Here are the biggest calls on Wall Street on Thursday: JPMorgan reiterates Qualcomm as overweight JPMorgan says the chip giant is resilient following earnings on Wednesday. “Qualcomm delivered robust results against +an otherwise challenging backdrop for the smartphone market helped not only by robust content growth in Android premium smartphones but also strong results in both IoT and Automotive.” Truist upgrades ServiceNow to buy from hold Investors should buy the dip in ServiceNow, the firm said Thursday. “We are upgrading our rating to Buy from Hold on ServiceNow shares, as we believe that the company will continue to consolidate the enterprise IT stack, leveraging AI and macro uncertainty to strengthen their relative positioning versus other vendors across the landscape.” Bank of America reiterates Microsoft as buy Bank of America says the tech giant remains a top pick at the firm following earnings. ” Microsoft reported strong Q3 results and outlook, led by Azure.” JPMorgan upgrades Camping World to overweight from neutral JPMorgan upgraded the RV company following earnings and says investors should buy the dip. “We are upgrading shares of Camping World Holdings to Overweight from Neutral after the shares declined -14.4% Wednesday vs. the S & P 500 +0.1%, seemingly in reaction (in our view, overreaction) to a softer trend to 1Q Average Selling Prices despite numerous other aspects of the firm’s performance indicating the beginning stages of an expected sharp profit pivot driven by largely idiosyncratic factors remains on track.” Redburn Atlantic Equities downgrades Procter & Gamble to neutral from buy The Wall Street firm says it sees limited upside for shares right now. “P & G will remain defensive with entrenched market positions, a strong track record on productivity and a solid balance sheet, but the case for absolute upside is limited.” Bank of America reiterates Meta as buy Bank of America says Meta has a “long-term foundation for AI growth” following earnings on Wednesday. “We see Meta as relatively well positioned in a soft macro with multiple usage drivers and an Al-driven platform that is driving improved ad performance vs peers.” JPMorgan upgrades Silgan to overweight from neutral JPMorgan says the consumer goods packaging company is well positioned. “We expect Silgan to report a strong earnings year in 2025 despite generally weak economic conditions. Silgan’s 2024 metal can results were pushed lower by weather conditions that disrupted the canned fruit and vegetable packing season.” Goldman Sachs adds Johnson & Johnson to the conviction list Goldman Sachs added the stock to its conviction list and said it has a robust pipeline. ” JNJ is a stable, defensive grower with the industry’s strongest balance sheet allowing for continued high-ROIC investments in the Innovative Medicines segment to augment revenue growth.” JPMorgan upgrades Western Digital to overweight from neutral JPMorgan resumed coverage of the stock and upgraded Western Digital following earnings citing solid artificial intelligence demand. “For the Jun-Qtr, the team guided revenues to $2.45B (up 7% Q/Q), above consensus, and the team suggested that it is not seeing any direct impacts from tariffs, albeit WDC is baking in some level of conservatism in its Jun-Qtr revenue outlook to account for some potential demand headwinds in enterprise/consumer/retail due to tariff/trade-related dynamics.” Baird upgrades Caterpillar to neutral from underperform Baird says it sees an improving backdrop for the Caterpillar . “Going forward, we see some positive signs including better than expected dealer inventories, more resilient demand (admittedly, pre-tariff but still better than peers) and a prudent approach to price vs. cost management in dealing with tariffs. We would look to use any additional pressure from a macro/recessionary reset to get even more constructive on the stock.” UBS reiterates Tesla as sell UBS said it would be a “watershed moment” following the news of a report that Tesla could be considering a new CEO. “If the report is true, and if Tesla were to install a new CEO, it would be a watershed moment for the company. There is no denying Musk’s vision, leadership and contribution to the automotive industry.” JPMorgan adds Netflix to the monthly focus list JPMorgan says it sees more upside for shares of Netflix. “NFLX has established itself as the clear leader in global streaming & is on the pathway to becoming global TV…Advertising Upfronts in May should serve as a positive catalyst to shares.” HSBC downgrades UPS to hold from buy HSBC downgraded the stock following earnings, citing reduced demand. “We believe tariff uncertainties will remain an overhang on UPS’ short-term demand outlook and share price.” Raymond James upgrades Humana to outperform from market perform Raymond James says it sees margin upside for Humana. “The upgrade is less about the quarter and more about an improving backdrop for in MA [medicare advantage] where we see upside to margins over the next 2 years driven by flattening cost trend, an improving rate environment, and more conservative bids.” Wells Fargo reiterates Apple as overweight Wells Fargo says it is standing by the stock ahead of earnings Thursday afternoon despite a Judge’s ruling on Wednesday that Apple violated a court order to allow for App Store competition. “[Wednesday] Apple shares are coming under pressure following a CA judge ruling that Apple has violated a US court order to allow for greater competition for app downloads and payment methods in the company’s App Store.” Goldman Sachs reiterates Wingstop as buy Goldman Sachs says the restaurant company has “best-in-class” economics following earnings on Wednesday. “Wingstop is leaning into technology initiatives, noting that historically the company operated with paper kitchen tickets and limited back-of-house technology integration.” Morgan Stanley reiterates Disney as overweight The firm lowered its price target on Disney to $110 per share from $130. “With shares down 20% YTD, the net result is an attractive risk/reward, but one that may take time to play out as the market looks for visibility into the degree – if any – a weaker macro impacts earnings.” Deutsche Bank reiterates Robinhood as buy Deutsche Bank said in a note Thursday that Robinhood’s earnings report shows it has “strong platform growth.” “Reiterate Buy Rating & Raising PT to $54 from $50.” Oppenheimer upgrades Caterpillar to outperform from perform The firm says the machinery stock is resilient following earnings. “While the global macro outlook is likely to remain a near-term overhang, CAT’s better than feared quarter highlighted relative resiliency of the demand and margin outlook.” Barclays reiterates Nvidia and Advanced Micro Devices as overweight Barclays says fears over the Trump administration’s chip export control restrictions are overdone for Nvidia and AMD. “There has been incremental news flow in recent days regarding the Trump administration’s potential desire to re-write AI semiconductor export policy, but we would point out NVDA’s and AMD’s recent press releases writing down remaining China inventory as indications that neither company plans to service the China AI market any longer, and thus should be less of a risk to numbers going forward.”
