Here are the biggest calls on Wall Street on Monday: Bernstein reiterates Nvidia & Broadcom at outperform Bernstein is bullish on both stocks in 2025. “Our top AI picks remain NVDA (still the best way to play AI and right at the start of a new product cycle), and AVGO (benefiting from their own potential ‘Nvidia’ moment as well as a significantly-reset core and significant VMware accretion on the way).” Piper Sandler upgrades Fortinet to overweight from neutral Piper says the cyber security company is a top pick in 2025. “FTNT – OW, $120 PT; Best way to play the firewall refresh in 2025.” UBS reiterates Apple at neutral UBS says its analysis of Apple App Store revenue shows growth ticked higher. “The December quarter marks the sixth consecutive quarter of low- to-mid teens growth and more notably in our view, the second straight quarter of solid growth against tough comps.” RBC upgrades AT & T to overweight from sector weight The firm is bullish on AT & T in 2025. “Upgrading to Outperform on Greater Confidence in Growth Initiatives and Shareholder Return Prospects.” Wells Fargo downgrades T-Mobile to equal weight from overweight The firm sees the “growth premium narrowing” for the stock. “We’re downgrading TMUS to Equal Weight and lowering our PT to $220 ($240 prior). With EBITDA and FCF growth rates decelerating—and TMUS’s relative premium well above historical levels — we think the risk/reward is less favorable looking into 2025.” Bank of America reiterates Amazon at buy The firm says Amazon is a top idea in 2025. “We see potential for acceleration in Cloud revenue growth (while Large Cap media is likely to decelerate), further Retail margin improvement, and expect a strong ramp for Prime Video advertising in 2025.” Wells Fargo initiates ServiceTitan at overweight Wells says the cloud-based software company deserves a “premium.” “We think TTAN warrants a premium multiple given potential to become the de-facto operating system for the trades, a large & expanding TAM that we see translating to durable compounding growth & favorable LT margin potential.” Bernstein reiterates Microsoft at outperform The firm raised its price target to $516 per share from $511. “Microsoft has become far less crowded over the last year due to investors’ concerns about CAPEX and the ability of MSFT to convert CAPEX to revenue.” Deutsche Bank initiates Up Fintech as buy The firm says the brokerage company is well positioned for growth. ” UP Fintech (TIGR) is a leading integrated online brokerage company offering a diverse range of investment products across multiple markets. It serves investors in Singapore, New Zealand, Australia, and the United States, and has recently expanded into Hong Kong.” BMO initiates Toast at outperform BMO says the restaurant payment company is a long-term winner. “We initiate coverage of Toast at Outperform with a $45 target.” Baird upgrades Dutch Bros. to outperform from neutral The firm upgraded the coffee stock, saying better late than never. “While not our preferred approach to upgrade a stock following such a strong move (BROS +61% since Q4 report vs. S & P 500 roughly flat), we are optimistic BROS still has plenty of opportunity to deliver outperformance over the next 6-12+ months.” Morgan Stanley initiates Vertiv Holdings at overweight Shares of the data center infrastructure company are too attractive to ignore according to Morgan Stanley. “Initiate coverage of Vertiv (VRT) at Overweight w/ a $150 PT.” Morgan Stanley initiates Travel & Leisure & Hilton Garden Vacations at overweight The firm is bullish on both timeshare companies. “We are launching coverage of Timeshare companies Travel+Leisure ( TNL), Hilton Grand Vacations (HGV) and Marriott Vacations (VAC) as part of our gaming & lodging coverage.” Deutsche Bank upgrades Hewlett Packard Enterprise to buy from hold Deutsche says the stock has an “undemanding valuation.” “HPE’s (standalone) business is seeing positive inflections across its core segments, both AI/traditional server sales improving (Server is ~55% of total sales today), alongside better results in its Hybrid Cloud and (own) Networking businesses.” Guggenheim downgrades Salesforce to sell from neutral The firm is concerned the company is not showing enough innovation. “CRM has rallied ~30% in the 4 mos since it introduced Agentforce on its 8/28/24 F2Q25 conference call, relative to the IGV’s 19% gain and S & P’s 6% gain over that timeframe.” Bank of America upgrades Henry Schein to buy from underperform Bank of America called the company a “best in class dental asset.” “We upgrade HSIC to Buy from Underperform. We think HSIC stands out as a best-of-breed dental asset strategically positioned to compound EPS at healthy rates, which the company accomplished during the entire decade before Covid.” Bank of America upgrades Cardinal Health to buy from neutral Bank of America says it’s bullish on growth in 2025 for the healthcare stock. “We are upgrading shares of Cardinal Health (CAH) from Neutral to Buy. Cardinal’s organic growth in the core pharma segment has begun to outpace peers, and we believe growth is likely to exceed Street expectations over the next year.” MIzuho upgrades Chewy to outperform from neutral The firm says the pet company is “entering beast mode” in 2025. “We upgraded shares of Chewy (CHWY) to Outperform with a $42 PT as part of our 2025 industry outlook, checking several boxes on our thematic list.” BMO upgrades Capri to outperform from market perform BMO says it’s bullish on the owner of Michael Kors. “We upgrade CPRI on what we see as too-negative/uninterested sentiment. Perhaps peculiarly, we aren’t upgrading on strength/inflection (may be early); instead on expected share upside as 1) sales, 2) margins, and 3) debt pressures turn ‘less-bad.'” Barclays upgrades Citigroup to overweight from equal weight Barclays says it sees several positive catalysts ahead for the stock. “Our thesis for Large-Cap Bank stocks in 2025/26 centers around accelerating earnings growth, higher investment banking fees, healthy operating leverage, increasing ROTCE, greater capital return, and P/E multiple expansion. We expect C to amplify these drivers.” Barclays upgrades Boeing to overweight from equal weight Barclays says it’s warming up to Boeing shares for the first time since 2019. “Like the past several years, we see aero generating positive relative EPS growth and further outperformance in 2025. However, this time we see the upside being weighted more towards [original equipment] than aftermarket.” Melius upgrades Cisco to buy from hold Melius says it likes the stock in 2025. “But even Cisco could get some sizzle here as good ‘ol corporate networks need to be upgraded to implement applications that make them more productive.” Barclays upgrades Capital One, Synchrony and Discover to overweight from equal weight Barclays says it sees a more “stable consumer” in 2025. “Upgrading COF, DFS, and SYF to OW in the Consumer Lender Space.” Jefferies upgrades American Airlines to buy from hold The firm says the airline is an underdog. “We upgrade AAL to Buy with $20 PT at just 5X ’26 EBITDAR and 7.5X P/E, a discount to peers.” Wedbush adds Uber to best ideas list The firm says the risk/reward is too attractive to ignore in 2025. “We are adding Uber (UBER, Outperform) to the Best Ideas List. We think the risk/ reward has become more attractive at current levels, with shares trading for only ~12.8x our 2026E adj. EBITDA estimate.” Benchmark upgrades Lyft to buy from hold The firm says it sees “significant optionality” for the ride-sharing company. “With a deep breath, we are raising our rating on Lyft (LYFT) from Hold to Buy and instituting a fresh $20 per share price target.”
