Here are the biggest calls on Wall Street on Tuesday:

Deutsche Bank upgrades Netflix to buy from hold

Deutsche said shares are compelling at current levels. “We are upgrading Netflix to Buy, from Hold, and lowering our PT to $95, from $100, on our lower OI and FCF estimates after updating for 2Q earnings.” Read more.

Bank of America reiterates Apple as buy

Bank of America said Muse concerns are overdone. “The risk for Apple is that it can keep every handset sale and still lose discovery, referral, and transaction initiation. Despite the emerging risks, we view Apple as an eventual winner of AI at the edge.”

Citi reiterates Nvidia as buy

Citi said it likes the company’s buyback announcement on Monday. “We believe the expanded buyback reinforces NVIDIA’s view that strong AI-driven free cash flow growth can support both strategic investments and substantial shareholder returns.”

TD Cowen initiates SpaceX as buy

TD Cowen said it sees a “mammoth AI and space opportunity.” “In the near term, we expect SpaceX’s terrestrial AI compute leasing (with customers including Google & Anthropic) to comprise the company’s fastest growing revenue stream and majority of overall SPCX rev by 1Q27, driven by ramping terrestrial GW capacity.” Read more.

CLSA initiates SpaceX as buy

CLSA said the company has plenty of upside. “The foundation of its value proposition is Starship; launch costs are capitalised to Connectivity and AI to create self-reinforcing revenue, cash and capital flows. SpaceX AI’s offering is the most unique globally, and may revive American manufacturing.”

Bernstein initiates AutoZone as outperform

Bernstein said it’s bullish on the auto parts company. “We prefer AZO as we see greater upside potential for DIFM-driven [do it for me] growth.”

JPMorgan downgrades PepsiCo to neutral from overweight

JPMorgan said in its downgrade of PepsiCo that it’s concerned about a series of tailwinds. “However, excluding these non-recurring tailwinds, judging from the tracked channel and recent price increase announcements, we believe trends in North America have likely continued to underperform management expectations.”

Goldman Sachs reinstates Baker Hughes as buy

Goldman said shares are attractive. “We are reinstating a rating on Baker Hughes (BKR) at Buy, with a 12-month price target of $71, implying 23% upside from current levels.”

Oppenheimer initiates FuelCell Energy as outperform

Oppenheimer said the company has a unique offering. “We initiate coverage of FuelCell Energy, Inc. (FCEL) with an Outperform rating and a $24 PT.”

TD Cowen reiterates Dell as hold

The firm raised its price target to $550 per share from $500 following meetings with management. “We hosted DELL IR Head, Paul Frantz, for investor meetings last week.”