Top Calls on Wall Street: Nvidia, Apple, Broadcom, Tesla, Netflix, Ferrari, Johnson & Johnson, Coinbase & More

Here are Friday’s biggest calls on Wall Street:

Jefferies downgrades Apple to underperform from hold

The firm said expectations are too high for a foldable iPhone 18.

“Better demand for iPhone 17, partly due to a price cut on the base model, is already reflected in the stock. That has led to excessive expectations for iPhone 18 Fold and the replacement cycle.”

Goldman Sachs reiterates Apple as buy

Goldman said App Store spending is decelerating but it remains positive on the stock.

“September 2025 Apple App Store spending grew +7% yoy per Sensor Tower, decelerating from +10% yoy in August 2025. This marks the fourth consecutive month of year-over-year deceleration in App Store spending, and the lowest monthly yoy growth rate since April 2023.”

Wells Fargo upgrades Johnson & Johnson to overweight from equal weight

Wells said shares of Johnson & Johnson look attractive.

“With pharma tariff and pricing risk, as well as Stelara’s loss of exclusivity concerns largely behind us, we see upside in Pharma coupled with an attractive valuation. We raise PT to $212 (from $170) on 17.5x our 2027E EPS of $12.09.” Read more.

Oppenheimer reiterates Netflix as outperform

Oppenheimer said it’s staying bullish ahead of earnings on Oct. 21.

“Given strong 3Q engagement data and stock underperformance, we are reiterating our $1,425 target and Outperform rating ahead of earnings.”

Wolfe upgrades Woodward to outperform from peer perform

Wolfe said it sees margin expansion for the aerospace company.

“We’re upgrading shares to Outperform with a $300 PT.”

Wolfe downgrades PayPal to peer perform from outperform

Wolfe said it’s waiting for better visibility.

“We downgrade shares to Peer Perform with FV range of $70-$80.”

BMO initiates Charles Schwab as outperform

BMO said the company is well positioned for growth.

“With balance sheet risk behind it and a credible path to greater capital efficiency, Schwab offers an attractive risk/reward profile.”

Goldman Sachs reiterates Amazon as buy

Goldman raised its price target and said Amazon is “underappreciated.”

“We reiterate our Buy rating on AMZN, adjust our operating estimates, and increase our 12-month PT from $240 to $275 with an upside/downside skew of ~3:1 from current levels.”

Goldman Sachs downgrades Bumble to neutral from buy

The firm said the risk/reward looks more balanced.

“On the back of our updated estimates, we downgrade BMBL to Neutral with a 12-month PT of $7.00 (down from $8.00). Visibility into a turnaround of the core Bumble app remains low, likely not until mid-2026.”

Mizuho reiterates Broadcom as a top pick

Mizuho said the stock remains a top idea.

“AVGO remains an industry leader with strong profitability...”

Gordon Haskett upgrades Zillow to buy from hold

Gordon Haskett said the risk/reward is too attractive to ignore.

“We’re upgrading Zillow to Buy as we believe negative sentiment weighing on shares over the past two weeks creates a favorable setup.”

Morgan Stanley upgrades Curbline Properties to overweight from equal weight

The firm said the REIT is a “rare double-digit” growth story.

“Upgrade CURB to OW and $27 PT given its rare double-digit FFO growth in retail and convenience focus.”

Mizuho upgrades Occidental Petroleum to outperform from neutral

Mizuho said it’s more bullish after the company divested OxyChem to Berkshire Hathaway.

“OXY has one of the best portfolios of U.S. onshore reserves in terms of quality and depth, which should take center stage going forward.”

UBS upgrades Freeport-McMoRan to buy from neutral

UBS said investors should buy the dip.

“We upgrade Freeport to Buy (from Neutral), lifting our target to $48/sh (from $42.5/sh).”

Stifel upgrades Knight-Swift and Schneider National to buy from hold

Stifel said it sees a “cycle upturn” for both trucking companies.

“With signs of tightening regulatory supply pressure, we feel incrementally better about a cycle upturn, and we are upgrading Knight-Swift (KNX, $39.90) and Schneider National (SNDR, $21.08) to Buy.”

Bank of America reiterates Nvidia as buy

The firm said Nvidia remains a top idea.

“We continue to prefer NVDA as our top AI pick, levered to critical compute (accelerators) and networking components of the $1.2tn potential data center capex.”

RBC reiterates Microsoft as outperform

“We think Microsoft’s position as an AI leader stems from its ability to monetize across both infrastructure and applications.”

Berenberg initiates Ferrari as buy

Berenberg said it sees EPS growth ahead.

“While we forecast only modest volume growth, we believe Ferrari investors can achieve attractive long-term returns through price/mix-driven earnings and free cash flow growth.”

Rothschild & Co Redburn upgrades Coinbase to buy from neutral

The firm said shares of the crypto company have more room to run.

“The evolving digital asset landscape holds significant opportunities and risks. Against this backdrop, we upgrade Coinbase to Buy, assessing it as a well-balanced play on broader digital asset adoption.” Read more.

Piper Sandler downgrades Instacart to neutral from overweight

Piper said it’s concerned about rising competition.

“We move to the sidelines on CART in light of competitive pressures. We’re less concerned about the quarter than about an industry dynamic that pits CART against scaled competitors and fast-growing peers forging new partnerships.”

Barclays upgrades Shoals to overweight from equal weight

Barclays said the solar company is a data center beneficiary.

“SHLS’s entry into the data center and energy storage space provides a new and potentially large revenue stream, which management expects could be the fastest-growing area of the business over the next five years.”

Goldman Sachs reiterates Tesla as equal weight

Goldman said Tesla’s delivery numbers were better than expected.

“While the expiration of IRA credits will likely be a 4Q headwind, we see potential positives over the next month including 3Q earnings (which should benefit from stronger deliveries and increased Energy deployments) and the Nov. 6 shareholder meeting.”