Wall Street analysts lift calls on Nvidia, SpaceX, Shopify and Seagate

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Analyst calls on Nvidia, SpaceX, Shopify, Seagate

Highlights

Morgan Stanley reiterates overweight ratings on Nvidia and SpaceX, with Nvidia quarterly revenue nearing $100 billion and accelerating growth rates reported by management.
Wells Fargo upgrades Seagate to overweight from equal weight, forecasting over $50 per share in earnings and significant capital return capacity, and BTIG initiates Digital Realty and Equinix as buys based on strong data center demand.
Citi downgrades Pepsi to neutral from buy due to persistent North America weakness through 2027, while Stifel upgrades Shopify to buy citing continued e-commerce market share gains.

Brokerage actions across technology, healthcare and industrials

As reported by CNBC, Friday's analyst calls include several bullish views on large technology and infrastructure names, with Morgan Stanley reiterating overweight ratings on SpaceX and Nvidia. Morgan Stanley says Nvidia remains a top idea after investor meetings with Chief Executive Jensen Huang, Chief Financial Officer Colette Kress and investor relations head Toshiya Hari, with management describing accelerating growth rates even as quarterly revenue approaches $100 billion.

The firm also says the release of Grok 4.5 is an important catalyst for SpaceX, while keeping focus on whether SpaceXAI can combine Grok and Cursor into differentiated enterprise products. Elsewhere in technology, Stifel upgrades Shopify to buy from hold, saying the company continues to gain share in e-commerce, and upgrades Twilio to buy from hold on restructuring progress and AI positioning.

Storage and data center names also draw support. Wells Fargo upgrades Seagate to overweight from equal weight, saying investors should buy the dip as it sees a path to more than $50 in earnings per share and meaningful capital return capacity ahead, while BTIG initiates Digital Realty and Equinix as buy, arguing both data center real estate investment trusts are long-term beneficiaries of demand for fast deployment, geographic reach and interconnection.

Outside tech, DA Davidson initiates Agco with a buy rating, citing earnings leverage in agricultural equipment, and Raymond James starts coverage of BrightSpring Health Services at outperform, saying the healthcare company has a differentiated offering. Wells Fargo also initiates X4 Pharmaceuticals at overweight, arguing the market underestimates the probability of success for mavorixafor in a Phase 3 chronic neutropenia trial, and Truist initiates Travelers at buy, calling the insurer a leader in its segment.

Market implications for transport, housing, media and consumer stocks

Several Friday calls point to a broader search for value after recent market moves, particularly in transport, housing and cyclical sectors. Bernstein upgrades J.B. Hunt to outperform from market perform, saying it is not too late to buy the trucking stock as end-market conditions improve and earnings stand to benefit from an eventual peak in truck rates.

Barclays upgrades CubeSmart to overweight from equal weight after year-to-date underperformance, while Raymond James raises Weyerhaeuser to strong buy from outperform, saying the shares look compelling after what it views as an excessive reaction to the company's June operating update. Citi also changes its stance on Toll Brothers, stating the homebuilder is well positioned to serve more affluent buyers ahead of second-quarter earnings season.

In consumer and media, Citi downgrades Pepsi to neutral from buy following earnings, saying inflation pressure on consumer behavior remains a concern and warning about lingering North America weakness in the second half of 2027. Rothschild & Co Redburn upgrades Fox to buy from neutral, pointing to achievable cost synergies from its Roku deal, while CLSA upgrades Melco to outperform from neutral on valuation despite competitive pressure in Macau gaming.

Bank of America initiates Houlihan Lokey at buy, citing an attractive entry point for the boutique investment bank, and UBS reiterates Chipotle at buy ahead of earnings later this month. UBS says sales trends are positioned to improve in the second half of 2026, supported by pricing actions, sales initiatives and potentially lower gasoline prices despite a tougher macro backdrop.

Our previous analysis of Shopify (SHOP) focused on how positioning was being driven by anticipation ahead of the company’s Q2 2026 earnings on August 5, with investors watching for updates on growth, profitability, and guidance. We also noted that while short- and medium-term technical signals looked bullish, overbought momentum and key resistance levels could raise the risk of a pullback if results fail to support expectations.

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