Here are Tuesday’s biggest calls on Wall Street:

Bernstein initiates Apple as Outperform

Bernstein said it’s bullish on Apple.

“We are positive on Apple to continue to drive strong EPS growth from its expansion of its user base and share buybacks but note significant risks ahead, notably in AI and in new devices. That said, one of the key risks — the Google DOJ remedies — has reached a resolution favorable to Apple, eliminating an overhang and potentially clearing a path for partnerships in AI.”

Wolfe initiates Allstate as Outperform

Wolfe said the insurance stock is a rate cut beneficiary.

“For the stock to work we need to see evidence that Allstate can become a growth company.”

Raymond James initiates CoreWeave as Outperform

Raymond James said shares have plenty more room to run.

“We initiate coverage of CoreWeave (CRWV) at Outperform with a $130 price target.”

UBS upgrades Nio to Buy from Neutral

UBS said consumer confidence in the China EV maker has been restored.

“We upgrade Nio from Neutral to Buy, as the company’s latest products could further attract consumers after the US$1bn equity offerings strengthened visibility on its healthy operations.”

Morgan Stanley reiterates Tesla as Overweight

The firm said it’s sticking with Tesla.

“Tesla is by far the smallest market cap of the Mag 7 (ex TSLA ‘Mag 6’ have an average market cap of $3.2tn), but arguably has the largest addressable markets — particularly in the emerging field of physical AI.”

TD Cowen downgrades Warner Bros. Discovery to Hold from Buy

TD Cowen said the risk/reward is not attractive right now.

“Warner Bros. Discovery shares have surged well beyond our $14 price target following last week’s unsubstantiated report that Paramount Skydance may be considering a bid for the company.”

Goldman Sachs upgrades Hershey’s to Buy from Sell

Goldman double upgraded Hershey’s and said the stock is very compelling.

“After multiple guidance reductions over the past year, we now see a compelling risk/reward set-up for the stock, with cost pressures (e.g., cocoa, tariffs) largely known and reflected in expectations, plus the company’s market share trends have improved with incremental tailwinds expected in 2H.”

Berenberg initiates Ferrari as Buy

Berenberg said the luxury automaker has attractive long-term returns.

“Ferrari remains a compelling long-term investment, driven by its strong brand heritage, robust pricing power and durable returns on capital. While we forecast only modest volume growth, we believe investors can achieve attractive long-term returns through price/mix-driven earnings and free cash flow growth.”

Citizens JMP upgrades CoreWeave to Outperform from Market Perform

The firm said the stock is misunderstood.

“We are upgrading shares of CoreWeave to Market Outperform from Market Perform and establishing a price target of $180, which represents multiples of ~6.0x and 22.0x on estimated 2027 revenue and operating profit, respectively, well below Oracle’s whose success is largely driven from an identical source.”

Bernstein reiterates Nvidia as Outperform

Bernstein still sees more upside for Nvidia.

“The datacenter opportunity is enormous, and still early, with material upside still possible.”

Compass Point initiates Klarna as Buy

Compass Point said Klarna is well positioned to gain share.

“We see large scale benefits in Klarna’s business model across all major operating expense categories. Given peer adjusted operating margin including a stock-based compensation add back, we see a path to expanding adjusted operating margins that are likely to improve near BNPL peer levels over time.”

Rothschild & Co Redburn upgrades Novo Nordisk to Buy from Neutral

The firm said Novo Nordisk shares are too attractive to ignore.

“We have argued for many years that we could not justify Novo’s valuation on any reasonable fundamental basis. That is no longer the case. Where once implausible growth was discounted, now the share price assumes mid-single digit growth of the obesity franchise.”

Rothschild & Co Redburn downgrades Live Nation to Neutral from Buy

The firm downgraded on valuation.

“With shares at all-time highs, a major Department of Justice (DOJ) lawsuit ongoing and signs of a softening macro, we take our chips off the table. We raise our price target from $144 to $170 and downgrade to Neutral.”

Morgan Stanley reiterates Microsoft as Buy

Morgan Stanley said shares remain attractive.

“Combined with teens EPS growth, this supports a durable strong teens+ total return profile at MSFT, framing an attractive risk/reward. Remain OW.”

Morgan Stanley reiterates Amazon, Alphabet and Meta as Overweight

The firm said all three stocks are best positioned heading into 2026.

“Within the mega caps (from here), our order of preference over the next 12 months is AMZN, META, and GOOGL.”

Wells Fargo reiterates Bank of America, Citi, JPMorgan and Goldman Sachs as Overweight; Morgan Stanley as Equal Weight

The firm raised its price target on all four banks.

“We increase 2025-2027 ests. and PTs on 5 big banks (C, JPM, GS, BAC, MS) that benefit from scale, deregulation, and esp. capital markets that seem stronger than previously expected. Dominant #1 favorite remains Citi. We increase avg PT by about 10%.”

Bernstein initiates Dell as Outperform

The firm said Dell is best positioned for growth.

“We see Dell (O) as well positioned to drive significant EPS and FCF growth from AI servers…”

Bank of America upgrades Prologis to Buy from Neutral

BofA said the REIT has growth upside.

“PLD offers high-single-digit % annual FFO growth in a normalized environment.”

Truist reiterates Amazon as Buy

Truist raised its price target to $270 from $250.

“More than two-thirds into 3Q25, Amazon’s NA revenue is tracking ~$1B ahead of consensus of ~$105B per the Truist Card Data (thru 9/6), implying ~10% Y/Y growth which is virtually in line with 2Q’s level of 11%.”