Top Calls on Wall Street: Apple, Tesla, Nvidia, Amazon, Micron, Chewy, and More

Here are the biggest analyst research calls on Wall Street on Thursday:

DA Davidson downgrades Apple to neutral from buy

The firm says it’s concerned about the slowing pace of Apple’s AI ecosytem.

“While we were initially excited about the prospects of Apple’s role in the AI ecosystem and potential major upgrade cycle, it has become clear to us that neither of those are likely to come to fruition in the near-term.”

Wolfe reiterates Tesla as peer perform

Wolfe says it’s standing by its peer perform rating on the stock but that it likes Tesla’s energy component.

“Tesla’s current Automotive business and their future AI / Autonomy opportunities often garner the lion’s share of attention amongst investors. But we remain bullish on Energy, which has grown rapidly in recent years and is their most profitable segment (est 2025e revs up 31% to $13.2 bn, with ~29% Gross Margin).”

DA Davidson upgrades Nvidia to buy from neutral

The investment bank says it’s getting more bullish on the stock.

“We believe the growth in AI compute demand will drive enough demand to sustain NVDA’s growth into next year and likely beyond. While there are still several cross-currents, we believe those are not enough to change that trajectory and are upgrading to BUY from Neutral, raising our price target to $210 from $195.”

Morgan Stanley names Amazon a top pick

Morgan Stanley says it’s bullish on the company’s Fresh grocery initiative.

“We see AMZN’s push into the ~$600bn fresh grocery market unlocking durably faster growth.”

Citi reiterates Micron Technology as buy

Citi raises its price target to $175 per share from $150.

“We believe the continued memory upturn is being driven by limited production and better than expected demand, particularly from the data center end market (55% of Micron revenue).”

Deutsche Bank upgrades Chewy to buy from hold

Deutsche upgrades Chewy following earnings.

“Coming out of the 2Q, with multiple growth investments articulated in the 2H, likely driving negative MSD [mid single digit] earning revisions to buy-side expectations, we believe that buy-side bogeys are now in a better place after a couple quarters of negative Gross Margin revisions.”

Bank of America cuts UPS to underperform from neutral, FedEx to neutral from buy

Bank of America says it’s concerned about “increased pressure on volume and costs.”

“We lower our ratings on UPS to Underperform (from Neutral) and FedEx to Neutral (from Buy) as we account for increased pressure on volume and costs, following our recent look at de minimis impacts to airfreight carriers”

Deutsche Bank initiates Synaptics at buy

Deutsche says the semis company is in the midst of a turnaround.

“We are launching coverage of Synaptics (Ticker: SYNA) with a Buy rating and an $85 price target.”