Here are the biggest calls on Wall Street on Friday:

Morgan Stanley upgrades Novartis AG to equal weight from underweight

Morgan Stanley said in its upgrade of Novartis that growth is improving at the biopharma company.

“Valuation remains demanding for the growth profile, but growth quality is higher and we see room for upside (commercial execution and pipeline).”

Barclays downgrades Crocs to equal weight from overweight

Barclays downgraded the shoe company and says fundamentals are worsening.

“We are downgrading shares of CROX to Equal Weight based on: 1) ongoing macro uncertainty that is depressing the forward order book, 2) a shift to athletic footwear purchasing behavior in the US consumer base...”

Bernstein reiterates NVIDIA as outperform

Bernstein says it’s sticking with Nvidia shares.

“The datacenter opportunity is enormous, and still early, with material upside still possible.”

Goldman Sachs upgrades Peloton Interactive, Inc. to buy from neutral

Goldman says Peloton’s earnings report on Thursday proves that a turnaround is underway.

“Mgmt Frames Path Forward; Platform to Capitalize on Health/Fitness Initiatives; Upgrade to Buy.”

Truist upgrades Gilead Sciences to buy from hold

Truist upgraded the biotech company following earnings and says it likes its HIV segment.

“GILD beat 2Q25 expectations for sales and EPS, driven by the HIV segment.”

Melius reiterates Apple as buy

Melius raised its price target on Apple shares and says it’s sticking with the stock.

’Target Increases to $260 from $240, Reflecting ~28x our FY27 Estimate. The 2.4B+ installed base and its high customer satisfaction are both intact at Apple.”

Deutsche Bank upgrades e.l.f. Beauty Inc. to buy from hold

Deutsche said in its upgrade of the beauty stock that “opportunity knocks.”

“Heading into yesterday, on the back of FY1Q26 results, we said that despite many moving parts, we did not think a significant downward move in ELF’s stock was warranted. However, on Thursday, ELF’s stock declined -9.5% leaving the stock below $100 and presenting in our view an attractive entry point with compelling 20%+ potential upside.”

Bank of America downgrades Trade Desk Inc. to underperform from buy

Bank of America double downgraded the software ad company following earnings.

:“While we continue to believe TTD can be a double-digit topline grower, we believe it is challenging to justify the premium multiple it has historically received. As a result, when comparing to more traditional ad-tech peers, we see potential downside to current levels and downgrade to Underperform. Our new $55 PO (vs $130 prior) is based on 20x our lower CY26E adj. EBITDA.”

Benchmark upgrades Instacart, Inc. (Maplebear Inc.) to buy from hold

Benchmark upgraded the stock following earnings on Thursday.

“And it appears sustainable as CART continues to benefit from competitive pressures facing regional/smaller grocers that need its platform to compete with mass merchants and online pure plays like Walmart and Amazon Fresh, respectively.”

Deutsche Bank reiterates Block, Inc. as buy

Deutsche says growth is accelerating following earnings on Thursday.

“XYZ cleared the high bar investors had set heading into 2Q25 earnings, delivering a strong beat and raise driven by material outperformance in Cash App and an acceleration at Square.”

Morgan Stanley reiterates Pinterest, Inc. as overweight

Morgan Stanley lowered its price target to $41 per share from $45 following earnings but says it’s sticking with the stock.

“For PINS, faster growth likely needed to durably rerate stock, lower PT to $41, remain OW.”