Ratings Weekly | Nvidia, Apple, Tesla, Amazon, Meta, Oracle, Micron, Novo Nordisk, and More

What has Wall Street been buzzing about this week? Here are calls made by Wall Street's best analysts during the week of September 8-12.

1. Nvidia

Nvidia upgraded to Buy at DA Davidson

DA Davidson upgraded Nvidia to Buy from Neutral with a price target of $210, up from $195, citing the belief the growth in AI compute demand will drive enough demand to sustain growth into next year and likely beyond. The firm's "increasingly optimistic view" of the growth in AI compute demand supersedes its concerns about cross-currents it has highlighted in the past, including the increased competition from customers through ASICs, especially Google's (GOOGL) TPUs and increased competition and volatility in demand in China, DA Davidson tells investors.

Wells Fargo reiterates Nvidia as overweight

The bank says it’s sticking with the stock after it displayed its latest graphic processing unit chip at an AI conference.

“Our Overweight rating is based on our positive stance on NVIDIA’s competitive positioning in gaming GPUs and expanding growth opportunities in data center, HPC [high performance computing], and emerging / expanding AI opportunities (autonomous vehicles, healthcare, robotics, etc.).”

2. Apple

Bank of America reiterates Apple as buy

Bank of America raises its price target to $270 per share from $260 following Tuesday’s iPhone event.

“The iPhone launch event went mostly as expected. Apple introduced new versions of iPhone, Watch and AirPods with enhanced functionality to make them even more integrated into our lives with more health features (heart rate sensing, hypertension notifications, sleep score), and functionality.”

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.”

3. Tesla

Wells Fargo reiterates Tesla as underweight

Wells says Tesla’s sales data remains weak.

“Available TSLA August sales data remains weak despite the end of IRA on Sept 30. Of the 3 major mkts we track, Aug TSLA deliveries are trending down 9% y/y, though 37% higher m/m.”

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).”

4. Amazon

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.”

5. Meta Platforms

Morgan Stanley reiterates Meta Platforms as overweight

The firm says it’s sticking with the social media stock.

“Good news is pipeline here seems long. OW META with 11%/44% upside to base/bull”

6. Oracle

Bank of America upgrades Oracle to buy from neutral

The firm raises its price target to $368 per share from $295 after Oracle reported its latest results.

“Also, Oracle’s leading position in database and applications could drive meaningful pull through of AI compute in a one stop shop solution.”

7. Novo Nordisk

Bernstein upgrades Novo Nordisk to outperform from market perform

Bernstein says investors should buy the dip in the biopharma company.

“After two profit warnings, the market has almost fully capitulated. Although we cut our estimates, we still see an attractive obesity market opportunity for Novo, and upgrade to Outperform.”

8. Micron

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).”

9. Nike

TD Cowen upgraded Nike to Buy from Hold with a price target of $85, up from $62. The firm sees three reasons to believe in Nike's turnaround: the company's margins have troughed and a recovery is underappreciated, new management's execution, and improving Nike and Jordan trends, according to its field checks. TD's field work shows signs of Nike and Jordan improvement while share gain and brand heat from upstart peers are slowing, the firm tells investors in a research note.

10. Chewy

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.”

11. UPS, FedEx

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”

12. General Motors

Barclays upgraded General Motors to Overweight from Equal Weight with a price target of $73, up from $55. The firm sees a favorable environment for the company amid easing U.S. electric vehicle regulations and "resiliency" in U.S. car pricing. GM has an opportunity to narrow its EV losses. When combined with an attractive valuation and stock buybacks, GM shares "should work," contends Barclays.

13. Dick's Sporting

Citi upgraded Dick's Sporting to Buy from Neutral with a price target of $280, up from $225, following the close of the Foot Locker acquisition. The firm views the combined company as a "powerful force" in athletic footwear and apparel. The buying power of Dick's with Foot Locker will create a "category killer," Citi contends. It believes the new company will post mid-single-digit sales growth and margin expansion as the Foot Locker business gets improved.