Here are Monday’s biggest calls on Wall Street: Jefferies downgrades Ford to underperform from hold Jefferies said it sees too many negative catalysts for the automaker. “We downgrade Ford to Underperform on broad concerns ranging from inventory overhang to looming strategic decisions on European presence and a widening gap between warranty provisions and related cash outflows.” Wedbush reiterates Tesla as outperform The firm said it is bullish on the stock in 2025. “We are raising our price target on Tesla to $515 from $400 as we believe the Trump White House the next 4 years will be a ‘total game changer’ for the autonomous and AI story for Tesla and Musk over the coming years. Our bull case is $650 for 2025.” Wolfe upgrades Trimble to outperform from peer perform Wolfe said it is bullish on the software and hardware company. ” TRMB hosted its Investor Day with new LT targets (~3 years) with organic revenue growth of 7-9%, ARR growth in the low-to-mid teens, and incremental margins of 30-40%.” Bernstein reiterates Nvidia as outperform Bernstein said Nvidia has an “enormous” data center opportunity. “The datacenter opportunity is enormous, and still early, with material upside still possible.” Goldman Sachs reiterates Broadcom as buy Goldman Sachs said it is sticking with the stock following earnings last week. “Bottom line, we reiterate our Buy rating on AVGO with an updated 12-month price target of $240 (up from $190 prior) and continue to view the company as one of the key enablers of Gen AI.” Goldman Sachs initiates Grindr as buy Goldman Sachs said it is bullish on the online dating company. “We initiate coverage of Grindr Inc. (GRND) with a Buy rating and a $20, 12-month PT.” Morgan Stanley names Exxon Mobil a top pick in 2025 Morgan Stanley said the stock is a top idea in 2025. “With lingering macro uncertainty, we retain a defensive bias ( XOM , COP, FANG) and still prefer US gas over oil exposure within E & P.” Oppenheimer reiterates Netflix as outperform Oppenheimer said it is bullish on Netflix and live events. “We are revisiting the bull case and raising target to $1,065 (was $825).” JPMorgan upgrades Okta to overweight from neutral JPMorgan says the identity access management company is well positioned. ” Okta reset expectations with a conservative initial look at FY26 revenue growth this quarter and now the risk/reward is attractive in our view as we see Identity moving up the priority stack.” UBS initiates nCino as buy UBS said the company is a “leading” bank IT provider. “We initiate coverage of nCino with a Buy rating and $44 price target.” JPMorgan upgrades Keysight Technologies to overweight from equal weight JPMorgan said it sees burgeoning growth for the electronics test manufacturing company. “We are upgrading shares of Keysight Technologies to Overweight led primarily by our expectations for a broadening out of the demand drivers along with a cyclical recovery through 2025 in end-markets, which have been challenged in 2024 both on account of higher capital costs, lower underlying industry growth, and inventory digestion in certain markets.” JPMorgan upgrades NetApp to overweight from equal weight JPMorgan said it sees IT budgets improving for the data infrastructure company. “We are upgrading shares of NetApp to Overweight led by our expectations of acceleration in revenue growth helped by improving IT budgets towards datacenters and Storage infrastructure in preparation of Enterprises looking to leverage AI use cases, as well as continued share gains from the recent pace of innovation from NetApp relative to its product portfolio.” JPMorgan upgrades Teradyne to overweight from neutral JPMorgan said in its upgrade of the test equipment designer that Teradyne has upside. “Upgrade to Overweight as Acceleration in TAM [total addressable market] and Higher Share Make 2026 Targets Achievable With Potential Upsides.” Loop downgrades Netflix to hold from buy Loop downgraded Netflix mainly on valuation. “However, the stock is trading at historically high valuation multiples. The company is trading at 9.4x forward revenue, close to the highs last reached in mid-2021 and only topped in mid-2018.” Morgan Stanley names Dell, Seagate and Apple top picks Morgan Stanley said the three stocks are best positioned in 2025. “We continue to prefer cyclical/transactional enterprise names over consumer stocks, with AAPL (our Top Pick and only Consumer OW), DELL, and STX our top large cap Overweights.” Jefferies names Microsoft, Amazon, Meta and Alphabet top picks The firm revealed a slew of top tech and internet stocks for 2025 on Monday. Own MSFT & AMZN for enterprise, META & GOOGL for consumer, and SNOW for a potential Data & AI breakout play.” JPMorgan reiterates Apple as overweight JPMorgan said it is sticking with the stock heading into 2025. “We rate shares of Apple Overweight given our favorable outlook on the iPhone cycle led by AI upsides as well as resilience in Services revenues relative to investor expectations.” Jefferies names McDonald’s a top pick The firm said the fast-food company is a best idea in 2025. ” MCD is our top idea for 2025 as we view the co well-positioned to drive SSS [same-store sales]/share gains amidst a soft traffic environment for QSR, supported by momentum in value offerings.” Jefferies upgrades Bristol-Myers Squibb to buy from hold Jefferies said it is bullish on the company’s schizophrenia drug Cobenfy. “We’re upgrading BMY to BUY w/ $70 PT: 1) We think Cobenfy can become $10B + drug.” Bank of America reiterates Nvidia as buy The firm said it is a top pick in 2025. “We see 2025 as a year of two different trends. In the first half, AI investments and NVDA Blackwell deployments driven by US cloud customers sustain momentum in AI semis.” Gordon Haskett upgrades Macy’s to buy from hold The firm said the risk/reward is getting a little more attractive. “As we note herein, the company’s tone on current business trends QTD was very upbeat, which lends more confidence from our seats that Macy’ s can deliver a positive comp in 4Q24.” Bank of America upgrades Concentra to buy from neutral Bank of America said the occupational health-care company is well positioned. “We upgrade from Neutral to Buy as we view Concentra (CON) as being largely immune to headlines and uncertainty that hospitals will face in 2025 post Elections.” Bank of America upgrades Edwards Lifesciences to buy from neutral The firm said it sees pipeline upside for the heart medical innovations company. “We upgrade EW to Buy from Neutral. … New growth drivers support 2025 revenue growth.” Evercore ISI names IBM and Dell as top picks in 2025 The firm named both stocks as top ideas heading into 2025. “1) DELL: Leader in both compute and storage infrastructure for AI. Expect upside from both ISG & CSG [infrastructure solutions and client solutions group] segments in CY25. 2) IBM : The underappreciated AI-driven consulting narrative gains momentum. Mainframe cycle should also contribute to acceleration.” Bank of America upgrades U.S. Physical Therapy to buy from neutral Bank of America said the health-care company is well positioned. “We upgrade USPH to Buy from Neutral as we see a path of recovery from the recent labor pressure. … Finally, we view USPH as relatively less exposed to post-election headlines and uncertainty that hospitals will face in 2025 post Elections.” JPMorgan upgrades CBRE to overweight from neutral The firm said it sees improving growth for the commercial real estate company. “We upgrade CBRE from Neutral to Overweight with a 2025 year-end price target of $163/share, which implies 19% upside from here and a 22x forward P/E multiple on our 2026 EPS estimate of $7.50; its multiples are around the same level as the S & P 500’s but with a stronger growth outlook, in our view.”
