Here are the biggest calls on Wall Street on Tuesday:

Wells Fargo adds Tesla to tactical underweight second quarter list

The firm says it’s sticking with its underweight rating heading into the second quarter with too many negative catalysts.

“We have an Underweight rating on TSLA. We continue to see delivery growth declines & diminished return on price cuts driving a ~280bps y/y decline in 2025 auto [gross margin] ex credits. We remain skeptical on the CyberCab Deployment in Austin.”

Raymond James reiterates Nvidia as strong buy

Raymond James says it’s sticking with its strong buy rating on Nvidia following an Asia tech tour.

“We continue to view GenAI as a multi-year tailwind and believe that the stocks are already discounting a material slowdown in AI spending in 2026.”

Citi reiterates Apple as buy

Citi says it’s sticking with Apple following Monday’s release of an iOS update.

“We think Apple will likely reset Siri software expectations on the next earnings call before heading into [Worldwide Developers Conference] on June 9th. AAPL stock price is getting closer to our bear case following the Siri delay sell-off and the risk reward looks attractive. Maintain Buy.”

Bank of America reiterates Amazon as buy

The firm is bullish on Amazon’s AI Agent, Nova, saying it could help with “aspects of retail shopping.”

“Amazon launched several new features of its foundational model Nova, including a new website for exploring models, and Amazon Nova Act, an agentic AI model that can perform and automate actions within a web browser.”

Citi reiterates Micron as buy

The firm says it’s sticking with shares of the semiconductor maker.

“We reiterate our Buy rating on Micron and maintain our target price of $120, or 10X F26E EPS, in line with its historical average but below AI peers.”

Monness Crespi Hardt downgrades Strategy to sell

Monness Crespi Hardt says there are “limits” to MicroStrategy’s bitcoin accumulation approach.

The firm downgraded the stock to sell from neutral and established a price target of $220, which implies a roughly 23% pullback from where the shares ended Monday.

Stephens initiates CrowdStrike at overweight

The firm says the cyber company is a top idea.

“CRWD: large, broad cyber platform play + at-scale 20% grower + confident in net new [annual recurring revenue] acceleration in 2H + strong profitability.”

Jefferies cuts American and Delta to hold from buy and Southwest to underperform from hold

The bank downgraded American, Delta and Southwest, saying it’s concerned about slowing travel.

“We lower Q1/Q2 ests w/ March exit rates pressuring summer (avg Q2 EPS -14% vs Street) as corporate & consumer sentiment to remain soft on swelling macro uncertainty + Q1 GDP flattish.”

Melius downgrades Kroger to sell from hold

Melius downgraded the grocer, citing rising competition.

“KR was once within spitting distance of meaningfully negating WMT U.S. as a presence in the U.S. grocery landscape.”

Goldman Sachs upgrades Ulta to buy from neutral

Goldman says the beauty stock has a hit a “bottom.”

“We are upgrading ULTA to Buy from Neutral with an updated 12-month price target of $423. We have been on the sidelines with this name since December 2022 given our concerns around the normalization of beauty industry sales and prestige market share loss.”