Here are the biggest calls on Wall Street on Friday:
NVIDIA (NVDA)
Morgan Stanley
Rating: Overweight (Reiterated)
The firm believes AI infrastructure spending remains in its early stages, with the Blackwell GPU ramp expected to drive earnings growth over the coming quarters.
NVIDIA remains one of Morgan Stanley's top AI picks.
Goldman Sachs
Rating: Buy (Reiterated)
The bank expects hyperscaler capital expenditures to remain robust.
Growing AI inference demand is emerging as the next major growth driver.
Citigroup
Rating: Buy (Reiterated)
Citi continues to rank NVIDIA among its top AI semiconductor picks.
Data center demand continues to outstrip supply, leaving the long-term investment thesis intact.
Amazon (AMZN)
Morgan Stanley
Rating: Overweight (Reiterated)
AWS growth has reaccelerated.
While AI infrastructure investments may weigh on near-term margins, they are expected to enhance long-term earnings power.
JPMorgan
Rating: Overweight (Reiterated)
The bank views higher AI capital expenditures as a long-term competitive advantage rather than a margin headwind.
AWS and advertising remain the primary earnings growth drivers.
Deutsche Bank
Rating: Buy (Reiterated)
Cloud computing and advertising businesses continue to improve.
The firm sees significant long-term free cash flow upside.
Apple (AAPL)
Morgan Stanley
Rating: Overweight (Reiterated)
Earnings were broadly in line with expectations.
However, conservative forward guidance limits near-term upside potential.
Citigroup
Rating: Buy (Reiterated)
Citi continues to favor Apple's ecosystem and long-term franchise value.
Additional catalysts are needed before AI features can meaningfully contribute to monetization.
JPMorgan
Rating: Maintained (No publicly confirmed change)
Investors remain focused on Apple's AI strategy and Services growth trajectory.
Near-term earnings growth is expected to remain moderate.
Coinbase (COIN)
JPMorgan
Rating: Neutral (Reiterated)
Cryptocurrency market volatility continues to weigh on earnings visibility.
The firm remains cautious on the sustainability of earnings despite favorable long-term industry trends.
Goldman Sachs
Rating: Neutral (Reiterated)
The long-term outlook for digital assets remains constructive.
However, trading volumes and transaction revenue remain highly volatile.
Reddit (RDDT)
Morgan Stanley
Rating: Overweight (Reiterated)
Target price lowered.
AI-powered search platforms could pressure Reddit's organic traffic over time.
Nevertheless, the firm remains constructive on Reddit's long-term advertising opportunity.
JPMorgan
Rating: Neutral (Reiterated)
Target price lowered.
User growth sustainability has become the key investor debate following earnings.
Valuation appears less compelling after recent results.
Roblox (RBLX)
Morgan Stanley
Rating: Overweight (Reiterated)
Target price lowered.
Third-quarter guidance came in well below expectations.
Margin expansion is now expected to take longer than previously anticipated.
Citigroup
Rating: Buy (Reiterated)
Target price lowered.
Citi continues to see long-term value in Roblox's platform.
However, the earnings outlook for the next several quarters has weakened.
Arm Holdings (ARM)
Goldman Sachs
Rating: Buy (Reiterated)
AI-driven chip design demand remains strong.
The bank expects Arm to continue gaining share in the data center CPU market.
Deutsche Bank
Rating: Buy (Reiterated)
Arm remains well positioned to benefit from expanding AI server adoption.
The firm's long-term growth thesis remains unchanged.
SpaceX
Morgan Stanley
Rating: Overweight (Reiterated)
Starlink remains the company's primary valuation driver.
The launch business continues to strengthen SpaceX's long-term competitive position.
Goldman Sachs
Positive View (No publicly confirmed rating change)
The bank remains optimistic about Starlink's commercialization.
Starship could significantly expand SpaceX's long-term addressable market.
Citigroup
Positive View
Citi believes reusable launch technology and satellite broadband will continue to drive long-term growth.
Wall Street Consensus on July 31
Wall Street's views remained broadly constructive, with a clear preference for AI infrastructure leaders.
Most Bullish: NVIDIA, Amazon, Arm, and SpaceX. Major investment banks continue to view these companies as the primary beneficiaries of the ongoing AI investment cycle.
Constructive: Apple. Most firms maintained positive ratings but believe AI monetization and Services growth will take time to meaningfully accelerate earnings.
Neutral: Coinbase. Analysts remain constructive on the long-term crypto ecosystem but cautious about near-term earnings volatility.
Cautious: Reddit and Roblox. Both companies saw target price reductions after disappointing guidance or weaker growth expectations, although most firms stopped short of downgrading their stock ratings.