Here are the biggest calls on Wall Street on Tuesday:

Morgan Stanley reiterates Nvidia as overweight

Morgan Stanley says Nvidia laid out a “winning strategy” at its GTC Conference on Monday.

“The central message is that NVIDIA based inference has clear cost per token leadership that gets better with Rubin, and our checks agree. Financial commentary positive but understated, which we like. Reiterate Top Pick.”

Morgan Stanley reiterates Tesla as overweight

Morgan Stanley says Tesla’s semi’s manufacturing ambitions is still “years away.”

“As Tesla expands its AI ambitions across FSD, robotaxi, and eventually Optimus, access to AI compute is increasingly emerging as a potential constraint. In our view, any move toward internal capacity would be aimed at supporting these in-house initiatives or related parties, rather than external entities.”

Needham reiterates Amazon as buy

Needham says Amazon is best positioned for AI.

“Since AMZN owns the largest product catalog, fulfillment network, pricing data, reviews, consumer purchase information, and merchant relationships, AI agents will become an additional source of demand feeding AMZN’s backend, aiding its rev growth, we believe.”

Deutsche Bank reiterates Uber as buy

Deutsche says it’s bullish on the company’s partnership with Nvidia.

“Uber’s newly announced expansion of its partnership with NVIDIA represents, in our view, yet another milestone that formalizes and meaningfully scales their prior agreement.”

Morgan Stanley upgrades Lemonade to overweight from equal weight

The bank says it likes the company’s partnership with Tesla.

“Lemonade’s Tesla partnership represents an important first step and gives Lemonade first-mover advantage in data analysis and on-the-ground experience. While Lemonade is offering a 50% discount on auto insurance when full self-driving (FSD) is engaged in Tesla vehicles, the company is maintaining underwriting discipline based on the quotes we viewed.”

HSBC downgrades Eli Lilly to reduce from hold

HSBC says weight loss drugs have a smaller total addressable market than investors believe.

“We downgrade Lilly to Reduce (from Hold) as we cut our medium-term forecasts for the market, resulting in our revised target price of USD850 (from USD1,070). We think Lilly shares are priced to perfection, are uncomfortable with working capital trends, and think medium-term earnings trends are optimistic.”