Wednesday’s Biggest Analyst Calls: Nvidia, Micron, AT&T, Snowflake, Chevron and More

Here are Wednesday’s biggest calls on Wall Street:

Here’s a roundup of notable analyst moves that caught attention on Wall Street today:

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JPMorgan Upgrades Upstart Holdings to Overweight from Neutral

JPMorgan has turned more optimistic about the fintech lender.

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“We’re upgrading Upstart to Overweight from Neutral,” the firm noted, pointing to a favorable macro environment with stable credit conditions and the possibility of rate cuts. According to JPMorgan, Upstart presents the best risk-reward profile among personal loan originators.

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KeyBanc Reaffirms Nvidia as Overweight

Ahead of Nvidia’s earnings next week, KeyBanc boosted its price target to $215 from $190.

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“We anticipate NVDA will deliver strong fiscal Q2 (July) results but guide slightly below consensus for Q3 (October), mainly because its outlook likely excludes direct revenue from China due to pending license approvals and timing uncertainty,” analysts said.

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Citi Upgrades Nu Holdings to Buy from Sell

Citi expressed confidence in the Brazilian digital bank’s earnings quality.

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“We’re raising our rating on Nubank to Buy from Sell while increasing our price target to $18 from $9,” the firm stated.

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HSBC Downgrades Goodyear Tire to Hold from Buy

Following recent earnings, HSBC shifted its stance on Goodyear.

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“Although Goodyear has made restructuring progress, the savings have delivered less incremental impact than we anticipated,” analysts explained.

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Piper Sandler Upgrades Vita Coco to Overweight from Neutral

The firm sees opportunity in the beverage maker despite tariff concerns.

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“We’re upgrading COCO to Overweight as the recent pullback—likely caused by revised tariffs—appears overdone. Even if tariffs remain, COCO has sourcing flexibility and, most importantly, pricing power to offset the impact,” Piper Sandler said.

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JPMorgan Downgrades Kroger to Neutral from Overweight

JPMorgan cited valuation as the main reason for the downgrade.

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“We don’t find the current valuation compelling given the lack of operating profit growth and uncertainty in strategic direction, including an interim CEO and ongoing evaluation of the e-commerce segment,” analysts noted.

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Citi Initiates Roper Technologies as Buy

The firm highlighted the company’s transformation over the past two decades.

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“Roper has evolved from an industrial conglomerate to a leader in vertical software and technology-enabled products,” Citi said.

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JPMorgan Upgrades J.M. Smucker to Overweight from Neutral

The food products company has several growth drivers ahead, according to JPMorgan.

“Long-term, SJM appears well-positioned for revenue and earnings growth versus peers, supported by Uncrustables expansion, a rebound in pet food demand, and steady coffee sales,” analysts wrote.

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Citi Downgrades Urban Outfitters to Neutral from Buy

Citi cited valuation and tariff risks for the downgrade.

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“URBN is up 86% since November and has reached our prior target price. We also see risk from higher India tariffs and are more cautious on specialty apparel retailers in the second half,” the firm stated.

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Citi Downgrades Gap to Neutral from Buy

Citi said the risk/reward has evened out.

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“We’re cutting GAP to Neutral as we view the upside potential as more balanced in the current macro and tariff backdrop,” analysts explained.

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Bank of America Adds AT&T to US1 List

BofA placed AT&T on its list of top stock ideas, signaling strong conviction in the telecom giant.

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Piper Sandler Initiates Figma as Overweight

The firm sees Figma as a major industry disruptor.

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“We’re starting coverage with an Overweight rating and an $85 price target, driven by its unique platform, scalable business model, and global reach to over 450,000 customers,” analysts said.

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UBS Upgrades Antero Resources to Buy from Neutral

UBS pointed to a key financial turning point for the energy company.

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“We’re moving AR to Buy from Neutral,” the note stated.

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UBS Reaffirms Chevron as Buy

Chevron remains UBS’s top international oil pick.

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“We expect continued positive momentum following the HES transaction and leading up to the November 12 Analyst Day,” analysts said.

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Evercore ISI Adds Hewlett Packard Enterprise to Tactical Outperform List

Evercore is bullish on HPE ahead of its early September earnings report.

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“We believe HPE is positioned to beat July-quarter expectations and guide October-quarter results above current forecasts,” the firm said.

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Bank of America Upgrades Snowflake to Buy from Neutral

BofA expects strong long-term performance ahead of August 27 earnings.

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“We believe Q2 earnings will act as a catalyst, but our thesis focuses on Snowflake’s ability to capture a growing $155 billion AI software market,” analysts explained.

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Citi Reiterates Micron as Buy

Citi remains confident in Micron after investor meetings.

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“We’re more convinced that gross margins can exceed 50%, surpassing the previous peak of 47.4%, thanks to higher HBM mix and stronger DRAM pricing driven by AI demand,” analysts said.

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Bank of America Downgrades Avis Budget to Underperform from Buy

The firm cited weakness in the rental car industry.

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“We see a 28% downside risk as fundamentals and macro trends don’t support the current stock price,” analysts warned.

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‍Bank of America Initiates iRhythm as Buy

BofA sees multiple expansion potential for the heart-monitoring tech firm with a $200 price target.

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William Blair Reiterates Coinbase as Outperform

The firm views Coinbase as the leading pure-play crypto platform.

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“With IPO activity in crypto rising, we believe long-term investors should continue accumulating shares as Coinbase strengthens its platform,” analysts said.

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