Pencils down, it’s time for lunch. And welcome to The Midday Trade from The Street Sheet, a snackable, lunch-sized newsletter that gets you caught up on everything you missed during the morning madness.

This is designed to be consumed in 3-5 minutes, but also packed to the brim with actionable information for you to use now or later.

We're going to start with Street Stats and charts, outline which stocks are making the biggest morning moves, highlight can’t-miss analyst calls, and then drop one trade idea. We'll wrap it up by "Surveying The Street", or getting your thoughts on relevant market moving events.

We're testing this out in June so please let us know what you think. With that said, here's what you missed this morning.

• 🟨 | Market Snapshot: U.S. stocks were mixed at the start of Monday’s trading session, with the Nasdaq Composite rising nearly half a percent following Nvidia’s announcement of new AI chips.

• 🎮 | In focus: Shares of GameStop surged 50% after the notorious meme stock investor Keith Gill posted a screenshot of his portfolio that showed he holds 5 million shares of Gamestop worth $115.7 million.

• 🤔 | Noteworthy: A technical issue on Monday caused A-class shares of Warren Buffett’s Berkshire Hathaway and other stocks, including Barrick Gold and Nuscale Power, to appear dramatically down and led to trading halts. BRK.A was “down” (-99%) at one point. The issue has apparently been fixed.

• 🏷️ | The Midday Trade: Citi's Double Upgrade. Scroll down for more.

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STREET STATS

MORNING MOVERS

AMC, Stericycle, & Boston Beer Company

AMC: AMC Entertainment’s stock surged as it’s part of the meme stock investment craze and benefited from Keith Gill’s latest post (InvestorPlace)

SRCL: Shares of medical-waste disposal company Stericylce jumped on news that Waste Management plans to acquire it for $5.8 billion (WSJ)

SAM: Boston Beer Company, the maker of Samuel Adams, saw shares fall after Japanese brewing company Suntory denied acquisition rumors (YF)

HZO: MarineMax’s shares jumped following a report that the boat retailer received a takeover bid from OneWater Marine at a 40% premium (MW)

SPOT: Spotify announced that it will increase the cost of its premium subscription plans. The company last hiked prices in July of last year (CNBC)

TOP CALLS

Gap: Barclays Maintains Overweight on Gap, Raises Price Target to $31 (Trade It)

Owens-Corning: Barclays Maintains Equal-Weight on Owens-Corning, Raises Price Target to $190 (Trade It)

Structure Therapeutics: Cantor Fitzgerald Reiterates Overweight on Structure Therapeutics, Maintains $65 Price Target (Trade It)

Birkenstock Holding: JP Morgan Maintains Overweight on Birkenstock Holding, Raises Price Target to $64 (Trade It)

GE Vernova: JP Morgan Maintains Overweight on GE Vernova, Raises Price Target to $186 (Trade It)

Wendy’s: JP Morgan Maintains Neutral on Wendy's, Raises Price Target to $20 (Trade It)

THE MIDDAY TRADE

Monday’s Top Calls

Tech

As we look ahead to the week on Wall Street, there are a number of noteworthy analyst calls that may be worth having on your radar. Let’s start with the tech space.

Bank of America (BAC) reiterated its buy rating for Nvidia (NVDA), citing its CEO’s recent keynote event in Taiwan. NVDA is hovering around $1,123 this morning. BAC’s price target is $1,500.

Goldman Sachs (GS) reiterated its buy rating for Apple (APPL). The firm remains bullish as the company’s Worldwide Developers Conference next week approaches. The iPhone maker is expected to announce new AI plans. Here’s everything else they’re expected to announce.

Meanwhile, Morgan Stanley (MS) maintained its overweight rating for Tesla (TSLA). The firm will be closely watching its upcoming shareholder meeting, which will include a vote on Elon Musk’s pay package. Shares of Tesla are trading around $178 right now. MS has a $310 price target on the stock.

Retail

Citi (C) double-upgraded Best Buy (BBY) all the way up to a buy. The bank believes the stock has a lot of upside potential from both an earnings and valuation standpoint thanks to demand increases and solid margins.

Roth MKM initiated coverage on Sportsman’s Warehouse (SPWH) at a buy rating with a $5 price target. The firm believes the company is well positioned within its market for sustained growth.

Kimberly-Clark (KMB) got a boost from RBC (RY), which upgraded the stock to outperform. The firm believes the stock has “dependable growth” with a 27% upside. KMB is trading around $135 this morning. RBC’s price target is $165.

Bernstein’s Best Idea

Berstein (EQH), listed Airbnb (ABNB) as a “top idea at the firm.” According to the firm, it will benefit as the travel industry rebounds from the pandemic. Q1 revenues were up 18% and margins were nearing 40%. 

It has also managed to beat EBITDA in 14 straight quarters since its IPO while converting 140% of EBITDA into cash. Its average analyst rating is hold, so Bernstein is a bit more bullish than the rest of Wall Street. Bernstein gave it a price target of $163, higher than Its average price target of $151.35. 

There you have it. Happy trading, we’ll see you later today after markets close.

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SURVEY THE STREET

This Friday, the Labor Department will report on the number of jobs added in May. Economists think 190,000 jobs were added last month.