Here are Thursday’s biggest calls on Wall Street: Citi upgrades Generac to buy from neutral The firm said the battery backup company has pricing power. “We are upgrading GNRC to Buy/High Risk with a $138/sh PT. GNRC successfully navigated tariffs under Trump 1.0 and maintains a higher domestic exposure than its competitors, which provides pricing power.” Loop upgrades Warby Parker to buy from hold Loop said investors should buy the dip in the eyewear company. “We believe the sell-off in Warby Parker shares year to date is well overdone and provides a long-awaited attractive entry point. In addition, our channel checks indicate the company’s demand trends remained healthy in 1Q 2025.” BMO upgrades Trex to outperform from market perform BMO said shares of the wood manufacturer are attractive. “The recent pullback in the stock offers a very attractive entry point. Trex h as a market leading position in composite decking with a multi-year material conversion opportunity from wood.” UBS reiterates Nvidia as buy UBS cut its price target on Nvidia after the company warned about exporting graphic processing unit chips to China. “The bottom line is that we are adjusting both revenue and gross margin estimates lower with F2026 (C2025) revs/EPS now $223.5B/$4.86 and F2027 (C2026) revs/EPS now $256.3B/$6.02. Given the cut to C2026 EPS our PT comes down from $185 to $180.” Citi opens a positive catalyst watch on Qualcomm Citi said it sees strong handset demand in China for Qualcomm. “We are raising estimates and opening a positive Catalyst Watch on QCOM on better-than-expected handset demand, particularly from China. Citi reiterates Alphabet as buy The firm said it’s sticking with the stock ahead of earnings next week. ” GOOGL is scheduled to report 1Q25 results Thursday, 04/24, AMC that we believe are likely to be in-line / slightly better than ours and consensus expectations. That said, the focus is on N-T trends and visibility given macro concerns stemming from the reciprocal tariffs and our checks suggest a softer ad environment beginning in March.” BMO downgrades Novo Nordisk to market perform from outperform BMO downgraded the biopharma company on rising competition. “We are downgrading NVO shares to Market Perform (from Outperform) and reducing our target to $64/share as we believe obesity competitor Lilly has made sizable advancements in its commercial and clinical portfolio, causing it to overtake Novo’s early lead.” KeyBanc downgrades Microsoft to sector weight from overweight Key said it sees too many negative catalysts building for Microsoft. “To be clear, this isn’t about calling a quarter or anything like that. We’re not tactically downgrading ahead of the print in a couple weeks due to any single response in our survey of checks; this is more about seeing the data building and validating some worries we’ve had for a while.” Redburn Atlantic Equities upgrades Nasdaq to neutral from buy Redburn said the risk/reward is too attractive to ignore for the global markets and exchange company. “We assess Nasdaq’s risk/reward profile and find a positive skew to the upside, with additional upside optionality if the company can underpin its Financial Technology segment with more proprietary data and analytical capabilities.” Rosenblatt initiates RedCloud as buy Rosenblatt said the digital e-commerce retail enabler is well positioned. “We are initiating coverage of RedCloud Technology with a Buy rating and a 12-month target price of $5.00.” KeyBanc upgrades Yeti to sector weight from underweight Key upgraded the lifestyle outdoor products company mainly on valuation. ” YETI (SW): We lower our FY26E EPS to $2.50 (from $2.98) but upgrade to SW as relative valuation improves. Baird upgrades H.B. Fuller to outperform from neutral Baird said the adhesives manufacturer is “secularly attractive.” “As part of our 1Q25 earnings preview, we are raising our rating on the shares of H.B. Fuller to Outperform—a franchise that we view as secularly attractive over the long term, with lowered near-term visibility more than reflected via valuation multiple compression over the past year.” KBW downgrades Progressive to market perform KBW said it sees slowing growth for the auto insurance company. ” PGR’s phenomenal personal auto PIF [policy-in-force] growth will probably decelerate as competitors’ rate increases slow, and we expect some near-term core loss ratio pressure as earned rate increases decline, especially if recently declining personal auto physical damage claim frequencies normalize.” Morgan Stanley reiterates Meta as overweight The firm said Meta is best positioned amid the tariff uncertainty. “Bottom line, we favor scale, performance, and audience bidding over keyword bidding, making META likely the most resilient.” Piper Sandler reiterates Netflix as overweight Piper said the stock is well positioned heading into earnings on Thursday afternoon. “Currently, NFLX may be the best positioned name in consumer internet: it has strong entertainment value proposition and defensible subscription model, which is insulating in a recession.” Evercore ISI reiterates Apple as outperform Evercore said it’s standing by the stock in the face of tariff headwinds. ” Apple’s efforts to diversify its supply chain should help minimize the impact from tariffs that only target China. If tariffs are applied broadly, we think Apple would continue to import and push through relevant price increase to offset the cost inflation along with getting suppliers to share the burden.” Citi downgrades Sunrun to neutral from buy Citi said it’s concerned about a possible elimination of tax credits. “We are downgrading RUN to Neutral/High Risk. We see potential elimination of ITC [investment tax credits] adders as the biggest risk that could impair residential solar, which depends on TPO [third party ownership] financing for half of US installs.” Raymond James downgrades Coty to market perform from outperform The firm downgraded the beauty company due to ‘tough comps.” “We also made one ratings change, downgrading COTY to Market Perform, reflecting tough comps, category pressures, and peak margins.” Seaport downgrades PayPal to neutral from buy Seaport said it’s concerned the company will lower guidance heading into its investor day. “For PYPL, we think it’s going to be a struggle for the company to meet the MT guidance it provided at its Investor Day – particularly, accelerating to 8%-10% growth in Checkout TPV [total payment volume] – if discretionary spend starts to slow as we expect.”
