Here are Wednesday's biggest analyst calls: Nvidia, SpaceX, Apple, Tesla, Target, Amazon, Microsoft & more
HS 30/09/2026
Here are Wednesday’s biggest analyst calls: UBS reiterates Apple as neutral The firm said its checks show iPhone wait times are “relatively unchanged” for Apple. “UBS Evidence Lab data that tracks iPhone availability across 30+ geographies suggests that wait times were relatively unchanged on a WoW basis.” Wells Fargo upgrades Pinnacle Financial to overweight from equal weight Wells said in its upgrade of Pinnacle Financial that it sees several positive catalysts ahead. “Looking further out, the key debate is whether investors can gain confidence in a sustainable 17%-18% ROTCE profile post-conversion.” Wells Fargo downgrades Ally Financial to equal weight from overweight Wells said it sees less upside. “Downgrading ALLY shares to EW as we believe the stock has less relative upside given the double risk of NIM pressure from higher interest rates and a tougher credit backdrop from elevated gas prices/inflation.” Deutsche Bank initiates FormFactor as buy Deutsche said the semis testing company is firing on all cylinders. “With FormFactor well levered to rising test intensity, led by AI, and our 2028E EPS ~45% ahead of cons, we initiate with a Buy rating and a target of $200…” William Blair initiates CoreWeave as outperform William Blair said it’s the “premier AI cloud.” ” CoreWeave has established itself as a strategic infrastructure provider to many of the world’s largest hyperscalers and AI labs, with approximately $130 billion of committed backlog and second quarter 2026 revenue of $2.58 billion likely exceeding all other neoclouds combined.” William Blair initiates Nebius Group as outperform William Blair said Nebius is “not just another neocloud.” ” Nebius is evolving from a GPU capacity provider into a full-stack, AI-native cloud platform that spans training, inference, and agentic workloads, while occupying a unique position between general-purpose hyperscalers and more infrastructure-focused AI cloud providers.” Bank of America reiterates Nvidia, Intel, Marvell, Micron and Lam Research as buy The firm said investors should own all five stocks. “Top picks into Q4 : NVDA , INTC , MRVL , MU , LRCX. Historically , CQ4 (and CQ1) have been the two best seasonal quarters to own chip stocks, with 300 -500bps of median outperformance vs . SPX from 2010 -25.” Citi initiates Nuvation Bio as buy Citi said the company is an “oncology leader.” “We are initiating coverage of Nuvation Bio with a Buy/HR rating and $12 TP.” Bank of America upgrades Grocery Outlet Holdings to buy from neutral Bank of America said it sees an attractive risk/reward. “We upgrade Grocery Outlet t o Buy (from Neutral) with a PO of $15 (was $12.5) based on 7x our 2027E EBITDA.” Rosenblatt reiterates Amazon as buy Rosenblatt raised its price target on Amazon to $360 per share from $335. “The market is treating agentic commerce as a binary threat to Amazon’s advertising economics, and we think this perceived disruption risk is overstated.” Citi downgrades Moderna to sell from neutral Citi said the “oncology optimism” is priced in for Moderna. “Overall, we believe that based on aggressive implied sales and unrealistic PoS [probability of success] assumptions, the current valuation is unjustifiable with a negatively skewed risk/reward profile. TP now $80 (from $60).” Read more. HSBC upgrades Target to buy from hold The firm said Target shares are cheap. “Shares look inexpensive if we include potential earnings upside. Upgrade to Buy (from Hold); lift TP to USD190 (from USD125).” Morgan Stanley reiterates Tesla as equal weight The firm said trends appear “mixed” ahead o f Tesla’ s deliveries report. “We forecast 441K of deliveries (-11% Y/Y, -8% Q/Q) in 3Q26, on tough 3Q25 tax-credit pull-forward comp, softer US/China demand and mixed EU trends, partly offset by strong Shanghai exports.” StoneX initiates Alto Ingredients as buy StoneX said the chemical company has plenty of upside. “We are initiating coverage of ALTO with a Buy rating and $7 price target. Alto Ingredients combines a core capability in ethanol production with a novel approach to elevating value from co-products, adjacent specialty chemicals and essential ingredients.” Wolfe initiates Amphenol as outperform Wolfe said shares are “compelling.” “We launch coverage of Amphenol with OP rating & YE27 TP of $105…We see above-Cons growth in the AI end-mkt, with HDD / LDD growth ex-Datacom & accretive M & A. Despite solid stock perf, absolute & relative multiples are compelling.” Citi initiates Jazz Pharmaceuticals as buy Citi said it likes the diversification of the pipeline. “We are initiating coverage on Jazz Pharma with a Buy/High Risk rating and $325 TP.” Bernstein initiates Arista Networks, Celestica, Lumentum, Coherent and Ciena as outperform Bernstein initiated several networking stocks and says they have plenty more room to run. “We are most positive on Celestica ( O), and rate it as our top pick. … .We are also positive on Lumentum, Coherent and Ciena (all O), given our positive view on the optical sub-sector. Arista (O) is a structural share gainer, and we see upside to current numbers, albeit on a somewhat full valuation.” Piper Sandler reiterates Microsoft as overweight The firm raised its price target to $610 per share from $550 and says it’s bullish on Microsoft Copilot. “Copilot adoption momentum continues to accelerate after adding ~10M seats q/q in F4Q26 (vs. 5M in F3Q26), and the runway remains significant.” Oppenheimer upgrades Nice to outperform from perform The firm said shares of the software company are cheap. “We are upgrading NICE to Outperform from Perform and establishing a price target at $150 PT based on the company’s improved AI platform, increasing demand from AI agents and the stock’s historically cheap valuation.” Oppenheimer initiates Cavco Industries as outperform Oppenheimer said it sees a margin recovery for the homebuilder company. “We initiate coverage o f CVCO with an Outperform rating and $720 PT.” Needham reiterates SpaceX as buy Needham said it’s sticking with the stock. “We view SpaceX as the category leader in orbital infrastructure with a multi-year lead that can deliver meaningful upside to consensus estimates.”
