(This is CNBC Pro’s live coverage of Friday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) An e-commerce giant and a snack maker were among the stocks being talked about by analysts. Evercore ISI raised its price target on Amazon to $240, implying more than 25% upside ahead. Meanwhile, Morgan Stanley downgraded PepsiCo to equal weight. Check out the latest calls and chatter below. All times ET. 7 a.m.: FedEx could slide more than 30% as ‘structural challenges’ are here to stay, Morgan Stanley says Morgan Stanley analyst Ravi Shanker downgraded FedEx to underweight from equal weight after the shipping company’s earnings came in below expectations. He also lowered his 12-month price target by $15 to $200, which now suggests shares can slide about 33.4%. The firm’s biggest concern is FedEx’s revenue: Shanker said he continues to see long-term, structural challenges in FedEx’s parcel business in terms of volume, price and mix from secular changes in e-commerce supply chains and competition. “We remain skeptical about dramatically raising pricing on customers who are already trading down or disintermediating parcel carriers from their commerce supply chains,” Shanker said in a note to clients. “In addition, the USPS contract will end September 29th which is likely to leave a large revenue (and operating leverage) hole next quarter (potentially up to $1 bn annual run rate in our estimate).” This year, FedEx shares are up more than 18.5%. — Pia Singh 6:33 a.m.: E-commerce stock MercadoLibre has more than 18% upside, according to Morgan Stanley Morgan Stanley is bullish on Argentine e-commerce firm MercadoLibre . The firm lifted its 12-month price target to $2,500 from $2,175, suggesting 18.5% upside from Thursday’s close. Shares are up more than 34% this year. “MELI is trading near historical highs, but we still see upside drivers — highlighting 4 across GMV, ads, credit, and Argentina,” analyst Andrew Ruben said. “A diversified base of profit drivers helps hedge against risk factors including international competition and macro volatility.” MELI YTD mountain MELI year to date Ruben reiterated his overweight rating but removed his ‘top pick’ designation on MercadoLibre’s stock. The company has greater revenue and earnings scale, and correspondingly lower multiples, he said in the Thursday note. According to the analyst, the company could see accelerated market share gains, particularly within the Brazilian digital commerce market. Mercado’s advertising revenue could also see growth as it develops an early-stage, off-platform advertising business, he said. — Pia Singh 6:09 a.m.: Morgan Stanley downgrades ASML, sees ‘balancing risk/reward’ for the semi stock Semiconductor manufacturing company ASML has new risks investors may not be able to overlook, according to Morgan Stanley. Analyst Lee Simpson downgraded the Netherlands-based company to equal weight from overweight. This year, ASML shares are up 9.4%, but the stock has slid 19% this quarter after its third-quarter outlook fell short of the consensus guidance. The Dutch government has also indicated it could expand export controls on ASML chipmaking equipment. “We see a balancing risk/reward as indicative of late cycle share price dynamics,” Simpson said in a Friday note. “The risks of a slowdown in expectations could be looming – it could be that investors may have to wrestle with weakness not just with DRAM but also with Intel (especially in foundry) and the growing concern that China semis capacity overspend will slow as we look to 2026.” To be sure, the analyst said his investment thesis supports that ASML’s “2025 recovery sees a sizeable jump in earnings year on year.” He anticipates growing order momentum and better tool utilization to drive the stock’s upside this year. — Pia Singh 5:49 a.m.: Evercore ISI hikes Amazon price target Evercore ISI is betting big on Amazon’s streaming service. Analyst Mark Mahaney reiterated his outperform rating and raised his price target from $225 to $240, which implies 26.4% upside. The stock is up nearly 25% year to date. Mahaney also said the e-commerce giant remains the firm’s leading large cap long pick. AMZN YTD mountain AMZN year to date “We focus on Amazon’s ramped up focus and opportunity with Prime Video,” Mahaney said in a note to clients. “Amazon has ramped up its content on Prime Video (e.g. more NFL games including a WildCard Playoff game, 66 regular season NBA games in ’25, and, especially, the 2024 PPA World Championships). And monetizing that content via advertising has become a higher priority.” According to Mahaney, Amazon Prime Video will generate between $3 billion and $5.9 billion in total sales next year, potentially driving an acceleration in Amazon’s total ad revenue growth next year. The analyst noted that Amazon CEO Andy Jassy said during the company’s second-quarter earnings call that its advertising revenue was at a $50 billion run rate, and that the company was “at the beginning of what’s possible in our video advertising.” — Pia Singh 5:49 a.m.: Morgan Stanley downgrades PepsiCo Don’t expect PepsiCo shares to make much headway going forward, according to Morgan Stanley. Analyst Dara Mohsenian downgraded the snacks and beverage giant to equal weight from overweight. His price target of $185 implies upside of just 6% from Thursday’s close. He cited “lingering [organic sales growth] risk and building EPS risk from US topline softness, driven by both muted category growth, as well as PEP market share losses, with little signs of a pickup post recent greater spending/promotion.” “We upgraded the stock to Overweight back in March at what we thought was a good entry point, expecting OSG would inflect in H2 as Pepsi cycled easier comparisons, Quaker recall issues dissipated, and PEP’s pricing power would reemerge on a relative basis vs HPC peers,” Mohsenian said. “However, that fundamental call was wrong.” PepsiCo shares are up just 2% in 2024, lagging the broader market. PEP YTD mountain PEP year to date — Fred Imbert