Here are the biggest calls on Wall Street on Thursday: Piper Sandler reiterates Nvidia as overweight Piper says the stock remains a top pick heading into 2025. “In the GPU [graphic processing unit] space we see NVDA as the clear leader with over 70% of the total market with AMD and Intel competing for the rest of the enterprise market.” Jefferies upgrades Diageo to buy from hold Jefferies says it sees “renewed focus on growth” for the beverage company. “Companies do not change overnight; however, we think that Diageo will start to look different as confidence in spirits growth increases and under a new, heavyweight CFO, where we see a renewed focus on growth, profit and cash.” Goldman Sachs initiates Cheesecake Factory and Brinker as buy Goldman said in its initiation of Cheesecake that it has “unit growth potential.” The firm also said it’s bullish on the owner of Brinker which is the owner of Chili’s. “Buy EAT , as we believe meaningful fundamental changes to Chili’s will likely carry the positive momentum forward. Buy CAKE with the highest unit growth potential vs. FSR [full service restaurant] peers.” Bernstein upgrades Okta to outperform from market perform Bernstein says it sees “re-acceleration” for shares of the identity access management. “We think the time is right to get incrementally bullish on Okta.” Jefferies initiates Disney as hold Jefferies says it sees a balanced risk/reward for the entertainment company. “We initiate coverage of DIS with a Hold rating and $120 PT as the recent multiyear guide appears priced in.” Oppenheimer reiterates Broadcom as outperform Oppenheimer says it’s bullish on Broadcom ahead of earnings on Dec. 12. “We see an upside to F4Q (Oct) results and seasonally ‘flattish’ F1Q (Jan). Growth led by AI compute/networking franchises. AI and non-AI semis expected up 10% in F4Q.” Wolfe downgrades Ford to underperform from peer perform Wolfe downgraded the automaker due to concerns about free-cash flow expectations. “Remain particularly cautious on Detroit 3 automakers and downgrade Ford to Underperform as we see considerable downside risk to 2025 Ebit and FCF expectations, and no obvious path to improvement beyond it.” Citi reiterates Netflix as neutral Citi raised its price target on the stock to $920 per share from $725. “We believe multiple expansion driven by incremental confidence in the firm’s ad-tier has been the primary driver of NFLX’s equity returns this year.” Morgan Stanley upgrades Hewlett Packard Enterprise to overweight from equal weight Morgan Stanley says it’s bullish on the company’s acquistion of Juniper. “We are upgrading HPE to OW as we see the value proposition of the JNPR acquisition as attractive in the near term, with JNPR coming out of inventory digestion and recognizing new cloud customers.” Morgan Stanley downgrades Applied Materials to underweight from equal weight Morgan Stanley says it sees a “weaker operating environment” for the semis company. “AMAT’ s leading market share in DRAM [dynamic random access memory] and trailing-edge logic lead to the company seeing strong growth in 2023- 24, but a weaker operating environment for both end-markets in the 1H should lead to a correction.” Morgan Stanley initiates Brown & Brown as overweight Morgan Stanley says the insurance risk management company has a competitive advantage. “Brown & Brown (OW) — proven track record reflecting culture of ownership.” Wolfe upgrades Mobileye to outperform from peer perform Wolfe says “near-term expectations seem to have been properly reset” for the autonomous driving company. “Upgrade MBLY to Outperform as we believe it can play an important role in providing Western automakers with autonomous driving solutions, and near- term expectations seem to have been properly reset.” JPMorgan upgrades ConocoPhillips to overweight from neutral JPMorgan upgraded the petroleum refinery company as firm says it favors “natural gas levered producers given the supply response to low gas prices.” “As such, we shift to a more defensive stance and upgrad e COP to OW from N, but downgrade DVN and SM to N from OW to better balance our ratings skew.” Barclays upgrades Gates Industrial to overweight from equal weight Barclays says it’s bullish on the power transmission & fluid power products & services company. “In SMID cap – GTES (we upgrade to OW from EW, due to its high SCI [short cycle industrial] exposure, low valuation).” Bank of America adds Walmart to the US1 list and removes Costco The firm says it likes both stocks but that Walmart is best positioned for share gains. “We add WMT to the US-1 list as broad-based share gains, growth of digital advertising and other high-margin ancillary businesses and lower ecommerce losses should continue. We reaffirm our Buy on COST, but remove it from US-1, as we see greater potential limits to multiple expansion for COST.” JPMorgan downgrades American Eagle to neutral from overweight JPMorgan downgraded American Eagle following earnings on Wednesday. “…we see recent moderating sales & consumer ‘choppiness’ experienced over the trailing 6 months contributing to inconsistent results & execution risk.” Bank of America reiterates Tesla as buy Bank of America raised its price target on the stock to $400 per share from $350. “We visited TSLA’s gigafactory in Austin, TX, which included meeting with IR, a factory tour and a ride & drive session. The trip gave us increased confidence that TSLA is well-positioned to grow in 2025+ with its core EV business and launch of its robotaxi offering, and longer-term from its investments in Optimus.” Deutsche Bank reiterates Robin Hood as buy Deutsche raised its price target on the stock to $42 per share from $36 following the company’s investors day. “At Robinhood’s investor day, CEO Vlad Tenev and management team presented a 10-year outlook for the business, focusing on the company’s ambitions for leadership in active trading, increasing wallet share penetration for the next generation…” Morgan Stanley reiterates Eli Lilly as overweight The firm says it’s bullish on the company’s GLP drug, Orforglipron and Morgan Stanley says Eli Lilly is a top pick heading into 2025. “Given ongoing injectable GLP-1 supply constraints, we believe oral GLP-1s, such as LLY’s Orforglipron, will be required to meet patient demand. We believe LLY’s Orforglipron is well positioned in the oral landscape.”