Here are the biggest calls on Wall Street on Friday:

KeyBanc reiterates Apple as underweight

Key says its checks show that iPhone 17 carrier survey data for Apple came in “slightly positive” for June. “Our carrier survey indicates iPhone 17 sell-through seasonally slowed m/m vs. June as some customers wait for the iPhone 18, and in line with expectations, as some stores indicated customers are expressing concern regarding uncertainty on AAPL’s iPhone 18 price actions.”

Bernstein upgrades Wayfair to outperform from market perform

Bernstein says the stock has more room to run. “We walk away from 2Q26 earnings more constructive on US eCommerce, and we’re upgrading Wayfair to Outperform. We are increasing our PT to $125 (+$25) at 17.5x EV/NTM Adj. EBITDA.” Read more.

JPMorgan upgrades Fox to overweight from neutral

JPMorgan says the company is firing on all cylinders. “We are upgrading FOXA t o Overweight from Neutral and raising our Dec-27 PT to $82. Our positive view reflects factors at both core Fox and from the pending transaction with ROKU.”

Jefferies initiates Aehr Test Systems at buy

Jefferies says the semiconductor test company has a differentiated offering. “We initiate AEHR with a Buy/$175 PT, viewing the company as the only vendor offering both wafer- and package-level burn-in qualified into AI production.”

Stifel upgrades Intuitive Machines to buy from hold

Stifel upgraded the stock following earnings. “LUNR posted Q2 revenue/EBITDA miss but it’s the backlog surge that is important. Q2 revenue of $206m was driven by a diversified mix of spacecraft production, lunar landers, NASA engineering, and lunar communication development.”

JPMorgan downgrades Cinemark to neutral from overweight

JPMorgan says it see fewer positive catalysts. “We are downgrading Cinemark t o Neutral from Overweight. At ~$38/share currently, we believe our prior thesis has largely played out, leaving fewer catalysts and a more balanced risk/reward profile.”

JPMorgan upgrades SanDisk to overweight from neutral

JPMorgan reinstated coverage and upgraded the stock, saying that it’s best positioned. “In our view, SNDK is in many respects uniquely positioned to capture the ongoing structural inflection in NAND demand driven by rapid growth in AI inference, with three key dynamics underpinning our OW thesis...” Read more.

BMO initiates Energy Fuels at outperform

BMO says the rare earths company has plenty of upside. “We initiate coverage of Energy Fuels at Outperform with an US$18 target price. Following a series of acquisitions, Energy Fuels is positioned to become the largest Western producer of sintered rare earth permanent magnets and one of only a few integrated rare earth producers ex-China.”

HSBC upgrades Digital Realty to buy from hold

HSBC says it sees earnings per share growth. “We upgrade DLR t o Buy (from Hold) with a higher TP of USD240 (from USD210) as we now expect more durable double-digit AFFO [adjusted funds from operations] per share growth on the back of accelerating capacities, firm pricing, and good cost control.”

Morgan Stanley reiterates Nvidia as overweight

Morgan Stanley says it’s “optimistic” about the revenue sharing plans. “NVIDIA backstopping neo-cloud investment in exchange for revenue sharing is likely to further polarize the stock. We are definitively on the optimistic side, seeing a large annuity potential with limited downside.”

Wells Fargo reiterates JPMorgan as overweight

Wells raised its price target to $390 per share from $375., “JPM’s best-in-class ability to invest for superior growth can not only help JPM s urpass the $1T mkt cap milestone but also to reach $2T over est. 7-8 yrs. Increase PT to $390 and 2027E-2028E EPS assuming higher returns from recent investments.”

Morgan Stanley reiterates SpaceX as overweight

The firm laid out several positive catalysts for why it’s sticking with the stock. ” SpaceX p roving it can maintain stickiness on the AI model frontier and, more importantly, translating that to real usage will be key to enabling a sizable rerating to our $300 PT.”

Wells Fargo reiterates Dell Technologies as overweight

Wells raised its price target to $545 per share from $505. “We are positive on Dell’s upcoming F2Q27 results (9/3); expect server-driven upside and increased FY27 guide driven by better-than-expected 2H supply outlook. Reit. OW & increasing ests. and PT to $545 (was $505), ~19x CY28 P/E.”

RBC initiates Krystal Biotech at outperform

RBC says the gene therapy company has upside potential. ” KRYS is a gene therapy company focused on rare diseases treatable with their HSV-1 platform which has proven therapeutic benefits in dermatology, with potential for expansion to eye and lung.”

UBS reiterates Applied Materials as buy

UBS lowered its price target on the stock but says it’s standing by Applied Materials f ollowing earnings. “Net, we just slightly trim C2027/2028 as the margin commentary here makes us wonder if we were a bit over-zealous with C2027 now ~$22.80 and C2028 now ~ $29.60. Our PT goes to $675 (from $705), and rating remains Buy.”

Wolfe downgrades T-Mobile to peer perform from outperform

The firm says it’s concerned about slowing growth. “We downgrade TMUS t o Peer Perform, PT N/A. LT revenue growth forecast risk tilts negatively as competition expands in T-Mo’s core.”

New Street upgrades Micron Technology to buy from hold

New Street says Micron shares are still compelling. “Near-term, we expect gross margins to normalize. This could happen smoothly with no stock impact, or trigger trough fears. In that case, we’d still see the stock finding a bottom at 13x trough EBIT.”