■ Big Tech Headlines
Apple (AAPL)
Developing AirPods Pro 3 equipped with infrared cameras. These cameras are intended to enhance AI capabilities, allowing users to collect environmental data and recognize surroundings.
Visual Intelligence features, already seen in some iPhone models, are also being considered for potential integration.
Microsoft (MSFT)
Brazil's antitrust regulator (CADE) has launched an investigation into Microsoft’s software and cloud computing services.
CADE is reviewing whether Microsoft's software licensing policies regarding competing cloud providers constitute anti-competitive behavior.
Amazon (AMZN)
Evercore ISI reaffirmed a Buy rating with a $335 price target, citing Amazon's AI-driven shopping strategy.
The "Shopping Agent" model is scaling rapidly. Last year, over 250 million users used Rufus, generating approximately $10 billion in incremental GMV. Amazon reported conversion rate increases of up to 60% post-Rufus integration.
Projections suggest that by 2028, this could add $56 billion to retail GMV and $4 billion in ad revenue.
■ Electric Vehicles: Tesla (TSLA) Q4 Delivery Analysis
Tesla reported Q4 deliveries of 418,227 units, slightly missing the consensus of 422,850. However, analysts generally view the results as "better than feared" despite the expiration of US tax credits.
Truist: Maintained Hold, lowered PT from $444 to $439. Noted strong growth in the Energy Storage sector.
Morgan Stanley: Maintained Equal-weight, PT $425. Focused on the 2026 Robotaxi catalyst and FSD progress.
Stifel: Maintained Buy, PT $508. Attributed the 15.6% YoY decline to the end of the US tax credit.
RBC Capital: Maintained Outperform, PT $500. Highlighted that BYD’s relative weakness in China could benefit Tesla in the mid-term.
Wedbush: Maintained Outperform, PT $600. Called the results a sign that the Tesla story is moving in the right direction for 2026.
■ Key Stock Upgrades & IB Opinions
Intel (INTC)
Melius Research upgraded Intel to Buy (Target $50).
The primary catalyst is the 14A node scheduled for 2027. Melius suggests that NVIDIA and Apple might consider producing chips on the 14A node by 2028-2029, a narrative likely to drive the stock throughout 2026.
Coinbase (COIN)
Goldman Sachs upgraded the stock to Buy (Target $303).
Analyst noted Coinbase is shifting from cyclical to structural growth. The expansion into crypto infrastructure and non-trading revenue (growing from <5% in 2020 to ~40% in 2025) provides significant upside.
Nike (NKE)
BTIG named Nike as a 2026 Top Pick with a $100 price target.
Expects a strong recovery in 2026 driven by product innovation, basketball segment expansion, and the 2026 World Cup in North America.
Roku (ROKU)
Citizens maintained Outperform with a $145 target. Roku currently accounts for 46% of US streaming time. Strong growth is expected in 2026 through third-party partnerships and international monetization.
Novo Nordisk (NVO)
Launched an oral version of Wegovy in the US just two weeks after FDA approval. Pricing is set competitively at $149–$299/month, addressing the price barriers of injectables and targeting a 24% share of the global obesity market by 2030.
■ Sector & Other Updates
Energy Sector: Rising on expectations for Venezuelan operations following recent geopolitical shifts. Key players: Chevron (CVX), ExxonMobil (XOM), Valero (VLO), SLB.
TSMC (TSM): Goldman Sachs raised the target price to NT$2,330 ahead of Jan 15 earnings. Expected to invest $150B over the next 3 years to meet AI infrastructure demand.
Chipotle (CMG): Mizuho raised target to $36, noting aggressive promotions to drive traffic, though margins may remain under pressure.
Block (SQ/XYZ): BTIG set a $90 target, citing Cash App and Square’s continued market share gains.
Duolingo (DUOL): BofA upgraded to Buy, stating its value as an entertainment product is undervalued.
Constellation Brands (STZ): Wells Fargo raised target to $160 ahead of Jan 8 earnings.
