Here are the biggest calls on Wall Street on Thursday: Goldman Sachs reiterates Apple and Dell as buy Goldman says Apple and Dell are beneficiaries of autonomous AI agents. “The rise in popularity of open-source, autonomous AI agents like OpenClaw has driven increased investor interest in the potential impacts to PC hardware demand. … .We view AAPL (Buy), DELL (Buy), and HPQ’s (Sell) high-end PC portfolios as well positioned to benefit from this demand driver…” Needham initiates Abercrombie & Fitch as buy Needham says “fundamentals are stabilizing.” “We’re launching coverage of ANF with a Buy rating and a $108 price target. After a tough FY25, we think fundamentals are stabilizing, which makes the stock attractive in our view.” Needham initiates Wolverine Worldwide as buy Needham says the footwear company is firing on all cylinders. “We are initiating coverage of WWW with a Buy rating and a $21 price target. While there are a lot of moving pieces with this company, we believe that running-sneaker brand Saucony is a compelling growth story given rising brand awareness, better positioning of key franchises, and the broad-based strength of the running category.” Daiwa initiates Spotify as outperform Daiwa says it sees steady revenue growth. “We initiate coverage on Spotify Technology (SPOT) at a 2/Outperform with a $535 price target based on forward multiple of 27.5x EV/EBITDA.” Jefferies upgrades Somnigroup International to buy from hold Jefferies says buy the dip in the mattress company. “SGI shares are off ~17% since the war in Iran started (~25% off all-time high) vs. the S & P down 4%. SGI trades at 18x the Street’s ’27E EPS, reflecting a LSD% discount vs. the 5- yr avg. despite the radically-strengthened moat created since the 2/5/25 Mattress Firm deal.” Jefferies initiates Bank of America, Wells Fargo and Citi as buy The firm initiated several banks on Wednesday night and says Wells Fargo is its top idea. “We initiate coverage on seven money-center and super-regional banks. BUY: BAC, C, PNC & WFC; HOLD: JPM & USB, UNPF: TFC. Top pick is WFC as the removal of the regulatory asset cap in June 2025 should power above-average growth.” Morgan Stanley upgrades LatAm Airlines to overweight from equal weight Morgan Stanley says LatAm Airlines is best positioned to weather the volatile oil markets. “1) Well positioned to weather oil price volatility given its top-tier profitability, comfortable leverage and partial fuel hedges; 2) Stock looks undemanding even on down-cycle 2026e earnings; 3) We expect earnings pressure to be temporary, even if oil prices remain higher for longer.” BMO upgrades ICON to outperform from market perform BMO says the “pharma backdrop” is improving for the clinical research company. “What has been a multi-year overhang on the space continues to dissipate. Our update of ICLR’s largest clients points to incremental improvements across its base. Notably, forecast ’26 R & D budgets have been revised higher since our last publishing.” Needham upgrades Arm to buy from hold Needham says it’s bullish on the company’s entry into the silicon market. “Interestingly, Arm’s entry into the silicon market via META perfectly epitomizes this motto. We have been on the sidelines on ARM for 2.5 years and now see a series of their high-stake bets, i.e., raising royalty rates, going into subsystems, and making its own silicon, are working.” Morgan Stanley upgrades STMicroelectronics to overweight from equal weight The firm says the stock is a data center beneficiary. “The debate on STM has long focused on whether the automotive and industrial cycles have bottomed, however, we now see a new growth vector emerging in data centres. Given data centre revenue upside from power and opticals as well as some signs of cyclical recovery, we see a clearer line of sight for STM’s FY27 strength.” Bernstein downgrades Qualcomm to market perform from outperform Bernstein says it sees “memory headwinds.” “We are downgrading Qualcomm’s stock from Outperform to Market-Perform, and lowering our price target from $175 to $140. Mizuho initiates Tyson Foods as outperform Mizuho says it sees “structural growth.” “The world’s second-largest processor and marketer of animal proteins, and among the largest food companies by revenue, we believe TSN is poised to benefit from the structural growth of protein demand.” Read more. JPMorgan downgrades Scotts Miracle-Gro to neutral from overweight JPMorgan says that “raw material issues are likely to cause some earnings growth uncertainties.” “We expect Scott to pay more for its raw materials in F2027 (ends September) than it is likely to pay for them in F2026.” UBS downgrades Mosaic to neutral from buy and Nutrien to sell from neutral UBS says it’s concerned about the effects of the Middle East War on the companies. ” MOS has yet to deliver on phosphate production improvements to the targeted level and Fertilizantes earnings are also being impacted by phosphate stripping margin pressure and Brazil credit issues. … .We downgrade NTR to Sell from Neutral and now see risk/reward skewed to the downside. NTR stock is up ~19% YTD and ~35% over the past year.” JPMorgan initiates Murphy USA as overweight JPMorgan says it sees a slew of tailwinds for the gas retailer and convenience store operator. “For Overweight-rated MUSA, we tactically see tailwinds in the coming year from volatile fuel prices (which tend to boost fuel margins) and a mix shift within nicotine toward higher-margin pouches.” William Blair downgrades Adobe to market perform from outperform The firm says it sees too many negative catalysts. “While we acknowledge that shares are inexpensive at 9 times free cash flow, our primary concern is around the intense competition Adobe faces, particularly in core Creative Cloud.” Jefferies initiates Robinhood as buy Jefferies says Robinhood has a “unique ability to attract the next-gen investor positions.” “We are initiating coverage of Robinhood with a Buy rating and $88 price target. HOOD is levered to rising global retail participation and its rapidly evolving product set is driving increased revenue diversity and client retention.” Citi initiates Exelon as buy Citi says the utility company is a data center beneficiary. “We recommend Buying EXC given our view of earnings growth acceleration…” Rothschild & Co Redburn upgrades Wabtec to buy from hold Rothschild says it sees an attractive entry point. “Wabtec ‘s premium multiple was temporary was unjustified. Wabtec’s strong execution, beat-and-raise track record and above-market EPS growth have warranted, and should continue to warrant, a valuation premium. As a result, we raise our PT to $285 (16% potential upside) and upgrade to Buy.” Morgan Stanley upgrades Equity Residential to overweight from equal weight Morgan Stanley says shares of the apartment REIT have plenty more room to run. “Analysis of urban vs. suburban trends shows cities outperforming, in some cases for the first time in years. Favors EQR w/ most urban exposure, upgrade to OW” Wells Fargo initiates Rush Street Interactive as overweight Wells says the iGaming company is best positioned. “Initiate Overweight and $26 PT or ~20% upside. We are favorable on RSI, as it overindexes to iGaming and has a history of strong operations. We see upside to our/Street estimates on optionality from state legalization plus growth potential in LatAm.” Wells Fargo upgrades United Foods to overweight from equal weight Wells says the food company is an Amazon beneficiary. “Upgrading UNFI to OW following constructive meetings w/ mgmt. Turnaround is progressing well, it’s positively leveraged to natural/organic growth & AMZN, upside to targets plausible, and the stock is cheap w/ a DD FCF yield. TP to $56, 29% upside.” UBS upgrades Nucor to buy from neutral UBS says Nucor is insulated from the Middle East War. “We think US steel producers are largely insulated from the Iran conflict. The conflict has 3 impacts on US steel: 1) potentially lower growth via higher rates; 2) Raising import parities on higher cost (freight+insurance) & risk to ship & 3) higher energy = higher costs.” Read more. Guggenheim initiates Cava as buy Guggenheim says the restaurant chain is best positioned for growth. “We are initiating coverage of Cava Group with a Buy rating and $100 price target.”