Here are Monday’s biggest calls on Wall Street: William Blair downgrades Tesla to market perform from outperform William Blair said it is concerned about the effect on Tesla from the Big Beautiful Bill passage. “The ‘Big, Beautiful Bill’ Might Be Too Much for Tesla Shares, Downgrading to Market Perform.” Read more . UBS initiates GE Vernova as buy UBS said it sees a slew of positive catalysts ahead for the clean energy company. “We are initiating coverage on GE Vernova (GEV) with a Buy rating and a $614 price target, representing 20% upside potential.” CLSA initiates General Motors as outperform CLSA said the automaker is well positioned. “Making the best of a bad situation, GM management senses an opportunity to turn Trump’s auto tariffs to its advantage. By holding back on any price hikes that would cover the import duties, GM is successfully turning up the heat on its competitors, especially those based overseas, all of which are loath to attract the wrath of the president.” Bank of America downgrades Stellantis to neutral from buy Bank of America said in its downgrade of Stellantis that it is concerned about rising competition in Europe for the auto maker. “We think the US will return to strength driven by some important model launches, but we have some concerns over Europe, where we consider the company is badly positioned on BEV’s [battery electric vehicle] against rising competition.” Rothschild & Co. Redburn upgrades T-Mobile to neutral from sell The firm upgraded the stock on valuation. “After its recent sell-off, TMUS is only 5% above our DCF-based price target — hence, we upgrade to Neutral.” Citi reiterates Nvidia as buy Citi raised its price target on the stock to $190 per share from $180. “We raise TP on Nvidia to $190 on AI TAM expansion. We model total 2028 data center semis AI TAM to now reach $563B or 13% above our prior expectation of $500B. The 4% increase in compute TAM is driven by higher-than-expected sovereign AI demand.” Read more. Citi reiterates Applied Materials as buy Citi added the stock to its focus list. “We are adding Buy-rated Applied Materials to the US Focus list, which is reserved for stocks that screen attractive on valuation, consensus crowding, and risk-reward.” JPMorgan initiates Chime Financial as overweight JPMorgan said shares of the financial services company are compelling. “We are initiating coverage of Chime (CHYM) with an Overweight rating and $40 Dec 2026 price target.” Seaport downgrades Netflix to neutral from buy Seaport downgraded Netflix on valuation. “We are increasing our long-term valuation views, but the average of our approaches would suggest < 10% upside from here (the 12-month forward view). As such, we are downgrading our recommendation to Neutral from Buy ahead of the July 17 earnings release.” Goldman Sachs initiates Wynn Resorts and Caesars as buy Goldman Sachs said it is bullish on both casino and gaming stocks. “We initiate coverage of Gaming stocks with Buy ratings on WYNN and CZR, a Neutral rating on LVS and a Sell rating on MGM.” Piper Sandler downgrades CrowdStrike to neutral from buy Piper Sandler said in its downgrade of the cyber company that it sees a lack of upside. “We are lowering our rating on CRWD to Neutral from Overweight as shares have encroached on our $505 price objective (both base and bull cases), and we do not foresee a near-term scenario that would meaningfully increase numbers or our terminal multiple.” JPMorgan initiates Ategrity as overweight JPMorgan said the insurance company has a differentiated offering. “We are initiating coverage of Ategrity (ASIC) with an Overweight rating and a December 2026 price target of $26.” Barclays initiates EQT as overweight Barclays said in its upgrade of EQT that the energy company has a “desirable combination of downside resilience and upside torque.” “One of the best risk-adjusted exposure to natural gas.” Wolfe upgrades Alliant to outperform from peer perform Wolfe said it sees an attractive entry point for the utility company. ” LNT is a quality integrated utility with industry leading sales growth led by data centers and constructive regulation.” Jefferies initiates SanDisk as buy Jefferies said it is bullish on shares of the hard disk drive company. “In February 2025, SanDisk completed their spin-off from Western Digital Corporation (WDC), cementing their status as a pure-play in NAND Flash technology.” Jefferies downgrades MP Materials to neutral from buy Jefferies said in its downgrade of MP that it sees an attractive risk/reward for the rare earths company. “China’s shift to short-term export licenses for rare earth magnets reduces the risk of near-term shortages.” JPMorgan initiates Voyager Technologies as overweight JPMorgan said the space and defense company is well positioned for growth. “We are initiating coverage of Voyager Technologies (VOYG), a space and defense company, with an OW rating and a Dec-26 price target of $52.” RBC initiates J.M. Smucker as outperform RBC said it sees an attractive risk/reward for the food company. “We are initiating coverage of SJM with an Outperform rating and a $130 target.” JPMorgan upgrades Phibro Animal Health to overweight from neutral JPMorgan said it sees a slew of positive catalysts ahead for the pet health company. “And while PAHC shares have had a strong run this year, we continue to see a favorable setup from here between the upside to estimates and the still-attractive valuation.” Jefferies upgrades Shoals to buy from hold Jefferies said in its upgrade of Shoals that it sees a slew of positive catalysts ahead for the clean energy company. “We upgrade to Buy with a PT of $7.2/sh, up from $4.90 previously.” William Blair upgrades Caci to outperform from market perform The firm said the IT tech company has “underappreciated drone exposure.” “Following: 1) this weekend’s passage of the One Big Beautiful Bill Act featuring extensive drone funding, 2) surging drone ecosystem valuations, 3) our Dotted Line tracker analysis indicating CACI is one of the industry’s largest (though under-the-radar) counter-drone system providers…” Jefferies upgrades Constellation Brands to buy from hold Jefferies said it sees an expanding multiple for Constellation . “Weak 1Q, but not all bad. Of course the market is challenged, but there isn’t a brand issue. Hispanics are drinking less beer; for reasons well discussed. It won’t be forever. Guidance implies negative trends turn positive and wine turns profitable…and comps ease at an accelerating rate.” Read more . Raymond James downgrades Wells Fargo to market perform from strong buy The firm downgraded the stock on valuation. “We are downgrading our rating on the shares of Wells Fargo to Market Perform from Strong Buy.” ” WFC shares are up 15.3% since we raised our EPS estimates following the removal of the asset cap ,reaching our target price.” Morgan Stanley downgrades Progressive to equal weight from overweight Morgan Stanley said the bull thesis has played out. ” Progressive shares rose 50% in 2024 and ~7% YTD, notably outperforming the S & P 500. However, we believe the drivers of our prior bullish call are dissipating.” Truist initiates Blue Owl Technology Finance as buy Truist said the business development company is well positioned. “We are initiating coverage o f Blue Owl Technology Finance (OTF) with a Buy rating and a $17 price target.” Bank of America reinstates AT & T as buy The firm reinstated coverage of the stock with a buy and said it sees “accelerating growth.” “We reinstate coverage of AT & T at Buy with a $32 price objective.”
