Here are Monday’s biggest calls on Wall Street:

William Blair downgrades Tesla Motors to market perform from outperform

William Blair said it’s concerned about the effect on Tesla from the Big Beautiful bill passage.

“The ‘Big, Beautiful Bill’ Might Be Too Much for Tesla Shares, Downgrading to Market Perform.”

CLSA initiates General Motors as outperform

CLSA said the automaker is well positioned.

“Making the best of a bad situation, GM management senses an opportunity to turn Trump’s auto tariffs to its advantage. By holding back on any price hikes that would cover the import duties, GM is successfully turning up the heat on its competitors, especially those based overseas, all of which are loath to attract the wrath of the president.”

Bank of America downgrades Stellantis NV to neutral from buy

Bank of America said in its downgrade of Stellantis that it’s concerned about rising competition in Europe for the auto maker.

“We think the US will return to strength driven by some important model launches, but we have some concerns over Europe, where we consider the company is badly positioned on BEV’s [battery electric vehicle] against rising competition.”

Rothschild & Co Redburn upgrades T-Mobile US to neutral from sell

The firm upgraded the stock on valuation.

“After its recent sell-off, TMUS is only 5% above our DCF-based price target – hence, we upgrade to Neutral.”

Citi reiterates NVIDIA as buy

Citi raised its price target on the stock to $190 per share from $180.

“We raise TP on Nvidia to $190 on AI TAM expansion. We model total 2028 data center semis AI TAM to now reach $563B or 13% above our prior expectation of $500B. The 4% increase in compute TAM is driven by higher-than-expected sovereign AI demand.”

Citi reiterates Applied Materials as buy

Citi add the stock to its focus list.

“We are adding Buy-rated Applied Materials to the US Focus list, which is reserved for stocks that screen attractive on valuation, consensus crowding, and risk-reward.”

JPMorgan initiates Chime Financial, Inc. as overweight

JPMorgan said shares of the financial services company are compelling.

“We are initiating coverage of Chime (CHYM) with an Overweight rating and $40 Dec 2026 price target.”

Seaport downgrades Netflix to neutral from buy

Seaport downgraded Netflix on valuation.

“We are increasing our long-term valuation views, but the average of our approaches would suggest <10% upside from here (the 12-month forward view). As such, we are downgrading our recommendation to Neutral from Buy ahead of the July 17 earnings release.”

Goldman Sachs initiates Wynn and Caesars Entertainment as buy

Goldman said it’s bullish on both casino and gaming stocks.

“We initiate coverage of Gaming stocks with Buy ratings on WYNN and CZR, a Neutral rating on LVS and a Sell rating on MGM.”

Piper Sandler downgrades CrowdStrike Holdings, Inc. to neutral from buy

Piper said in its downgrade of the cyber company that it sees a lack of upside.

“We are lowering our rating on CRWD to Neutral from Overweight as shares have encroached on our $505 price objective (both base and bull cases), and we do not foresee a near-term scenario that would meaningfully increase numbers or our terminal multiple.”

Barclays initiates EQT Corp as overweight

Barclays said in its upgrade of EQT that the energy company has a “desirable combination of downside resilience and upside torque.”

“One of the best risk-adjusted exposure to natural gas.”

RBC initiates JM Smucker as outperform

RBC said it sees an attractive risk/reward for the food company.

“We are initiating coverage of SJM with an Outperform rating and a $130 target.”

Raymond James downgrades Wells Fargo to market perform from strong buy

The firm downgraded the stock on valuation.

“We are downgrading our rating on the shares of Wells Fargo to Market Perform from Strong Buy.

“WFC shares are up 15.3% since we raised our EPS estimates following the removal of the asset cap ,reaching our target price.”

Morgan Stanley downgrades Progressive to equal weight from overweight

Morgan Stanley said the bull thesis has played out.

“Progressive shares rose 50% in 2024 and ~7% YTD, notably outperforming the S&P 500. However, we believe the drivers of our prior bullish call are dissipating.”

Bank of America reinstates AT&T Inc as buy

The firm reinstated coverage of the stock with a buy and said it sees “accelerating growth.”

“We reinstate coverage of AT&T at Buy with a $32 price objective.”