Wall Street analysts highlight Nvidia, Dell and Apple in Monday rating actions

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Highlights

Melius and JPMorgan reiterate bullish positions on Nvidia, Broadcom and other semiconductor stocks, citing AI infrastructure as a durable multi-year demand driver.
Bank of America reiterates Dell at buy, raises its price target to $505 from $500, highlighting ongoing AI server growth and positive earnings outlook into fiscal 2028.
Jefferies maintains Apple at underperform, warning of potential downside in iPhone volumes and gross margins in coming quarters despite price increases in China.

Analyst actions across technology, industrials and biotech

As reported by CNBC, Monday’s largest Wall Street calls include a mix of new coverage launches, rating upgrades and repeated bullish or cautious stances on major U.S. stocks and several smaller companies.

Morgan Stanley initiates Attovia Therapeutics at overweight and says the biotech company has blockbuster potential, with a $39 price target. UBS upgrades Kaiser Aluminum to buy from neutral and sets a $184 target, arguing the stock remains compelling despite being about 19% below its August highs after concerns tied to USMCA renegotiations, a CEO transition and scrap spread sustainability. Roth also initiates Ticketplus at buy, describing it as a leading end-to-end technology solutions company for live events in Latin America.

Baird upgrades Deere to outperform from neutral, saying the farm equipment maker offers one of the clearest setups for investors looking for a fundamental turn in agriculture demand, with more upside possible in 2027. Evercore ISI initiates Lumentum at overweight with a $1,100 target and starts Redcat at outperform with a $15 price target, citing the drone maker’s position as a publicly listed manufacturer with a program of record and exposure to a growing federal drone budget. Needham begins coverage of Babcock & Wilcox Enterprises at buy, saying the energy technology company now has a repaired balance sheet, while Goldman Sachs initiates Braveheart Bio at buy with a 12-month price target of $48.

In financials, Compass Point upgrades MidCap Financial Investment to buy from neutral, calling the stock an attractive event-driven re-rating opportunity. KBW initiates River City Bank at outperform and emphasizes the lender’s commercial real estate focus. Argus also upgrades Abercrombie & Fitch to buy from hold, pointing to clearer signs of sales improvement and margin expansion in the latest quarter.

AI demand, earnings debate and consumer resilience

Several of the most closely watched calls center on large-cap technology and the broader AI buildout theme. Melius reiterates Nvidia at buy and says the stock may be poised for a more decisive breakout despite persistent concerns around the AI trade. JPMorgan reiterates Broadcom, Nvidia and Marvell at overweight, while also naming AMD, MTSI, ALAB, MU and SNDK among expected beneficiaries of ongoing AI infrastructure spending, arguing AI remains a durable multi-year driver of semiconductor demand.

Bank of America reiterates Dell at buy and lifts its price target to $505 from $500 ahead of earnings on Tuesday, saying the central debate is whether fiscal 2027 marks peak earnings. The firm argues AI server revenue, growth in industry standard servers, storage attach rates and operating leverage could support a higher earnings base into fiscal 2028.

Not all of the calls are bullish. Jefferies reiterates Apple at underperform, warning of possible downside risk to iPhone volumes and gross margins over the next few quarters even as price increases in China are expected. Bernstein also reiterates SpaceX at outperform, while saying uncertainty remains around the company’s direct-to-device mobile business despite a positive broader view on launch, orbital data centers and Starlink broadband. In consumer retail, Gordon Haskett reiterates Costco at buy, saying underlying business momentum appears steady despite macro uncertainty, supported by its higher-income customer base and value positioning.

Our earlier article on AI-driven valuation gains in Big Tech earnings explained how quarterly results for companies like Alphabet, Amazon, Nvidia and Microsoft are increasingly boosted by revaluations of stakes in AI-focused firms such as OpenAI, Anthropic and SpaceX. We noted that these paper gains can flatter reported profits and make it harder for investors to separate underlying operating performance from one-off swings, adding volatility to how the market judges the durability of AI demand.

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