Tuesday, December 9, felt different – the upgrades and initiations poured in so fast it was hard to keep up. Some names we all know, others flying quietly under the radar, but almost everything pointed in the same direction: analysts see upside, and in several cases, big upside.
I’ve been around long enough to know these calls don’t always move the tape the way people expect, yet when multiple banks line up on the same themes – AI memory, China policy shifts, obesity drugs, crypto infrastructure – it’s usually worth paying attention.
Why Tuesday’s Analyst Wave Actually Matters
Let’s be honest, most days the “biggest analyst calls” list is noise. A target bump here, a sector perform there – nothing earth-shattering. Today felt heavier. We had legitimate policy news colliding with fresh clinical data and cycle inflection points all at once. That combination is rare, and it’s exactly the kind of setup that can spark multi-week runs in individual names.
Nvidia – The China Cloud Finally Lifts (A Little)
The headline everyone saw: President Trump confirmed Nvidia can ship H200 AI chips to approved customers in China again. Bernstein wasted no time calling it a positive development and sticking with their outperform rating.
Look, I’m not naive – restrictions aren’t going away overnight. But even a partial reopening changes the math. China still represents serious revenue for Nvidia, and any loosening feels like removing an overhang that’s been there for over a year.
“If reports are accurate that Nvidia is allowed to supply chips to customers in China again, this would appear to be a positive development.”
Bernstein Research, Dec 9
Micron – The HBM Story Just Keeps Getting Better
Two separate banks threw gasoline on the Micron fire today. HSBC kicked off coverage with a buy and talked about a 4-to-5-year upcycle – longer than the historical two or three years we’re used to. Then Deutsche Bank hiked their target all the way to $280 from $200.
Why the excitement? High-bandwidth memory (HBM) for AI training isn’t some side business anymore. It’s becoming the structural growth driver for the entire memory industry, and Micron is one of the few names with real scale here.
- HBM demand tied directly to AI capex – and that capex keeps getting bigger
- Micron arguably has the strongest positioning among the big three memory players
- Deutsche now sees the stock deserving a permanently higher valuation multiple
Tesla – Still the Top Idea for 2026
Deutsche Bank didn’t waver: Tesla remains a buy and one of their top ideas heading into next year. The core thesis hasn’t changed – if Elon can show meaningful progress on Robotaxi city expansion, Cybercab production ramps, and Optimus, the stock can work even if the core EV business stays messy.
I’ll admit something: I’m tired of the quarterly EV delivery debates. The real conversation for 2026 and beyond is autonomy margin and humanoid robots. Everything else is noise at this point.
Apple Quietly Crushing iPhone 17 Demand
Citi raised their price target to $330 (from $315) after channel checks showed the base iPhone 17 is still supply-constrained twelve weeks post-launch. That’s wild when you think about it – usually the base model is available instantly by week five or six.
Black Friday week actually saw U.S. lead times tick up week-over-week, especially on Air and Pro models. In a world where people keep screaming “smartphone saturation,” Apple is still moving metal like it’s 2014.
The Crypto Name Nobody Saw Coming
Citizens JMP initiated Galaxy Digital with a Market Outperform and a $60 target – implying roughly 130% upside from current levels. Yes, you read that right.
Galaxy isn’t just a trading shop anymore. Mining, asset management, venture investments – they’re firing on more cylinders than most people realize. In a crypto bull market, the diversified players tend to compound faster than the pure plays.
Obesity Drugs Refuse to Slow Down
RBC upgraded Wave Life Sciences after impressive obesity data that showed rapid body-composition shifts. Analysts believe the mechanism is different enough from incretins that it could be used alone or in combination.
Meanwhile JPMorgan came out swinging on Vor Bio with a $43 target for December 2026 – basically calling blockbuster potential. The biotech space has been brutal for years, but the weight-loss and oncology pockets are where the smart money is hunting right now.
Travel and Leisure Looking Surprisingly Strong
BMO launched on the airlines with outperform ratings on both Delta and United – saying the majors are extremely well positioned heading into 2026. Goldman upgraded Viking Holdings to buy, pointing out the luxury cruise operator’s higher-income demographic and limited Caribbean exposure is insulating it beautifully.
Personal take? After years of revenge travel hysteria, the high-end consumer still has plenty of dry powder. That’s showing up in everything from expedition cruises to first-class airline margins.
A Few “Buy the Dip” Calls Worth Mentioning
- RBC on Colgate-Palmolive – 24 straight quarters of beating their algo finally snapped, shares sold off, analysts say buy the dip
- RBC on RPM International – infrastructure exposure should keep growth humming even if DIY stays weak
- Wolfe on Eaton – electrical backlog conversion plus easing cyclical headwinds equals multiple expansion ahead
Quick Hits – Other Names That Caught My Eye
Barclays started Hims & Hers at overweight now that the compounding noise has settled down. Same bank also likes Amer Sports as a multi-year top-and-bottom-line compounder.
UBS initiated NRG Energy at buy with a $211 target – loving the free cash flow profile and data-center power exposure. Rosenblatt upgraded Synopsys ahead of tomorrow’s print, expecting the IP and China issues to start fading.
Goldman also kicked off coverage on the big three life-sciences tools names – Danaher, Thermo Fisher, and Agilent – all with buy ratings. When the big banks line up like that, you take notice.
Here’s the bottom line: days like today don’t happen every week. You had legitimate policy tailwinds (Nvidia/China), cycle calls (Micron HBM), clinical winners (Wave, Vor), and a bunch of high-quality compounders getting fresh love.
Not every name will rip higher tomorrow – markets rarely work that cleanly – but the breadth and conviction across sectors felt different. If you’ve been waiting for analysts to turn more constructive heading into year-end, well, consider this your bat signal.
Now if you’ll excuse me, I’ve got some watchlists to update before the opening bell.
