Here are Thursday's biggest analyst calls: Nvidia, SpaceX, AMD, Apple, Ulta, Disney & more
Here are the biggest calls on Wall Street on Thursday: Bernstein reiterates Apple as outperform Bernstein says the stock’s multiple is “reasonable.” “Is AAPL’ s multiple outrageous? Considering its customer loyalty, earnings durability, growth, FCF generation and shareholder returns, we don’t think so. Our reverse DCF implies a terminal growth rate of 4%, which appears reasonable.” Piper Sandler downgrades General Mills to neutral from overweight Piper says it sees “operating pressures.” “We downgrade GIS to Neutral, as we now see risk to its dividend level, along with ongoing operating pressures.” Barclays upgrades Reliance to overweight from equal weight Barclays upgraded the steel company and says it sees higher steel prices. “We upgrade RS to Overweight from Equal Weight, reflecting higher 2027/28 estimates on tighter supply, stronger volumes and margins.” Oppenheimer downgrades Nvidia to perform from outperform The firm downgraded the stock due to the increasing turmoil at Nvidia. “We are downgrading shares of NVDA and removing our price target following reports (WSJ, NYT) of founding CEO Jensen Huang’s imminent departure amidst allegations of a 2nd extramarital affair.” Bernstein downgrades Nvidia to market perform from outperform Bernstein said in a note to clients late Wednesday night that it had no choice but to downgrade the stock. “We admit to struggling mightily with this call, and can sympathize with the case to buy the dip. But our gut tells us that we probably haven’t yet fully probed the depths of what might be found here; we’ve had enough, and prefer to watch from the sidelines.” KeyBanc upgrades Maravai Lifesciences to overweight sector weight Key says the company is a midterms winner. “The Trump Administration and RFK Jr. as Head of HHS was the worst outcome possible for MRVI and its mRNA technology. For example, HHS halted $500M of funded mRNA programs and raised concern over the future of mRNA based vaccines and therapies. Meanwhile, MRVI has also reorganized with new management (6/9/25) and reduced annualized expenses by +$65M.” William Blair upgrades Advanced Micro Devices to outperform from market perform William Blair says AMD can benefit from the turmoil at Nvidia. “Meanwhile, Nvidia is facing increased scrutiny and a potential leadership vacuum, and while ASIC competition remains a risk to Instinct (particularly at Meta [META $628.07; Outperform] and OpenAI), we see an opportunity for AMD to benefit from custom programs as an opportunity for CPU attach.” Roth initiates Kimball Electronics as buy Roth says the safety-critical electronics manufacturer has plenty of upside. “We initiate coverage o f Kimball Electronics with a Buy rating and $37 price target.” BTIG initiates Quantinuum as buy BTIG says shares are compelling. “We initiate coverage of Quantinuum (QNT) at BUY with a $60.00 Price Target, viewing the company as the current quality leader in the sector trading at what we believe is an unwarranted discount to peers.” Jefferies initiates Pattern Group as buy Jefferies says the ecommerce management company is well positioned for growth. “PTRN’s track record of delivering elevated growth across existing brand customers is now being complemented by larger contributions from new brands.” Wells Fargo upgrades Engene to overweight from equal weight Wells says it has “increasing confidence” in the biotech company. “We upgrade ENGN to OW from EW and raise our PT to $6 from $2.” UBS initiates Ensysce Biosciences as buy UBS says the biotech company has a unique offering. “We initiate coverage of Ensysce Biosciences (ENSC) with a Buy rating and $2/sh PT, reflecting what we see as an early-stage but differentiated opportunity in chronic pain.” Barclays initiates Dorman Products as overweight Barclays says it sees a slew of positive catalysts ahead for the auto aftermarket company. ” DORM looks well positioned to grow revenues +4-5% or more through 2028, outpacing most of our US Auto Retail coverage and at the upper end of the auto aftermarket retailers.” Bank of America downgrades Victoria’s Secret to neutral from buy Bank of America says it sees “limited EPS upside” for Victoria’s Secret. “With the stock up meaningfully YTD, our thesis of upward estimate revisions driven by the brand turnaround has played out, and we are downgrading from Buy to Neutral.” Oppenheimer reiterates SpaceX as outperform Oppenheimer says SpaceX remains a risk to big telecom. SPCX is the $2T elephant in the room with its terrestrial ambitions growing clearer (QCOM partnership) as incumbents remain dismissive and/or are underestimating potential speed-to-market.” Deutsche Bank reiterates Ulta as buy Deutsche raised its price target to $723 per share from $671. “We believe ULTA’s 3 Q results can provide another proof point on the durability and quality of its sales momentum despite tougher comparisons and an increasingly competitive beauty environment.” Evercore ISI reiterates Disney as outperform Evercore says Disney shares needs to do more in order to “break out.” “Looking ahead, for shares to break out, we think the narrative needs a catalyst on one or more of three fronts: (1) a product cycle; (2) a content cycle; or (3) a step-function improvement in the earnings growth curve.”
