Here are the biggest calls on Wall Street on Thursday:

Morgan Stanley reiterates Apple as overweight

The investment bank says the iPhone maker is well positioned after Wednesday’s investment announcement.

“Instead, Apple’s commitment to investing an added $100B in the U.S. - mind you, with zero new major final assembly/production in the U.S. - means Apple is entirely exempt from Section 232 tariffs. Therefore, for Apple, tariff rates should get no worse, which is a much better-than feared outcome.”

Goldman Sachs reiterates NVIDIA as buy

Goldman raised its price target on Nvidia ahead of earnings later this month, to $200 per share from $185,

“We expect investors to focus on the underlying Blackwell ramp and gross margin implications in 2H, plus the pending China ramp.”

Morgan Stanley cuts Caterpillar to underweight from equal weight

Morgan Stanley says shares of Caterpillar are “priced to perfection.”

“Shares have rallied +50% from April lows. All the while, profitability and fundamentals (i.e. price/margins) have deteriorated further, pointing to negative earnings revision risk. With shares priced for perfection, we now see a 2-to-1 negative risk/reward skew. Downgrading to UW.”

Piper Sandler upgrades HubSpot to overweight from neutral

Piper upgraded the software company following earnings and says it see an attractive risk/reward for HubSpot.

“We upgrade to Overweight on a potential 2026 growth + margin recovery and favorable risk-reward after the sell-off. Next catalyst: 9/3 analyst day.”

Berenberg upgrades BP PLC to buy from hold

Berenberg said in its upgrade of BP that the oil and gas giant has more room to run.

“The key driver of the improved outlook is a stronger [free cash flow] outlook, helped by lower capex, progress on the cost-cutting program and recovery in the downstream business.”

Baird upgrades Fastenal to outperform from neutral

Baird says the industrial supply company has pricing power.

“Based on growing confidence in recent strategic changes, a favorable cyclical setup and expectation of an accelerating outgrowth cycle, we believe the Street underestimates Fastenal’s earnings power.”

Morgan Stanley reiterates Carvana Co. as overweight

Morgan Stanley raised its price target on the stock to $450 per share from $290.

“CEO Ernie Garcia and the team in Tempe have achieved escape velocity in digital auto fulfillment. The last time CVNA was at $350/share (Aug 2021), the company lost $300mm. Today, CVNA is 40% larger by revenue and on track to earn $1.2bn.”

Bank of America reiterates DraftKings Inc. as buy

Bank of America says it’s bullish on the betting stock following earnings and heading into football season.

“There seems to be renewed excitement around DKNG, especially heading into football season. Our 2025 EBITDA estimate goes up +6% as we move to the midpoint. Reiterate Buy.”

JPMorgan reiterates Duolingo, Inc. as overweight

JPMorgan raised its price target on the language learning stock to $515 per share from $500 and says it’s sticking with the company following earnings.

“In one of the most controversial Duolingo earnings cycles in recent memory, shares traded up +19% post-close as the company delivered stabilizing user trends, upside to 2Q guidance & raised its full-year 2025 Bookings & Adj. EBITDA outlook.”

JPMorgan reiterates Sunrun as a top pick

JPMorgan says the solar company remains a top pick following earnings on Wednesday.

“RUN reported 2Q contracted value and increased FY25 guidance significantly above expectations, driven by a record storage attach rate, higher volumes and lower operating costs.”

Bank of America reiterates Tesla Motors as neutral

The firm says Tesla is “most impacted” following President Trump’s decision to impose tariffs on semiconductors and chips.

“Recall that TSLA is exposed to semiconductors both for vehicle production and capex (purchases of advanced chips for AI purposes); F manufactures most of their vehicle in the U.S. ...”

Bank of America reiterates DoorDash, Inc. as buy

Bank of America says it sees “multiple drivers of sentiment improvement ahead” for shares of DoorDash following earnings.

“Overall strong quarter as accelerating organic growth can reset Street view that long term growth prospects were murkier following multiple acquisitions.”

Deutsche Bank reiterates Uber as buy

Deutsche raised its price target on Uber to $105 from $100 following earnings.

“These dynamics speak to the deepening platform flywheel, as Uber’s AI-driven cross-sell and loyalty initiatives enhance both engagement and margin leverage, supporting a credible path to long-term earnings growth.”

Bank of America reiterates Apple as buy

The firm raised its price target to $250 per share from $240.

“Given the recent development of Apple’s increased investment in the U.S., it seems increasingly likely that several Apple products will be exempt from tariffs.”

Roth upgrades Lyft, Inc. to buy from neutral

Roth upgraded the ride-hailing app following earnings.

“We are upgrading LYFT to Buy (from Neutral). Our PT goes up to $19 (from $16) driven by higher estimates and forwarding valuation framework to 2026.”

Bank of America double upgrades CommScope to buy from underperform

The bank upgraded the connectivity company following news it intends to sell off another piece of its business.

“We are double upgrading CommScope from Underperform to Buy following its decision to sell CCS, its flagship segment, that contributed between 62% to 74% of the company’s EBITDA.”