Here are the biggest calls on Wall Street on Tuesday:

KeyBanc reiterates Vistra Energy as buy

Key says it’s bullish on the power generation company.

「We are initiating coverage on Vistra Corp. (VST) with an Overweight rating and a $217 price target.」

TD Cowen reiterates Nvidia as buy

The investment bank says it’s even more bullish on the stock after meeting with company management.

「We had the opportunity to meet with NVIDIA EVP & CFO Colette Kress on our semiconductor, semicap, and networking bus tour. ... .We came away from our meeting incrementally confident in the company’s growth prospects for C2026+.」

UBS upgrades Applied Materials to buy from neutral

UBS says a 「beat and raise should be back」 for Applied Materials.

「We are upgrading Applied Materials (AMAT) to Buy and raising our price target to $285 from $250, reflecting a significantly more bullish outlook for wafer fab equipment (WFE) in C2026/2027E.」

Bank of America upgrades Novartis to buy from neutral

Bank of America upgrades the pharmaceutical maker and says Novartis has a robust pipeline.

「Upgrade; launch & pipeline path to offset patent cliff.」

HSBC reiterates Oracle as buy

HSBC says it’s sticking with Oracle shares.

「The bottom line is that Oracle has successfully contracted over USD500bn of RPO (some of it outside OpenAI), with good revenue timing visibility, and is skillfully planning to meet these commitments. ... . And Oracle has been impressively executing to plan and making tremendous gains against these incumbents.」

Rothschild & Co Redburn downgrades Estee Lauder to sell from neutral

The firm says the cosmetic maker’s turnaround is taking too long.

「Estée Lauder is early in its transformation, and the shares have rerated on hopes of a strong turnaround. Despite improving sales growth, we argue deeper investment is needed, putting the scale of the margin recovery at risk. We downgrade to Sell from Neutral.」

Mizuho reiterates Tesla as outperform

Mizuho lowers its price target on the stock but says it’s sticking with Tesla.

「Lowering TSLA estimates/PT to $475 from $485 with weaker US/China EV markets, potential posing 2026E headwinds for Analog.」

JPMorgan reiterates Apple as overweight

The bank says the iPhone maker is well positioned after a report of Apple’s CEO succession planning.

「While the change in guard at the helm will drive additional scrutiny from long-term investors who are going to desire similar execution, we believe the elevation of a product/hardware focused executive to the top role is likely to be taken as a sign of further emphasis on innovation and focus towards launching new product categories...」

Bernstein reiterates Microsoft as outperform

Bernstein says Microsoft is a 「major winner」 in AI.

「In summary, we believe that 1) the demand strength is extremely strong for Azure; 2)
Microsoft’s ability to convert that demand into revenue is underappreciated and bounded only by datacenter capacity; 3) Microsoft’s AI platform capabilities are differentiated and create a major driver for why Azure will be the platform of choice for AI and non-AI workloads;」

Argus downgrades Coinbase to neutral from buy

The research firm says it’s concerned about declining crypto trading volume.

「We are lowering our rating on Coinbase Global Inc. to HOLD from BUY. ... .However, we believe that some investors may shy away from crypto asset trading as volatility may be too much to stomach.」