Here are Monday’s biggest calls on Wall Street:

Melius reiterates Nvidia as buy

Melius says it’s bullish ahead of earnings on May 20.

“It’s now Nvidia’s time to rerate — and it has the most upside to any of our targets (the recent 18% move just the beginning). We expect a strong report on May 20th with a meaningful beat and raise.”

Piper Sandler reiterates Tesla as overweight

Piper published its second edition of its definitive guide to Tesla investing and says it sees a slew of positive tailwinds in the years ahead.

“To understand Tesla’s valuation, investors must look far beyond near-term deliveries and out-year EPS

D.A. Davidson reiterates Micron as buy

The firm said Micron is a table-pounding buy.

“Following up on our recent initiation after investor conversations, we have increased conviction around our BUY rating and $1,000 target. We are blissfully unencumbered by the memory industry’s past.”

UBS downgrades Dell to neutral from buy

UBS downgraded the stock mainly on valuation.

“We downgrade DELL shares to Neutral from Buy as the risk/reward going forward is more balanced following strong execution over the past 12 months as the shares are up ~170% vs the S&P 500 up ~30%.”

Bank of America reiterates Affirm as buy

Bank of America raised its price target on the stock to $88 per share from $82 following earnings.

“We reiterate our Buy rating on Affirm following a solid F3Q print that featured a clean beat and raise despite an ongoing macro and funding backdrop that remains fluid.”

Bank of America adds FedEx and others to its US1 list

Bank of America added several stocks to its top ideas list.

“We are adding Corning Inc. (GLW), FedEx Corp. (FDX) and C.H. Robinson Worldwide, Inc. (CHRW) to the US 1 List.”

RBC upgrades BP to outperform from sector perform

RBC says the oil and gas giant is firing on all cylinders.

“Following a number of missteps, the current windfall presents a second chance for BP to deleverage and restore financial health, while it should also help put the company on firmer footing for the coming years. We see the combination of strong commodity prices, recent exploration success and new management providing an opportunity to restore investor confidence.”

JPMorgan downgrades Wendy’s to underweight from neutral

JPMorgan says it sees too many negative catalysts.

“We are moving Wendy’s to Underweight (from Neutral) with a new $6 Dec-26 target. Key reasons for the downgrade include: 1) continued decline in headline US SSS trends with limited/no visibility for achieving the guided sharp inflection/ improvement in 2H26, 2) lack of direction around company’s future with no permanent leadership, and ongoing sub-optimal allocation of capital/resources...”