All the market-moving Wall Street chatter from Tuesday

(This is CNBC Pro’s live coverage of Tuesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) An e-commerce giant out of Latin America and a solar stock were among the stocks being talked about by analysts on Tuesday. Jefferies upgraded MercadoLibre to buy and raised its price target on the stock. Meanwhile, Sunnova Energy was downgraded by Piper Sandler to neutral. Check out the latest calls and chatter below. All times ET. 5:59 a.m.: Morgan Stanley thinks Taiwan Semiconductor could get a boost from positive Nvidia guidance Nvidia’s upcoming quarterly report could lead to a near-term boost for chip maker Taiwan Semiconductor , according to Morgan Stanley. “TSMC is the sole supplier for NVDA AI GPU, so we view NVDA’s July-quarter revenue guidance, due on May 22, as a key catalyst. We would expect TSMC’s share price to rise if NVDA’s guidance were to beat expectations,” Chan wrote in a Monday note to clients, adding that the market views Nvidia’s July revenue guidance as a key indicator for AI server supply chain shipment strength. Morgan Stanley thinks Nvidia’s revenue guidance will likely range between $26 billion and $28 billion. According to Chain, TSMC could derive 15% of its total revenue from AI-related demand in 2024, and the stock could move up 3% as its bull scenario and up 1% as its base case. He expects to see more output of Nvidia’s AI GPU from TSMC in 2024, he added. Nvidia shares are up more than 9% this year, while TSMC has advanced 41.8%. — Pia Singh 5:47 a.m.: Piper Sandler downgrades Sunnova Energy to neutral, sees further headwinds Piper Sandler is back on the sidelines on struggling commercial and residential solar energy company Sunnova Energy . Analyst Kashy Harrison downgraded the stock to neutral from overweight and lowered his price target to $4.50 from $9, implying 8.4% upside. Shares have lost more than 72% this year. Harrison said that although he upgraded Sunnova in December on the view that declining interest rates could put solar installers in a favorable position this year, interest rates instead have remained elevated and negatively impacted the company. Sunnova’s cash burn in the fourth quarter and looming maturities have led to questions surrounding its forward trajectory, dragging the stock down. “To be positive (or negative) from here, one must possess a strong view on rates or conviction on NOVA’s ability to: i) increase proceeds from securitizations in a volatile rate environment, ii) reduce costs, and iii) address ’26 maturities in a manner that drives a favorable equity re-rate,” Harrison wrote in a Monday note. “We lack requisite conviction on the story and downgrade NOVA.” Harrison added that she was looking for a more aggressive and comprehensive strategic Update from Sunnova, perhaps on headcount reductions or shrinking to expand cash, that could assuage the market’s concerns. — Pia Singh 5:47 a.m.: Jefferies upgrades MercadoLibre to buy MercadoLibre’s strong 2024 performance is only the beginning of a strong period for the company, according to Jefferies. Analyst Alex Wright upgraded the Latin American e-commerce giant to buy from hold. He also raised his price target to $2,100 from $1,400, implying upside of about 20% over the next 12 months. “We believe MELI is now established as a clear winner in e-commerce, and should benefit from ongoing penetration upside as well as further improvements to monetisation and profitability through advertising and scale benefits in logistics for example,” Wright wrote in a note to clients Monday. The analyst also raised his 2024 and 2025 revenue estimates by 10% and 15%, respectively. Shares have been on a tear year to date, rising more than 13%. Over the past 12 months, they are up 36%. MELI YTD mountain MELI year to date — Fred Imbert