Here are the biggest calls on Wall Street on Tuesday:

Raymond James initiates SUPER MICRO COMPUTER INC at outperform

Raymond James says the company is a “near pure AI play.”

“Super Micro, doing business as ‘Supermicro,’ has emerged as a market leader in AI-optimized infrastructure. AI platforms now comprise nearly 70% of Supermicro’s revenue, and is also expanding its share of the branded AI server market.”

Baird upgrades Argenx SE to outperform from neutral

Baird says investors should buy the dip in the biotech company.

“We’re upgrading ARGX to Outperform and maintaining our $680 price target after the stock pulled back late last week due to pricing concerns related to the Medicare redesign implement this year.”

Oppenheimer reiterates Coinbase Global, Inc. as outperform

The firm says the crypto company’s inclusion entry into the S&P 500 index has “huge implications.” Oppenheimer firm raised its price target on the stock to $293 per share from $269.

“After the close on May 12, the S&P Index Committee announced that COIN would be included in the S&P 500 index as of May 19. (It will replace DFS, which was acquired by COF.) We have been predicting this as one of the key catalysts for COIN in 2025, and it has finally arrived.”

Macquarie upgrades Peloton Interactive, Inc. to outperform from neutral

Macquarie said in its upgrade of Peloton that a turnaround is underway.

“Management remaining optimistic on cash generation at this print also gets us more positive on the stock at current levels. These considerations support our upgrade to Outperform, from Neutral.”

Deutsche Bank initiates NetEase at buy

Deutsche says the China internet and gaming company has a long runway for growth.

“Leveraging cutting-edge R&D and operational know-how, we believe NetEase is well positioned to capture evolving market opportunities. We also believe that overseas expansion of its game business could serve as a new growth driver and provide upside potential in the long term.”

UBS reiterates Tesla Motors as underweight

UBS says it’s standing by its underweight rating on the EV maker.

“Available TSLA April sales data shows no signs of upward inflection from Q1. Of the 3 major markets we track, TSLA deliveries are trending down 18% y/y and 49% m/m. It’s still early, but the weak start implies risk to Q2 consensus deliveries.”

Baird upgrades Caterpillar to outperform from neutral

Baird said in its upgrade of Caterpillar that fundamentals are improving.

“Upgrading to Outperform, $395 target. Exiting 1Q25, a combination of lower than- normal seasonal dealer inventory build, much better-than-expected orders/backlog and stabilization in dealer retail sales all pointed to potential fundamental improvement into 2026.”

Wolfe upgrades Insulet outperform from peer perform

Wolfe says it’s earlier downgrade of the insulin pump company was a mistake.

“We missed a material move, but we’re loathe to over-think it from here. PODD is the share-taking asset in the pump space and still has tons of revenue & margin opportunity ahead including a potential inflection from type 2” diabetes.

Wolfe upgrades First Solar to outperform from peer perform

Wolfe said it thinks the company can still benefit from the Inflation Reduction Act.

“We rate FSLR an Outperform as a direct way benefit from IRA as well as anti-China sentiment.”

JPMorgan reiterates Netflix as overweight

JPMorgan says it’s sticking with the stock despite the run up in shares.

“We remain positive on NFLX shares & our bull thesis is supported by:1) healthy double-digit revenue growth in both ’25 & ’26; 2) continued operating margin expansion while increasing investments in content, ads, & gaming...”

HSBC downgrades Chevron to hold from buy

HSBC downgraded the oil major mainly on valuation.

“We downgrade Chevron from Buy to Hold on our lower price deck and reduced valuation upside.”

Bank of America upgrades CubeSmart to buy from neutral

Bank of America says it likes the storage company’s urban exposure.

“Our upgrade is based on: (1) We felt CUBE provided the most conservative ’25 guidance and was the only storage REIT to already raise ’25 guidance; (2) Our favorable view of CUBE’s urban market exposure such as NYC where they have 16.5% exposure.”