Thursday's Biggest Analyst Calls: Nvidia, Apple, Tesla, Microsoft, Caterpillar, Wingstop & More

Here are the biggest calls on Wall Street on Thursday:

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JPMorgan Maintains Overweight Rating on Qualcomm
Following its earnings report, JPMorgan reiterated an overweight rating on Qualcomm. The firm noted that the chipmaker demonstrated strong performance despite headwinds in the broader smartphone market. Qualcomm’s strength was attributed to growing content in high-end Android devices and solid results from its Internet of Things (IoT) and automotive segments.

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Truist Upgrades ServiceNow to Buy
Truist boosted its rating on ServiceNow from hold to buy, advising investors to take advantage of the stock's recent dip. The firm expressed confidence that ServiceNow will continue gaining ground in enterprise IT, leveraging artificial intelligence and macroeconomic uncertainty to strengthen its market position relative to competitors.

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Bank of America Reaffirms Microsoft as a Top Pick
Microsoft remains a favorite at Bank of America, which kept its buy rating after a strong third-quarter performance driven by Azure cloud services. The firm continues to see the tech giant as a leader in cloud computing.

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JPMorgan Upgrades Camping World to Overweight
Despite a recent share drop, JPMorgan upgraded Camping World from neutral to overweight. The firm believes the market overreacted to a dip in average selling prices during Q1 and expects a rebound in profitability driven by unique company-specific factors.

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Redburn Atlantic Downgrades Procter & Gamble to Neutral
Redburn downgraded Procter & Gamble from buy to neutral, citing limited near-term upside. While P&G is considered a defensive stock with solid fundamentals, the analysts believe its potential for gains is currently capped.

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Bank of America Reiterates Buy on Meta
Bank of America reaffirmed its bullish stance on Meta, citing the company's strong foundation for long-term growth in artificial intelligence. The firm highlighted Meta’s ability to deliver strong ad performance in a challenging macroeconomic environment.

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JPMorgan Upgrades Silgan to Overweight
JPMorgan sees upside in packaging firm Silgan, raising its rating to overweight. The analysts expect 2025 to be a strong earnings year, even amid weak economic conditions. Weather disruptions had hurt 2024’s performance, but these were seen as temporary setbacks.

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Goldman Sachs Adds Johnson & Johnson to Conviction List
Johnson & Johnson was added to Goldman’s conviction list. The firm pointed to the company's strong balance sheet and ongoing investments in innovative medicines as drivers of future revenue and return on invested capital.

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JPMorgan Upgrades Western Digital to Overweight
JPMorgan resumed coverage of Western Digital with an overweight rating, noting robust demand tied to artificial intelligence. The firm acknowledged revenue guidance for the upcoming quarter beat expectations, despite incorporating caution due to potential trade-related risks.

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Baird Lifts Caterpillar to Neutral
Baird upgraded Caterpillar from underperform to neutral, citing signs of strength such as improved dealer inventory levels and steady demand. The firm also noted Caterpillar’s prudent pricing strategy in the face of tariffs.

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UBS Maintains Sell on Tesla
UBS kept its sell rating on Tesla amid reports that the company might be considering a new CEO. The analysts described such a leadership shift as potentially transformative, acknowledging Elon Musk’s key role in the company’s past success.

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JPMorgan Adds Netflix to Monthly Focus List
JPMorgan sees further upside in Netflix and added the stock to its focus list. The firm emphasized Netflix's leadership in global streaming and anticipates that upcoming advertising events in May will serve as a catalyst.

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HSBC Downgrades UPS to Hold
HSBC cut its rating on UPS from buy to hold due to ongoing demand challenges and concerns around tariff-related headwinds.

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Raymond James Upgrades Humana to Outperform
Raymond James raised its rating on Humana, citing an improving Medicare Advantage landscape. The firm sees margin expansion potential over the next two years, aided by stabilizing costs and favorable rate trends.

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Wells Fargo Reaffirms Apple as Overweight
Despite a legal setback, Wells Fargo reiterated its overweight rating on Apple ahead of its earnings. A judge recently ruled that Apple violated a court order related to competition in its App Store, putting some pressure on the stock.

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Goldman Sachs Maintains Buy on Wingstop
Wingstop retained its buy rating at Goldman Sachs following earnings. The firm praised the company’s shift toward digital innovation, replacing manual kitchen systems with more integrated technology.

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Morgan Stanley Keeps Disney at Overweight, Lowers Price Target
Morgan Stanley maintained its overweight rating on Disney but cut its price target to $110 from $130. The firm noted the stock’s 20% year-to-date decline and said while the risk/reward is attractive, near-term macro uncertainty may delay gains.

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Deutsche Bank Reaffirms Buy on Robinhood
Deutsche Bank reiterated a buy rating on Robinhood and raised its price target to $54 from $50, citing strong growth across the platform following earnings.

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Oppenheimer Upgrades Caterpillar to Outperform
Oppenheimer also upgraded Caterpillar, pointing to its resilience in a tough macroeconomic environment. The company’s earnings were seen as better than expected, showcasing strong demand and margin durability.

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Barclays Reaffirms Nvidia and AMD as Overweight
Barclays maintained overweight ratings on both Nvidia and AMD, downplaying concerns over potential U.S. export restrictions on AI chips. The firm noted that both companies had already adjusted by reducing their exposure to China, limiting any financial impact from further policy changes.

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