Top Calls on Wall Street | Nvidia, Apple, Tesla, Microsoft, Meta, Palantir, GM, Nike, and More.

Here are the biggest calls on Wall Street on Monday:

Bernstein reiterates Nvidia $NVIDIA (NVDA.US)$ as outperform
Bernstein says it’s bullish on Nvidia’s data center opportunity.

“The datacenter opportunity is enormous, and still early, with material upside still possible.”

Goldman Sachs reiterates Apple $Apple (AAPL.US)$ as buy
Goldman is sticking with its buy after a series of iPhone 16 delivery lead time checks.

“Although shorter lead times could imply weaker demand trends, lead times provide an incomplete picture of demand when viewed without an accurate view of channel inventory. AAPL channel inventory going into the iPhone 16 launch was particularly lean, which may have been a key driver of shorter lead times.”

Barclays reiterates Tesla $Tesla (TSLA.US)$ as equal weight
Barclays thinks Tesla delivery numbers could come in better than expected.

“We estimate 3Q deliveries of ~470k units, above consensus ~461k; near-term positive for the stock.”

DA Davidson downgrades Microsoft $Microsoft (MSFT.US)$ to neutral from buy
DA Davidson says Microsoft’s stock’s valuation is no longer warranted.

“We believe competition has largely caught up with Microsoft on the AI front, which reduces the justification for the current premium valuation.”

Citi reiterates Meta $Meta Platforms (META.US)$ as buy
Citi sees a “healthy performance ad environment” for the Facebook and Instagram parent.

“Meta remains our Top-Pick across the Internet sector, and we reiterate our Buy-rating & raise our [target price] to $645 (from $580).”

Raymond James downgrades Palantir $Palantir (PLTR.US)$ to market perform from outperform
Raymond James says the stock’s valuation is too rich right now.

“While we remain enthusiastic about Palantir’s longer term positioning in AI, we are downgrading
our rating to Market Perform from Outperform given our view that shares need to consolidate stellar gains over the last couple of years and grow into its rich valuation.”

Bernstein downgrades General Motors $General Motors (GM.US)$ to market perform from outperform
Bernstein is concerned about “growth in shareholder distributions.”

“GM shares have appreciated +85% since last November, but now our data signals rising earnings headwinds, and we think there is a risk the company will announce additional capital requirements during its October [capital markets day].”

JPMorgan adds Nike $Nike (NKE.US)$ to negative catalyst watch list
The bank is sticking with its neutral rating but is negative heading into earnings on October 1 for Nike.

″...increased challenges w/in [direct-to-consumer] factory stores tied to softer low-income consumer —lowering our FY25 EPS to $2.98 (below Street $3.08) on revenues -5.9% and gross margin +10bps.”

Deutsche Bank initiates Pinterest $Pinterest (PINS.US)$ at buy
Deutsche called Pinterest an “under-monetized, scaled, increasingly personalized ‘digital catalog’ that attracts an affluent, high purchase-intent user base.”

“We initiate coverage of Pinterest, Inc. with a Buy Rating and a $43 Price Target.”

Bank of America upgrades On Holding to neutral from underperform
Bank of America said in its upgrade of On Holding AG that it sees robust growth for the shoe company.

“We upgrade our rating to Neutral (from Underperform) to reflect ongoing strong growth. We raise our PO to $55 (from $21) after a change in valuation methodology.”

TD Cowen downgrades Ulta Beauty $Ulta Beauty (ULTA.US)$ to hold from buy
TD Cowen sees too many negative catalysts for Ulta Beauty.

“Promo intensity, increased distribution points at Sephora & AMZN, and category normalization are likely to persist for the next year.”