Here are Friday’s biggest calls on Wall Street.

Morgan Stanley reiterates Nvidia as overweight

The firm said Nvidia’s Rubin chip is on track and that investors should remain calm.

“The chips and their system design should be finalized next March, with the chip entering mass production in 2Q26, followed by server racks ramp in 3Q26. So it appears there will be no delay to the Rubin schedule, despite some investor concerns.”

Bank of America reiterates Tesla as neutral

Bank of America said Tesla is making “strides” in expanding its robotaxi network.

“In addition, TSLA is taking first steps needed for entrance into other markets including: New York City, Phoenix, Miami, San Francisco/Bay Area, and Nevada. ... .Although we think the goal of reaching half the US population by the end of the year is ambitious given regulatory hurdles and need for a safe rollout, these are encouraging signs.

Morgan Stanley reiterates Apple as overweight

Morgan Stanley says Apple shares appear to be “turning a corner.”

“We are turning more bullish – forward iPhone unit/revenue growth expectations are still relatively muted, many of the same factors that got us bullish last July remain, we’re past peak tariff risk...”

Bernstein reiterates Netflix as outperform

Bernstein said Netflix has a “compelling playbook for sustainable growth.”

“Unlike legacy players that rely heavily on their own production arms, Netflix employees a
diversified sourcing strategy for its branded content. Netflix blends financing, exclusive licensing, co-productions, and more to create a steady stream of branded hits. ... .That’s a compelling playbook for sustainable growth.”

HSBC downgrades Cisco to hold from buy

HSBC downgraded the stock following earnings earlier this week.

“Cisco shares are up 42% since 16 August 2024, outperforming broader Nasdaq by 19ppt, and appear fairly valued.”

Mizuho reiterates Oracle as outperform

Mizuho raised its price target on the stock to $300 per share from $245.

“We reiterate our Outperform rating and raise our PT to $300, as Oracle unfolds its next chapter in enterprise AI. ORCL remains one of our top picks.”

Evercore ISI reiterates Dell as outperform

Evercore said its supply chain checks show more upside for Dell.

“Sticking with our OP rating but raising our target to $160 (from $150).”

DA Davidson upgrades Salesforce to neutral from underperform

The firm said the “challenges” are already priced in for Salesforce.

“We are upgrading our rating to NEUTRAL from Underperform and maintaining our $225 price target based on 18.5x our updated FY27 EPS estimate.”

JPMorgan reiterates Applied Materials as overweight

JPMorgan said it’s sticking with Applied Materials following earnings on Thursday.

“We Believe Situation Reflects Timing of Spending and Secular Drivers Remain Intact...”

Bank of America downgrades Applied Materials to neutral from buy

Bank of America downgraded the stock following earnings due to cyclical headwinds.

“While AMAT is a high quality supplier, the company’s higher exposure to (over-supplied) mature node and certain leading-edge customers (INTC) is impacting them more this part of the cycle.”

Bank of America downgrades Target to underperform from neutral

The firm said it sees too many negative catalysts ahead for Target.

“We see increasing longer-term sales and margin risks for TGT given slowing digital sales growth, a lack of scale in digital advertising and 3P marketplace, elevated tariff, pricing and merchandising headwinds, and increasing competitive threats from WMT and AMZN...”