Here are the biggest calls on Wall Street on Tuesday: JPMorgan downgrades Goldman Sachs to neutral from buy JPMorgan sees a more balanced risk/reward for the investment bank. “We downgrade GS to Neutral from OW. We see GS shares as fairly valued now. GS has demonstrated strong market share improvement in its Sales and Trading business over the last few years and the franchise has been refocused on its strengths in Global Banking and Markets as well as Asset and Wealth Management.” Read more. Cantor Fitzgerald reiterates Tesla as overweight The firm says it’s bullish ahead of Tesla earnings on Wednesday. “Above all, we will be focusing on Elon’s commentary, particularly updates on the timing of several upcoming key material potential near-term catalysts, including: continued rollout of Robotaxi in Texas and California, ramp up of the Model 3/Y standard (lower-cost vehicle), FSD adoption in China and Europe, launch of the cybercab in 2026, and an update on the timeline for its humanoid Optimus Bot.” TD Cowen upgrades Truist to buy from hold TD Cowen says the bank is due for a re-rating. ” Truist delivered strong 3Q results underpinned by strong fees and accelerating loan growth. With solid momentum exiting the quarter, it’s clear to us that the company has reached an inflection point with a multi-year investment plan signaling offense is now back on the field.” Morgan Stanley names Spotify a top pick Morgan Stanley sees growth picking up. “Having added significant value to its free and Premium tiers, Spotify in our view kicked off a new pricing cycle this Fall and is poised to accelerate growth into next year. We also see AI as a tailwind, move to Top Pick in M & E.” Goldman Sachs reiterates Apple as buy The investment bank raised its price target on Apple to $279 per share from $266 ahead of earnings on October 30. “Into F2026, we expect continued strength in iPhone demand, supported by both US carrier competition and continued form factor changes with the expected launch of the iPhone 18 foldable.” Read more. Raymond James upgrades Capri to outperform from market perform Raymond James says channel checks look positive for the owner of affordable luxury brands including Michael Kors. “We upgrade CPRI to Outperform from Market Perform. CPRI has endured a few challenging years and is striving to turn around. We like the setup given our channel checks show sequential improvement.” Citi upgrades Nextracker and Sunrun to buy from hold Citi says it’s bullish on both stocks. “We are upgrading NXT to Buy/High Risk with a $114 PT ahead of its capital markets day in November. … . We are upgrading RUN to Buy/High Risk with a $26 PT. … .We expect the company to beat full year 2025 cash flow targets, which would put recourse debt to cash generation at YE25 at 2x, opening the door to return of capital to shareholders.” Read more. Citigroup adds a positive catalyst watch on Reddit Citi opens a positive catalyst watch and says investors should buy the dip. “With shares of RDDT down 25% since 09/18 primarily on concerns around traffic growth, we analyze what we believe are the top-5 debates on the stock, and we come away incrementally positive on Reddit’s product-led growth strategy, monetization momentum, data licensing approach, and profitability tailwinds.” Mizuho reiterates Broadcom as outperform Mizuho raises its price target to $435 per share from $430. “Reiterate AVGO at Outperform, raise PT to $435 (prior: $430), 42.7x our C26E P/E as we note AVGO now potentially with 5 Hyperscale ASIC customers (out of a possible ~7), as it continues to see its TAM/share expand with leadership in the AI ASIC market. JPMorgan reiterates Carvana as overweight JPMorgan raises its price target to $490 per share from $425. “We expect CVNA to deliver another beat and raise this quarter, further solidifying the company’s operational moat in the sector.” Bank of America reiterates Crocs as buy The Wall Street bank lowers its price target to $98 per share from $99. “We reiterate our Buy rating on CROX; 2Q was disappointing, but we think the risk/reward is favorable at 7.5x P/E as we see a path toward revenue growth bottoming out in 3Q and improving into 2026.” Bank of America reiterates Meta as buy Bank of America says it’s sticking with the Instagram and What’sApp owner ahead of earnings later this month. ” Meta is an investment in increasing social and mobile Internet usage, and also offers exposure to the increasing use of AI/ML technology and potential long-term Metaverse opportunity.” BMO upgrades Royal Gold to outperform from market perform BMO says the gold miner’s portfolio has “growth and diversification benefits” “The addition of Sandstorm and Horizon’s assets to RGLD’s streaming and royalty portfolio provides a lift to near-term production while also enhancing long-term growth as its valuable development assets begin to produce, starting in 2028-29.” Wells Fargo downgrades Cleveland-Cliffs to underweight from equal weight Wells downgrades the stock mainly on valuation. “We downgrade CLF to Underweight after shares soared 21.5% Monday (steel ETF +2.6%), and our estimates don’t change much.” Mizuho reiterates Nvidia as outperform Mizuho says it’s sticking with the stock. “We see NVDA remaining the leader in the AI training and inference chips for Data Center applications (we estimate > 95% share today), which we believe is growing at ~60% CAGR to > $500B by 2028E.”
