Major U.S. indexes closed higher on Friday, after the week saw headlines including semiconductor giant Nvidia's (NVDA) earnings report, more tariff-related moves and a heated argument between President Donald Trump and Ukrainian counterpart Volodymyr Zelenskyy.

For the week, Nasdaq declined nearly 4%, while Dow (DJI) fell 0.5%.

Wall Street had a slew of upgrades and downgrades from analysts. Here are some of the major calls for the week:

Jefferies upgrades Nike, says ‘now is the right time’ to buy shares

Jefferies upgraded Nike to a Buy from Hold, with analyst Randal Konik saying that now is the right time to aggressively buy shares of the sportswear giant.

“Nike’s brand ubiquity and global distribution advantage should allow it to outgrow the market – we project a ~7% CAGR vs ~3% for the street,” Konik said and hiked PT for the stock by 53%.

Konik further added that he expects a V-shaped margin/EPS recovery in FY27 well ahead of the consensus estimates.

Conagra downgraded at Goldman Sachs on supply constraints

Goldman Sachs downgraded Conagra Brands to Neutral from Buy on what analysts believe is an elongated path of improvement for Conagra, with less visibility.

The brokerage, which set a PT of $26, noted certain continued headwinds tied to increasing competition, higher promotions, and rising input costs. GS also believes recent supply constraint issues delay the sales improvement story for Conagra Brands.

Twilio upgraded on improved execution

Morgan Stanley upgraded Twilio to Overweight from Equal-Weight, citing improving execution.

“We are increasingly confident in crediting TWLO's execution toward double-digit growth and operating margin outperformance on back of increased cross-sell, supported by our recent checks,” analyst Meta Marshall and upped PT to $160 from $144.

Block receives upgrades from MS, BMO

Block was in focus after the fintech stock was upgraded by Morgan Stanley and BMO.

BMO Capital Markets upgraded the stock to Outperform from Market Perform as analyst Rufus Hone sees the potential for investor sentiment to improve through 2025 as Cash App/Square gross profit growth accelerates.

Similarly, Morgan Stanley upgraded it to Equalweight from Underweight and see the risk/reward for XYZ as more balanced.

Lucid downgraded after quarterly results, CEO transition

Lucid Group was downgraded to Under Perform by BofA after the company issued its Q4 earnings report and announced a CEO transition.

The brokerage thinks the departure of Lucid founder Peter Rawlinson is much more consequential than perhaps understood by the market.

"We note that LCID in prior public filings stated that Rawlinson was a key member, andthat it is highly dependent on the services of Peter Rawlinson, who is a significantinfluence on and driver of our technology development and business plan."

BofA believes risks are piling up for Rivian and downgraded the stock to Underperform from Neutral. The brokerage cut 23% off its PT down to $10 and said one of the more significant risks to Rivian is increased competition as new SUVs/and crossovers enter the EV market next year and into 2027 from Lucid (NASDAQ:LCID), Chevy (GM), and Ford (F).

Chinese e-commerce and cloud service giant Alibaba was included in Benchmark's Best Ideas list. The firm noted that as AI adoption increases in China, driven by the breakout of DeepSeek, BABA is best positioned to capitalize on the growth.

Morgan Stanley upgraded Intuit to Overweight from Equalweight, as the company's momentum in the small business sector builds, its efficiency initiatives start yielding, and its conservative H2 2025 outlook bodes well for positive earnings revisions in the near term.