Here are Thursday’s biggest calls on Wall Street: Goldman Sachs reiterates Nvidia as buy The firm raised its price target on the stock to $165 per share from $150 following earnings. “We reiterate our Buy rating on NVDA (which is also on the Americas Conviction List) and highlight the rich catalyst path ahead.” Morgan Stanley initiates UMB Financial as overweight Morgan Stanley said the commercial bank has a “differentiated deposit base.” “We see UMBF as one of the best ways to play lower rates among the Midcap Banks.” Rosenblatt upgrades Palo Alto Networks to buy from neutral The firm upgraded the stock following Palo Alto earnings on Wednesday. “The company delivered another strong quarterly performance, driven by successful execution of its platform strategy.” William Blair downgrades Ulta to market perform from outperform William Blair said it sees a “drawn-out recovery category” for shares of Ulta. “We are downgrading shares of Ulta to Market Perform from Outperform. Our downgrade is predicated on the view that coming off a hard reset of expectations at the analyst day, October 16, consensus 2025 comp and operating margin appear still optimistic and embed expectation of an early-2025 inflection in the beauty category, which we believe is unlikely.” Goldman Sachs downgrades XPeng to neutral from buy Goldman downgraded the China EV company mainly on valuation. “With at least four new model launches in the pipeline in 2025, we continue to see strong volume growth of +81% yoy for XPeng . On the other hand, we remain cautious on the competitive environment going into 2025, especially in the first quarter which has historically seen intensifying price cuts.” Wells Fargo initiating GE Vernova as overweight Wells said it sees an “AI power surge” for shares of the electric and renewables company. ” GEV is a primary beneficiary of projected LT growth in power demand driven by the AI data center buildout, US reshoring, & electrification trends.” Bank of America reiterates Netflix as buy Bank of America raised its price target on the stock to $1,000 per share from $800. “Last weekend, 60mn households (65mn concurrent streams at peak; 108mn global live viewers from opening to closing bell) watched the Jake Paul vs Mike Tyson boxing match on Netflix.” Morgan Stanley reiterates Dell as overweight The firm said it’s sticking with Dell ahead of earnings next week. “We like this story for 2025 and would therefore be buyers of any post-earnings weakness, remaining OW with $154 PT.” Citi upgrades DT Energy to buy from neutral Citi said the natural gas pipeline company has “best-in-class” growth. “Additionally, DTM is now > $10bln in market cap, which should attract attention from a wider investor base, including international investors.” Goldman Sachs reiterates Chevron as buy Goldman raised its price target on the stock to $170 per share from $167. “For Chevron, we reiterate our constructive view on the stock, where we see ~10% total return to our updated PT of $170/sh.” Barclays upgrades Royal Bank of Canada to overweight from equal weight Barclays said it likes the Canada bank’s “scale and diverse business model.” “We are upgrading RY to Overweight from Equal Weight.” Goldman Sachs initiates Merus Therapeutics as buy Goldman said the biotech company has “best-in-class” potential. “We are initiating coverage of MRUS (Merus N.V.) with a Buy rating and a $73 12-month target price.” Goldman Sachs reiterates Snowflake as buy The firm said it likes the company’s “strong execution” following earnings on Wednesday. “We reiterate our Buy rating and $220 Price Target on Snowflake (on conviction list) following impressive F3Q results that augment our conviction the company can sustain mid-20’s revenue growth at a $4B revenue scale while delivering 25% FCF margins…” Bank of America reiterates Tesla as buy Bank of America said the stock is best positioned heading into next year. “Tesla appears well-positioned for growth in 2025 given latest commentary provided during the earnings call, which includes: soaring production volumes in the range of 20-30% YoY, the start of production of the Cybercab, the launch of a public ride-hailing app, deliveries of batteries from the Shanghai factory, and further progress of FSD (full self-driving) capabilities.” JPMorgan reiterates Palo Alto Networks as overweight The firm said it’s sticking with Palo Alto following earnings on Wednesday. “Platform progress with healthy results for what is typically a seasonally softer quarter.” Bank of America reiterates TJX Companies as buy Bank of America called the stock a “resilient share gainer” following earnings on Wednesday. “Despite some unfavorable weather impacts, TJX delivered comps of at the high end of guidance (+3%), driven by increased traffic across all banners.” Goldman Sachs reiterates Salesforce as buy Goldman said it’s sticking with shares of Salesforce. “We reiterate our Buy rating and raise our PT to $360 (vs $325 prior) following Agentforce World Tour, where conversations with partners and customers left us with greater conviction in Salesforce’s AI strategy execution.”
