Thursday’s Biggest Analyst Calls: Nvidia, Tesla, Apple, Microsoft, Meta, Coreweave & More

Here are Thursday’s biggest calls on Wall Street:

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Goldman Sachs – Galaxy Digital (Neutral)
Goldman Sachs began coverage of cryptocurrency-focused Galaxy Digital with a neutral rating, citing an elevated valuation. The firm noted that Galaxy is undergoing a significant transformation, shifting from its origins as a digital assets investment bank to also providing AI data center infrastructure services.

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KeyBanc – Palo Alto Networks (Downgrade)
KeyBanc downgraded Palo Alto Networks to sector weight from overweight, expressing concerns about the company’s strategic direction following its acquisition of CyberArk. The firm highlighted four major strategic issues stemming from the deal that led to the downgrade.

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Evercore ISI – Chevron (Outperform)
Evercore resumed coverage of Chevron, labeling it an “outperform” and setting a $180 price target. Analysts described Chevron as a “unique free-cash flow inflection story” after a prolonged period of operational restrictions.

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KeyBanc – Microsoft (Upgrade)
KeyBanc upgraded Microsoft to overweight from sector weight following its recent earnings report. The firm said Microsoft’s Azure cloud platform effectively addresses market challenges, strengthening the bullish case for the stock despite its strong recent run.

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Jefferies – Nucor (Upgrade)
Jefferies upgraded steelmaker Nucor to buy from hold, pointing to improving steel demand in the U.S. and potential upside in steel prices. The firm expects Nucor to deliver higher volumes in a strengthening market environment.

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Wolfe Research – Embraer (Upgrade)
Wolfe raised Embraer to outperform from peer perform, citing a favorable development: a Trump-era executive order that excluded Embraer’s products from an additional 40% tariff on imports from Brazil. Analysts believe this will benefit the aerospace company’s performance.

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BMO – eBay (Upgrade)
BMO Capital Markets upgraded eBay to outperform from market perform after its earnings release. The firm sees opportunities for eBay to grow advertising penetration relative to its gross merchandise volume, noting that Amazon’s advertising penetration is around 8%.

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Citi – CoreWeave (Upgrade)
Citi upgraded CoreWeave to buy/high-risk from neutral after Microsoft’s strong earnings, suggesting improved fundamentals. Shares have dropped 45% from their peak, and despite expected volatility before a lockup expiry in mid-August, Citi is now more confident in demand prospects.

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Citi – Stifel Financial (Upgrade)
Stifel Financial was upgraded to buy from neutral by Citi, which anticipates positive catalysts such as increased capital markets activity and strong recruiting trends that could boost the stock.

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Jefferies – Apple (Hold)
Jefferies reiterated its hold rating on Apple ahead of its earnings release, expressing confidence in strong June quarter results driven by robust iPhone demand, supported by new data from U.S. telecom carriers.

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Baird – UnitedHealth (Downgrade)
Baird downgraded UnitedHealth to neutral from outperform, citing multiple negative catalysts. Other business segments appear more challenged, leading Baird to project further downside in valuation.

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Bank of America – Meta (Buy)
Bank of America maintained its buy rating on Meta, naming it a top pick in AI. The firm highlighted Meta’s growing suite of advertising tools and believes the company is well-positioned to be a leader in emerging agentic AI technologies.

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Bank of America – Qualcomm (Buy)
Bank of America reiterated its buy rating on Qualcomm, expecting it to benefit long-term from global adoption of 3G, 4G, and 5G-enabled devices across smartphones, tablets, and machine-to-machine communications.

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Wolfe – Tesla (Peer Perform)
Wolfe maintained its peer perform rating on Tesla, describing a mixed outlook: challenges in the automotive segment are partially offset by strong growth in Tesla’s energy business. However, the stock narrative is improving with potential robotaxi and full self-driving catalysts.

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Citi – Nvidia, Broadcom, AMD
Citi reiterated buy ratings on Nvidia and Broadcom while keeping AMD at neutral. Analysts expect all three to benefit from increased capital expenditures by Microsoft and Meta. They forecast cloud data center spending to rise 35% year-over-year in 2025 and 15% in 2026, which should support AI-focused semiconductor companies.

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Goldman Sachs – Robinhood (Buy)
Goldman reaffirmed a buy rating on Robinhood and raised its price target to $121 from $106. The firm cited the company’s plans to roll out new products such as Robinhood Banking, a layer-2 blockchain, perpetual futures, and tokenized equities in the U.S.

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JPMorgan – Celsius Holdings (Focus List)
JPMorgan added Celsius Holdings to its focus list ahead of its second-quarter earnings report scheduled for August 6.

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Morgan Stanley – Arm (Overweight)
Morgan Stanley maintained an overweight rating on Arm but lowered its price target to $180 from $194. Despite the target cut, analysts remain optimistic about Arm’s long-term transformation potential.

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Wells Fargo – Carvana (Overweight)
Wells Fargo reiterated its overweight rating on Carvana after its Q2 earnings report. Analysts said the results met or exceeded expectations, with guidance suggesting continued retail unit momentum and improving fundamentals.

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Overall, Thursday’s analyst activity showed a strong mix of optimism in sectors like AI, semiconductors, and energy, while some companies faced downgrades due to strategic concerns and valuation pressures.

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