Here are Tuesday’s biggest calls on Wall Street:

KeyBanc reiterates Nvidia as overweight

Key said it’s standing by the stock after a series of supply chain checks.

「While disappointing, we feel comfortable with our NT estimates in part due to the revenue recognition dynamics with NVDA selling into EMS [electronic manufacturing services], and we ultimately believe these NT issues are transient in nature. We’d recommend investors continue to own NVDA.」

Morgan Stanley reiterates Tesla as overweight

The firm said it’s sticking with top pick Tesla.

「Our OW rating and $410 price target are underpinned by our belief that Tesla’s capabilities in key areas of physical AI including data, robotics, energy storage, compute, manufacturing and space/comms/networking/infrastructure offer growth and margin opportunities that greatly exceed those of the traditional EV business which is under pressure.」

KeyBanc reiterates Apple as underweight

Key lowered its price target on the stock to $170 per share from $200 and said there’s too much uncertainty.

「We remain UW AAPL and lower our PT to $170 PT on a lower valuation multiple.」

KeyBanc downgrades AMD to equal weight from overweight

KeyBanc said it sees a slew of negative catalysts ahead for AMD.

「AMD (mixed, fine-tuning estimates, downgrading to Sector Weight) – We are downgrading AMD from Overweight to Sector Weight given: 1) increasing concerns regarding the sustainability of its China AI business; 2) increasing risk to GM given a potential price war with INTC...」

Cantor Fitzgerald initiates Coinbase as overweight

Cantor said the crypto company is undervalued.

「We are initiating coverage of Coinbase with an OW rating and a 12-month $245 PT.」

TD Cowen initiates Affirm as buy

TD Cowen said the fintech company is well positioned going forward.

「AFRM is one of the top performing BNPL brands in the U.S. with a full-suite POS lending capability vs peers, and likely the most pro consumer practices in the industry.」

Piper Sandler upgrades Wells Fargo to overweight from neutral

Piper said the banking giant’s stock has an attractive valuation.

「While we have thought highly of WFC’s recent move from defense to offense, as well as the heightened pace of regulatory resolution, our only hang-up has been the stock’s valuation and (until recently) outperformance, which we felt appropriately captured the company’s improving fortunes.」

Goldman Sachs upgrades Eli Lilly to buy from neutral

Goldman said it sees an attractive entry point for the biopharma company.

「We assume coverage on Eli Lilly & Co. (LLY) with a Buy rating (from Neutral) and a 12-month price target of $888 ($892 prior).」

Goldman Sachs upgrades Johnson & Johnson to buy from neutral

Goldman said the company is a 「defensive bellwether.」

「We assume coverage of JNJ with a Buy-rating (from Neutral) and a 12m PT of $172 ($157 prior) representing 15% upside.

Goldman Sachs downgrades America Airlines to sell from neutral

Goldman said it sees too much macro uncertainty.

「As macroeconomic and geopolitical uncertainty increase, we are downgrading AAL shares to Sell as its relatively higher balance sheet leverage and operating leverage drive significantly larger cuts to our outlook vs. the industry.」

JPMorgan upgrades Levi Strauss to overweight from neutral

The firm said the jeans company has a compelling entry point.

「We are upgrading LEVI to Overweight with the macro-driven -50% pullback over the trailing 9 months providing an entry point at ~5x FY26 EBITDA to own a multi-year mid-teens(+) total return profile.」