Here are Thursday’s biggest calls on Wall Street:

KBW downgrades Goldman Sachs to market perform from outperform

The firm said it sees a more “balanced” risk/reward.

“We are downgrading Goldman’s shares to Market Perform due to an elevated valuation and a more balanced risk/reward relationship.”

Goldman Sachs reiterates Salesforce as buy

Goldman said it’s sticking with shares of Salesforce after the company mixed earnings report on Wednesday.

“We reiterate our Buy rating and 12-month PT of $400 after CRM’s F4Q25 EPS as we leave our estimates largely unchanged and gain conviction in the following factors driving upside to the company’s F2H26 growth curve.”

Bank of America reiterates Nvidia as a top pick

Bank of America raised its price target on top pick Nvidia to $200 per share from $190 following earnings on Wednesday.

“We reiterate our Buy rating on NVDA as the company remains in a dominant position of leading the AI market towards compute-intensive inference, agentic applications, and physical AI/robotics.”

Citi reiterates Amazon as buy

Citi said it’s bullish on Amazon’s Alexa+ and reiterated the stock as a top idea.

“With the introduction of Amazon’s Alexa+ AI Assistant yesterday, we believe it can significantly accelerate the adoption of GenAI Agentic use cases and puts Amazon as a leader given it is included as part of Prime and Alexa’s ~76M device users in the U.S.”

Barclays reinstates Super Micro Computer as neutral

The firm resumed coverage of the stock and says shares are now likely to trade on “fundamentals.”

“We therefore remain on the sidelines despite SMCI now being compliant with its filings, which should help with business fundamentals, such as incremental order wins from customers who were previously hesitant.”

Jefferies upgrades Freeport-McMoRan to buy from hold

The firm said the metals and mining company could be a beneficiary of tariffs as it will increase copper prices.

“We upgrade back to Buy today due to encouraging recent updates regarding Indonesia as well as the potential significant benefit to FCX of tariffs on US copper imports.”

DA Davidson upgrades Sterling Infrastructure to buy from hold

DA Davidson said it sees an attractive setup for the infrastructure solutions company.

“STRL shares have (nearly) returned to levels which we downgraded while our revised ’25 EPS and FCF expectations are 30% and 38% higher (respectively) than our view a year ago.”

Wells Fargo initiates HA Sustainable Infrastructure Capital as overweight

Wells called the infrastructure company a “a low risk way to invest in the volatile renewable sector.”

“We’re initiating coverage of HASI with an Overweight rating and a price target of $33/sh.”

Goldman Sachs reiterates Snowflake as buy

Goldman said it sees an attractive “long-term AI opportunity” for the stock following earnings on Wednesday.

“We believe that Snowflake is well-positioned to be a long-term beneficiary of the Gen-AI cycle as spend permeates from Infrastructure into the Platform and Application layers.”

Morgan Stanley downgrades Constellation Brands to equal weight from overweight

Morgan Stanley said it’s concerned about slowing beer growth.

“We are downgrading Constellation Brands to Equal-weight, with increasing concern over LT beer depletion growth.”

JPMorgan adds GE Vernova to the focus list

JPM said it sees an attractive entry point for the renewables company.

“Despite what we viewed as incrementally positive commentary from GEV last week, the stock has sold off over the last week amidst broader fears around hyperscaler capex plans and associated industrial AI demand.”

Morgan Stanley reiterates Tesla as overweight

The firm said it’s sticking with shares of Tesla.

“My conversations with senior auto executives suggests it’s only a matter of time before superior Chinese EV technology is made on US shores. .... .Just our view... but the most likely OEM [original equipment manufacturers] to help ‘transplant’ a Chinese EV maker into the US is Tesla.”