Here are Thursday’s biggest calls on Wall Street:
Goldman Sachs initiated the crypto company and says its valuation appears “elevated.”
“GLXY is a business in transition, moving from its roots as a pure play digital assets / crypto investment and merchant bank to providing AI data center infrastructure as well.”
KeyBanc said it sees too many “strategy concerns” following the company’s acquisition of CyberArk.
“We are downgrading shares of PANW to Sector Weight given four key strategic concerns following the announced acquisition of CyberArk.”
Evercore ISI called the stock a “unique free-cash flow inflection story.”
“Post a long and arduous period of restriction we are resuming coverage of CVX at Outperform and a $180/shr price target.”
KeyBanc said Microsoft’s Azure product “solves all problems” following earnings on Wednesday.
“And thus ends a terribly timed and short-lived stint at Sector Weight. The Company has effectively reduced the argument for neutrality to ‘the stock has really run’ and bolstered the argument for positivity on almost every front.”
Jefferies said it sees demand improving for the steel company.
“Nucor should benefit from an improving steel demand outlook and upside risk to steel prices in the US, as it is positioned to deliver rising volumes into a strengthening market.”
Wolfe said shares of the aerospace company have more room to run.
“We upgrade ERJ to OP following the Trump Executive Order excluding ERJ’s products from an incremental 40% tariff on imports from Brazil.”
The firm upgraded the stock following earnings on Wednesday.
“We see a meaningful opportunity for EBAY to expand advertising penetration of GMV [gross merchandise volume] over time, given AMZN’s ~8% advertising penetration of GMV.”
Citi upgraded the stock citing Microsoft’s robust earnings report.
“We are upgrading CRWV to Buy/High-Risk and removing our 90-day downside catalyst watch with shares down -45% from the peak and -32% since the M & A announcement. Though we still expect some trading volatility into the lockup expiry starting on August 15th, we come away with a much stronger fundamental view on the demand picture highlighted by MSFT…”
Citi said in its upgrade of Stifel Financial that it sees a slew of positive catalysts ahead for the financial services company.
“Looking ahead, we expect a continued pickup in capital markets activity and positive recruiting trends to provide a tailwind to the stock from here.”
Jefferies said it is increasingly confident in Apple’s earnings after the bell on Thursday but that it’s sticking with its hold rating.
“Still expect strong Jun Q result of AAPL due to strong iPhone demand — new evidence from US telcos.”
Baird said it sees too many negative catalysts for UnitedHealth.
“Additionally, other segments now appear more challenged and we see further downside on current valuation.”
Bank of America said it is a top pick in artificial intelligence following earnings on Wednesday.
“A growing list of new ad capabilities reinforces our confidence in the strength of Meta’s AI ad engine. We continue to view Meta as one of the top AI beneficiaries in our coverage & believe the company is well positioned to lead in an emerging agentic AI ecosystem.”
Bank of America said it is standing by the stock following earnings on Wednesday.
“We believe that Qualcomm is a long-term beneficiary of growing 3G/4G/5G smartphone, tablet and cellular enabled machine-to-machine adoption worldwide.”
Wolfe said it sees some narratives getting better for Tesla but that it is sticking with its peer perform rating.
“For the core business, we see a mixed bag ahead, with challenges in Auto offset by strong growth in Energy. But for stock, we see an improving narrative, driven by robotaxi / FSD catalysts.”
Citi said all three stocks are beneficiaries of Microsoft and Meta’s increased capex.
“We believe AVGO and AMD will be the primary beneficiaries of Microsoft’s and Meta’s increased capex. We note that Microsoft is roughly 8% of AMD’s sales and Meta is roughly 2% of AVGO’s sales. Citi expects cloud data center capex to grow 35% YoY in 2025 and 15% YoY in 2026. We view this as positive for AI-exposed stocks such as AVGO, AMD, MU, and NVDA.”
Goldman Sachs raised its price target on the stock to $121 per share from $106 following earnings on Wednesday.
“Looking ahead, the company reiterated continued focus on rolling out new products across a number of areas over time, including Robinhood Banking, its layer 2 blockchain, perpetual futures, and tokenized equities in the US.”
The firm added the stock to its focus list ahead of earnings next week.
“Celsius Holdings is projected to report 2Q25 earnings results on Wednesday, August 6, before the market open.”
Morgan Stanley lowered its price target on Arm to $180 per share from $194 following earnings but said it is sticking with the stock.
“We remain optimistic on Arm’s possible transformation. We maintain our Overweight rating with a revised target of $180/share.”
Wells Fargo said shares of the used car company have more room to run following earnings on Wednesday.
“Despite a high bar we believe CVNA’s Q2 update checked the right boxes, w/ retail unit/Adj EBITDA upside, Q3 retail units guided ~in line to better (w/ clear QTD momentum), and resonating idiosyncratic levers.”
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