Friday’s Biggest Analyst Calls: Nvidia, Apple, Broadcom, Tesla, Netflix, Ferrari, Johnson & Johnson, Coinbase & More

Here are Friday’s biggest calls on Wall Street:

Here’s a look at the most notable analyst upgrades, downgrades, and reiterations shaping market sentiment going into the weekend.

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Jefferies lowers Apple to underperform from hold
Jefferies took a bearish stance on Apple, arguing that expectations for the foldable iPhone 18 are simply too high. The firm noted that stronger demand for the iPhone 17, boosted in part by a price cut on the base model, is already reflected in the stock. Jefferies believes this has created inflated expectations for the next cycle, especially for the anticipated foldable device.

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Goldman Sachs sticks with Apple as a buy
Goldman Sachs, however, remains bullish. While App Store spending growth has been slowing, the bank is maintaining its buy rating. According to Sensor Tower data, App Store spending rose 7% year-over-year in September, down from 10% in August. This marked the fourth consecutive month of deceleration and the weakest growth pace since April 2023.

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Wells Fargo upgrades Johnson & Johnson to overweight
Wells Fargo boosted its view on Johnson & Johnson, saying risks around tariffs, pricing pressure, and Stelara’s patent expiration are mostly in the past. The firm raised its price target to $212 from $170, citing upside potential in J&J’s pharma business along with attractive valuations.

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Oppenheimer reiterates Netflix as outperform
Ahead of Netflix’s October 21 earnings report, Oppenheimer reaffirmed its outperform rating and $1,425 target. The firm pointed to strong third-quarter engagement data and noted that the stock has lagged, creating potential upside.

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Wolfe Research makes two moves: Woodward upgraded, PayPal downgraded
Wolfe upgraded aerospace supplier Woodward to outperform, setting a $300 price target, citing confidence in margin expansion. On the flip side, the firm downgraded PayPal to peer perform from outperform, saying it’s waiting for clearer visibility and setting a fair value range of $70–$80.

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BMO initiates Charles Schwab as outperform
BMO began coverage of Charles Schwab with an outperform rating, pointing to stronger balance sheet positioning and a clearer path to greater capital efficiency.

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Goldman Sachs reiterates Amazon as a buy
Goldman raised its price target on Amazon to $275 from $240, calling the stock “underappreciated.” The bank now sees a favorable risk/reward skew of roughly 3-to-1 from current trading levels.

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Goldman Sachs downgrades Bumble to neutral
Goldman also cut its rating on Bumble to neutral from buy, lowering its price target to $7 from $8. Analysts said the company’s turnaround remains uncertain and likely won’t materialize until mid-2026.

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Mizuho keeps Broadcom as a top pick
Broadcom remains on Mizuho’s top-picks list, with analysts praising the company’s profitability and leadership within the semiconductor industry.

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Gordon Haskett upgrades Zillow to buy
Gordon Haskett upgraded Zillow, citing an attractive risk/reward setup after recent negative sentiment dragged down the stock.

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Morgan Stanley upgrades Curbline Properties
Morgan Stanley turned bullish on Curbline Properties, highlighting its “rare double-digit” growth story in funds from operations and assigning a $27 price target.

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Mizuho upgrades Occidental Petroleum to outperform
Mizuho boosted its rating on Occidental Petroleum following its OxyChem divestiture to Berkshire Hathaway, saying the company holds one of the strongest U.S. onshore reserve portfolios.

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UBS upgrades Freeport-McMoRan to buy
UBS advised investors to take advantage of the recent pullback in Freeport-McMoRan shares, lifting its price target to $48 from $42.50.

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Stifel upgrades Knight-Swift and Schneider National
Stifel upgraded both Knight-Swift and Schneider National to buy from hold, noting improving trucking cycle dynamics and supply-side tightening in the industry.

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Bank of America reaffirms Nvidia as a top buy
Bank of America reiterated its buy rating on Nvidia, continuing to call it the firm’s top AI pick. Analysts pointed to the company’s dominant role in critical accelerator and networking components tied to the $1.2 trillion data center market.

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RBC reiterates Microsoft as outperform
RBC reaffirmed Microsoft’s outperform rating, emphasizing its ability to monetize AI across both infrastructure and applications.

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Berenberg initiates Ferrari as buy
Berenberg started coverage of Ferrari with a buy rating, noting the luxury automaker’s ability to deliver long-term returns through pricing power and free cash flow growth, even with modest volume increases.

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Rothschild & Co Redburn upgrades Coinbase
Rothschild & Co Redburn raised Coinbase to buy from neutral, citing the evolving digital asset landscape as a strong tailwind for the crypto exchange’s long-term prospects.

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Piper Sandler downgrades Instacart to neutral
Piper Sandler downgraded Instacart, pointing to intensifying competition from larger, faster-growing peers. Analysts said competitive dynamics are the bigger concern, not near-term quarterly performance.

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Barclays upgrades Shoals to overweight
Barclays upgraded Shoals, saying its entry into data centers and energy storage could become a major growth driver over the next five years.

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Goldman Sachs reiterates Tesla as equal weight
Goldman maintained an equal-weight rating on Tesla after the company reported stronger-than-expected delivery numbers. While the upcoming loss of IRA credits could be a headwind, analysts said upcoming events such as earnings and the November 6 shareholder meeting could provide positive catalysts.

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Friday’s analyst calls highlighted a wide mix of sector opportunities—from big tech and energy to transportation and crypto. While firms disagreed on Apple’s near-term potential, consensus remained strong for names like Nvidia, Amazon, and Microsoft as long-term winners in AI and digital transformation.

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