Monday’s Biggest Analyst Calls: Nvidia, Tesla, Snowflake, Apple, Adobe, Arm, Coreweave, Freeport-mcmoran & More

Here are Monday’s biggest calls on Wall Street:

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Wells Fargo Reaffirms Nvidia as Overweight
Wells Fargo boosted its price target for Nvidia from $185 to $220 per share ahead of the company’s earnings report later this month. The firm cited robust mid-quarter demand trends and reports that Nvidia has received licenses to restart H20 chip sales to China. Wells Fargo noted its estimates are now above consensus going into Nvidia’s fiscal Q2 2026 results on August 27.

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Morgan Stanley Maintains Tesla as Overweight
Morgan Stanley reiterated Tesla as its top pick. The firm highlighted reports that Tesla is scaling back its in-house custom silicon computing ambitions, instead focusing more on partnerships with suppliers like Nvidia to enhance its inference capabilities.

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Wells Fargo Upgrades Varonis Systems to Overweight
Wells Fargo upgraded Varonis Systems from Equal Weight to Overweight, saying the software maker is in a prime position to benefit from artificial intelligence. Analysts pointed to the company’s ability to tap into the growing adoption of Agentic AI solutions.

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RBC Initiates Advanced Drainage Systems at Overweight
RBC Capital Markets began coverage of Advanced Drainage Systems with an Outperform rating and a $159 price target — implying roughly 20% upside. The bank described the stormwater management leader as highly profitable and strategically well positioned to capture further market share.

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DA Davidson Downgrades C3.ai to Underperform
DA Davidson cut its rating on C3.ai from Neutral to Underperform after the company posted preliminary quarterly results that fell significantly short of guidance. The downgrade followed Friday’s after-hours report, which disappointed investors and raised concerns about execution.

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Seaport Research Initiates Arm with a Buy Rating
Seaport initiated coverage on Arm Holdings, stating the semiconductor designer has substantial growth potential. Analysts said Arm’s management aims to capture a larger portion of the value it creates for the industry by moving into new markets and expanding its content portfolio.

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Morgan Stanley Upgrades Freeport-McMoRan to Overweight
Morgan Stanley upgraded the mining giant from Equal Weight to Overweight, citing expected benefits from tariffs. The firm anticipates Freeport will be able to increase pricing in its 2026 copper rod contracts — which represent most of its North American sales volumes.

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JPMorgan Upgrades Nutrien to Overweight
JPMorgan raised its rating on Nutrien from Neutral to Overweight, saying the fertilizer producer is executing well on cost-cutting plans. The company is targeting $200 million in savings by the end of 2025, ahead of its initial schedule.

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Deutsche Bank Reaffirms Snowflake as a Buy
Deutsche Bank remains bullish on Snowflake, expecting strong results when the company reports later this month. The bank predicts a 3%–4% beat on product revenue in fiscal Q2, with year-over-year growth accelerating for the first time in several years.

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JPMorgan Reiterates CoreWeave as Overweight
JPMorgan more than doubled its price target on CoreWeave, from $66 to $135 per share. Heading into the company’s fiscal Q2 earnings next week, analysts highlighted a persistent global shortage of AI infrastructure and surging demand for advancing frontier AI models.

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Loop Capital Maintains Apple as Hold
Loop Capital lifted its Apple price target from $215 to $230 per share but kept a Hold rating. The firm noted that September-quarter revenue guidance aligns with expectations for “mid- to high-single-digit” growth, with no major surprises ahead of the iPhone 17 launch.

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Melius Downgrades Adobe to Sell
Melius Research lowered its rating on Adobe from Neutral to Sell, voicing concerns about market share erosion. The firm argued that newer and younger customers may be reluctant to pay for the full Creative Suite if appealing AI-first alternatives are available.

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Morgan Stanley Upgrades e.l.f. Beauty to Overweight
Morgan Stanley upgraded e.l.f. Beauty from Equal Weight to Overweight, saying Wall Street’s profit forecasts are too conservative. Analysts cited potential upside from product pricing, contributions from the Rhode brand acquisition, and steady growth in its core business despite market volatility.

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