Here are Tuesday’s biggest calls on Wall Street: JPMorgan upgrades IBM to overweight from neutral JPMorgan said it sees “software acceleration.” “We are upgrading to Overweight with greater confidence in a 2H’26 CC software acceleration following a deeper look at IBM’s software business.” Read more. Morgan Stanley upgrades Qiagen to overweight from equal weight The firm said it sees “AI driven acceleration” for the medtech company. “Qiagen: Upgrade to Overweight on Life Sciences Growth Improvement and Competitive Risks Clearing.” Baird reiterates Tesla as outperform Baird said it’s sticking with Tesla and sees a SpaceX merger “sooner rather than later.” “With the deal now complete, we believe focus will shift to a potential merger between the two entities, and we see this as likely to happen sooner rather than later. Acknowledging uncertainty in the timing of a potential merger, we continue to be buyers of TSLA with company-specific catalysts ahead” Deutsche Bank initiates Smurfit Westrock as buy The firm said the paper company is a “high-margin” business. “We are initiating coverage of Smurfit Westrock with a Buy rating and a $57 price target. As the world’s largest paper-based packaging company, SW’s combination of Smurfit Kappa’s high-margin operational discipline with WestRock’s extensive North American asset base creates a powerful catalyst for value creation.” Citi upgrades American Health Care REIT to buy from neutral Citi said the the healthcare REIT is compelling. “Against that backdrop, we view AHR’s relative underperformance (–1,100bps YTD vs the healthcare REIT sector) as an attractive entry point.” Cantor Fitzgerald initiates Factorial Energy as overweight Cantor said the energy and battery company has plenty of upside. “We are initiating coverage of Factorial Inc. (FAC) with an Overweight rating and $18 price target.” Bernstein reiterates Netflix as outperform Bernstein said the stock will be volatile but that it’s sticking with Netflix. “The debate continues over whether well-understood near-term challenges could become more permanent. While these pressures are materializing as expected, unnecessary speculations aren’t helping, especially given the lack of near-term catalysts.” Jefferies initiates FedEx Freight as buy Jefferies said it sees plenty of upside for the freight company. “We initiate coverage of FDXF a t Buy with a $200 PT. The largest network in a structurally disciplined industry is a standalone pure-play (1) at trough margins, with (2) a qualified path to 350bps+ of margin expansion, (3) a leadership team that has executed this playbook before…” Bernstein reiterates Nvidia and Broadcom as outperform Bernstein says both stocks are a must-own. “Own both NVDA and AVGO. We get the desire to play the bottlenecks instead, but they won’t ultimately work if these don’t; in the meantime demand shows no signs of slowing, and both stocks screen unreasonably cheap.” Evercore ISI initiates Permian Resources as outperform Evercore said Permian is firing on all cylinders. “Old-School E & P Built to Answer the Call for Growth in a World Increasingly Focused on Energy Security x Advantaged Delaware Consolidator Staring Down a ~$13bn Opportunity Set” RBC initiates GE HealthCare as outperform RBC said it sees accelerating growth for GE HealthCare “GEHC’s increased R & D investments and commercial execution post its 2023 spin from General Electric is driving order momentum with a strong backlog that positions it for accelerated growth starting later in 2026 towards its long-range plan.” Wolfe downgrades Home Depot to peer perform from outperform Wolfe said demand remains “choppy.” “We are downgrading HD from Outperform to Peer Perform. The stock remains in limbo as the lock-in effect and a strategy shift towards the Large Pro segment raise questions about EPS power and where the multiple should normalize. NT demand also remains choppy.” Morgan Stanley upgrades CDW to overweight from equal weight The firm said CDW is the best way to play the demand for servers “…most attractive ways to capture server demand upside.” Read more. Piper Sandler upgrades Synopsys to overweight from neutral Piper said in its upgrade Synopsys that it sees a recovery. “We are raising our PT to $550 from $450 based on a.) higher growth estimates, b.) slightly higher profitability estimates, and c.) higher terminal multiple based on the anticipated recovery in the IP segment and resulting improvement in top line growth. Jefferies initiates Louisiana-Pacific Corp as buy Jefferies said shares of Louisiana-Pacific are compelling at current levels. “We believe this is a compelling entry point for a secular grower with pricing power & room for multiple expansion.” Evercore ISI downgrades Nike to in line from outperform Evercore said the turnaround will take time. ” Nike’s always been a big battleship to turn, but ~2-years into the turnaround our checks are still picking up unexpected new resets lower in the wholesale channel minimal needle moving innovation in the pipeline into CY27, and near-term execution issues.” Bank of America reiterates Micron as buy The firm raised its price target on Micron to $1,500 per share from $950. “We maintain our bullish views for AI memory, supported by robust demand and limited supplies through CY26-28.” Wolfe upgrades Target to outperform from peer perform Wolfe said the “time is now” to buy the stock. “Th e Target s tory has a rhythm that we haven’t seen in years as store resets, improved execution, and the new leadership team shake up the status quo.” Wolfe downgrades Five Below to peer perform from outperform Wolfe said the stock has come to too far too fast. “FIVE posted the best 1Q SSS results in our coverage, but with the top-line slowing and early signs of the Dumpling trend waning, we are getting more cautious. Comp estimates for 1H27 are too high, and the story has shifted from better retail execution to trend timing.” Susquehanna initiates SpaceX as neutral The firm said investors should wait for a better entry point. “We are initiating coverage of Space Exploration Technologies Corporation ( SPCX) with a Neutral rating and price target of $170.” Deutsche Bank initiates Insulet as buy Deutsche said it sees an attractive entry point for Insulet. “We initiate coverage of PODD with a Buy rating and $190 target price.” Deutsche Bank initiates DexCom as buy Deutsche said the diabetes supplier company has plenty more room to run. “We initiate on DXCM shares with a Buy rating and $86 target price reflecting a 16x 2027 EV/EBITDA target multiple.” Wells Fargo downgrades Ross Stores to equal weight from overweight Wells said it sees tough comps ahead. “Downgrade to EW. It’s time to move to the sideline following ROST’s re-rating. While execution under CEO Conroy has been essentially flawless, the risks of 1) low-end demo,2) tough compares ahead, and 3) building inventory push us to the sidelines.”
