Thursday’s Biggest Analyst Calls: NVIDIA, Tesla, Snowflake, Salesforce, Amazon, Ge Vernova & More

Here are Thursday’s most significant Wall Street analyst calls:

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KBW downgrades Goldman Sachs to market perform from outperform
KBW lowered its rating on Goldman Sachs, citing a more balanced risk/reward outlook and concerns about the stock’s elevated valuation.
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"We are downgrading Goldman’s shares to Market Perform due to an elevated valuation and a more balanced risk/reward relationship," the firm stated.

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Goldman Sachs reiterates Salesforce as a buy
Goldman Sachs reaffirmed its buy rating on Salesforce despite the company’s mixed earnings report. The firm maintained its 12-month price target of $400, expressing confidence in the company’s long-term growth potential.
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"We reiterate our Buy rating and 12-month PT of $400 after CRM’s F4Q25 EPS as we leave our estimates largely unchanged and gain conviction in the following factors driving upside to the company’s F2H26 growth curve," Goldman noted.

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Bank of America reiterates Nvidia as a top pick
Bank of America increased its price target on Nvidia from $190 to $200 per share, emphasizing the company’s leadership in artificial intelligence.
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"We reiterate our Buy rating on NVDA as the company remains in a dominant position of leading the AI market towards compute-intensive inference, agentic applications, and physical AI/robotics," the firm stated.

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Citi reiterates Amazon as a buy
Citi maintained its buy rating on Amazon, highlighting the potential of its newly introduced Alexa+ AI assistant. The firm believes the technology could drive greater adoption of generative AI use cases.
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"With the introduction of Amazon’s Alexa+ AI Assistant yesterday, we believe it can significantly accelerate the adoption of GenAI Agentic use cases and puts Amazon as a leader given it is included as part of Prime and Alexa’s ~76M device users in the U.S.," Citi said.

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Barclays reinstates Super Micro Computer as neutral
Barclays resumed coverage on Super Micro Computer with a neutral rating, noting that the stock is now likely to reflect business fundamentals.
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"We therefore remain on the sidelines despite SMCI now being compliant with its filings, which should help with business fundamentals, such as incremental order wins from customers who were previously hesitant," the firm explained.

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Jefferies upgrades Freeport-McMoRan to buy from hold
Jefferies upgraded Freeport-McMoRan to buy, citing recent positive developments in Indonesia and the potential benefit from U.S. tariffs on copper imports.
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"We upgrade back to Buy today due to encouraging recent updates regarding Indonesia as well as the potential significant benefit to FCX of tariffs on U.S. copper imports," Jefferies said.

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DA Davidson upgrades Sterling Infrastructure to buy from hold
DA Davidson raised its rating on Sterling Infrastructure, pointing to an improved earnings outlook and a more attractive valuation.
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"STRL shares have (nearly) returned to levels which we downgraded while our revised ’25 EPS and FCF expectations are 30% and 38% higher (respectively) than our view a year ago," the firm remarked.

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Wells Fargo initiates HA Sustainable Infrastructure Capital as overweight
Wells Fargo initiated coverage of HA Sustainable Infrastructure Capital with an overweight rating, describing the company as a safer way to invest in the volatile renewable energy sector.
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"We’re initiating coverage of HASI with an Overweight rating and a price target of $33/sh," Wells Fargo said.

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Goldman Sachs reiterates Snowflake as a buy
Goldman Sachs reaffirmed its buy rating on Snowflake, citing the company’s long-term potential in the generative AI market.
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"We believe that Snowflake is well-positioned to be a long-term beneficiary of the Gen-AI cycle as spend permeates from Infrastructure into the Platform and Application layers," Goldman noted.

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Morgan Stanley downgrades Constellation Brands to equal weight from overweight
Morgan Stanley downgraded Constellation Brands to equal weight, expressing concerns about slowing long-term beer growth.
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"We are downgrading Constellation Brands to Equal-weight, with increasing concern over LT beer depletion growth," the firm explained.

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JPMorgan adds GE Vernova to the focus list
JPMorgan included GE Vernova on its focus list, suggesting the stock offers an attractive entry point despite recent market concerns.
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"Despite what we viewed as incrementally positive commentary from GEV last week, the stock has sold off over the last week amidst broader fears around hyperscaler capex plans and associated industrial AI demand," JPMorgan stated.

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Morgan Stanley reiterates Tesla as overweight
Morgan Stanley maintained its overweight rating on Tesla, highlighting the potential for the company to play a key role in bringing advanced Chinese electric vehicle technology to the U.S. market.
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"My conversations with senior auto executives suggest it’s only a matter of time before superior Chinese EV technology is made on U.S. shores... Just our view... but the most likely OEM to help ‘transplant’ a Chinese EV maker into the U.S. is Tesla," the firm said.

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