Here are Monday’s biggest calls on Wall Street:

Bernstein reiterates Nvidia as outperform

Bernstein said it’s sticking with Nvidia.

「The datacenter opportunity is enormous, and still early, with material upside still possible.」

Citi initiates Cadence and Synopsys as buy

Citi said both software companies are AI winners.

「We are initiating coverage of the Electronic Design Automation (EDA) industry with Buy ratings on both Cadence (CDNS) with a $385 PT and Synopsys (SNPS) with a $580 PT.」

Goldman Sachs initiates Waste Management as buy

Goldman called the trash company an 「industry leader at a valuation discount.」

「We initiate coverage of Waste Management (WM) with a Buy rating and a 12-month price target of $256.」

Goldman Sachs reiterates Amazon and Walmart as buy

Goldman said Walmart and Amazon are well positioned for the holidays.

「Amidst a modestly more muted holiday shopping backdrop, we believe market share gains will accrue to retailers who offer strong value or great fashion. Our stock calls that align with this include Buy-rated WMT and FIVE, Buy-rated BURL/TJX/ROST, and Buy-rated AMZN.」

Wells Fargo upgrades Merck to overweight from equal weight

Wells said it sees growth upside for the biopharma company.

「We are upgrading MRK because, after recent deals and pipeline success, we can see growth post Keytruda LOE [loss of exclusivity].」

Morgan Stanley reiterates Eli Lilly as overweight

The firm raised its price target to $1,290 per share from $1,171.

「Earlier this year we outlined our views on ‘The Broadening’ of the GLP-1 market driven by a number of factors which are playing out. LLY also recently became the first $1trn market cap Biopharma company.」

JPMorgan upgrades Cipher Mining and CleanSpark to overweight from neutral

JPMorgan said shares of the bitcoin miners are attractive.

「We are upgrading Cipher to Overweight (from Neutral), and raising our Dec-26 PT to $18 (from $12), and upgrading CleanSpark to Overweight (from Neutral).

JPMorgan upgrades Baidu to overweight from neutral

JPMorgan said the China tech company is an AI winner.

「We upgrade Baidu from Neutral to Overweight because we believe the narrative is shifting: cloud and AI are now set to become the primary growth engines and value drivers.」

Melius reiterates Tesla as buy

Melius said Tesla remains a step ahead of peers.

「To be clear, our point is not that Tesla is at risk, it’s that everybody else is. After a very long and gradual period of improvement, autonomy is coming very soon, and it will change everything about the driving ecosystem.

BMO upgrades MP Materials to outperform from market perform

BMO said buy the dip in the rare earths company.

「We are upgrading MP Materials to Outperform with a US$75 price target. Rare earth prices have pulled back as China removed bans on rare earth export restrictions.」

Wedbush upgrades Carvana to outperform from neutral

Wedbush said buy the dip in Carvana shares.

「We believe the recent pullback in shares is overdone, and investors should take advantage of this period of relative weakness.」

Bank of America upgrades Booking Holdings to buy from neutral

The firm said investors should buy the dip in the online travel company.

「We think Booking is well positioned with suppliers with less than 10% large chain hotel exposure.

JPMorgan reiterates Apple as overweight

JPMorgan said its checks show lead times for Apple’s iPhone are tracking higher.

「In Week 11 of our Apple Product Availability Tracker, lead times across the iPhone 17 series moderated by three days, which is higher than the unchanged lead times from Wk10 to Wk11 in the prior year, but is likely explained by improving supply catchup relative to demand which has been running at a higher differential relative to prior years already.」

Bank of America upgrades Barrick Mining to buy from neutral

The firm said it sees a slew of catalysts ahead for the mining company.

「We upgrade Barrick Mining (B) to Buy from Neutral on: 1) an increased focus on capital return, 2) a strategic redirection of the business to developed market from emerging market jurisdictions, 3) and expected improvement in Nevada Gold Mines’ (NGMs’) 2026 unit costs...」

Morgan Stanley reiterates Micron as overweight

The firm raised its price target on Micron.

「Raising MU CY26 EPS 15%, moving PT from $325 to $338.」

Wolfe upgrades Morgan Stanley to outperform from peer perform

Wolfe said Morgan Stanley shares are undervalued.

「We believe MS is now better positioned to recoup the bulk of its stock underperformance vs. GS over the last three years, with our updated valuation framework implying as much as ~2500bps alpha potential in the pair.」