Wall Street analysts reset ratings on Rivian, Intel and SpaceX after earnings and strategy updates

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Analysts reset ratings Rivian, Intel, SpaceX

Highlights

Jefferies upgrades Rivian to buy from hold after Thursday earnings, citing R2 volume trending at about twice R1 volume in Q4.
Bank of America downgrades Intel to neutral from buy after earnings, citing weak external foundry traction and a sharp PC shipment decline.
Morgan Stanley cuts Amazon's price target to $335 from $350 after earnings, warning AWS expectations were too high but maintains overweight rating.

Post-earnings rating changes across sectors

As reported by CNBC, Friday's biggest Wall Street calls center on analysts reassessing company outlooks after recent earnings releases and strategic updates. Jefferies upgrades Rivian to buy from hold after the electric vehicle maker's Thursday results, saying third-quarter indicators show stronger-than-expected order conversion for the higher-end R2 launch trim and that R2 volume is trending at about twice R1 volume in the fourth quarter.

Morgan Stanley reiterates Amazon as overweight but lowers its price target to $335 from $350 after earnings, saying expectations for Amazon Web Services may have risen too far ahead of the release even as the firm keeps the stock as a top pick. Raymond James also reiterates Nvidia as a strong buy, arguing Amazon's results reinforce Nvidia's position as a beneficiary of AWS spending on AI systems.

Bank of America removes Apple from its U.S. 1 list ahead of earnings scheduled for Monday, while still maintaining support for the stock as investors watch component cost inflation, gross margin durability and services revenue growth. Bernstein reiterates SpaceX as outperform, saying the company continues moving toward a potential telecom network buildout that could create a multiyear competitive overhang before becoming direct facilities-based competition.

Elsewhere, Deutsche Bank reiterates Coinbase as buy after third-quarter results it views as slightly above expectations overall. Rosenblatt upgrades Monolithic Power Systems to buy from neutral after what it describes as a strong beat-and-raise quarter, citing cloud and communications design wins that are now ramping into production.

Implications for autos, chips and consumer names

Several calls point to a wider divide between companies seen as entering stronger growth phases and those still facing execution pressure. Oppenheimer upgrades Incyte to outperform from perform, saying the biotech group's pipeline appears undervalued and could support faster revenue growth, while HSBC upgrades GE Vernova to buy from hold on expectations for long-term earnings growth.

On the negative side, KeyBanc downgrades Reddit to sector weight from overweight, saying search traffic is slowing and creating more uncertainty around 2027 and 2028 revenue and EBITDA expectations. Bank of America also downgrades Intel to neutral from buy, arguing the chipmaker is not yet showing enough traction with external foundry customers and that data center strength is being offset by a sharper-than-expected drop in PC shipments.

TD Cowen downgrades Hershey to hold from buy after management shifts investors toward the low end of its 2% to 4% organic sales outlook for 2027 and cuts its earnings per share view. BMO downgrades Honeywell Aerospace to market perform from outperform because of slower growth, while Morgan Stanley keeps Roblox at overweight despite cutting its price target to $50 from $55, saying weaker fourth-quarter guidance is offset by improving confidence in user growth and product-driven market expansion.

In our earlier article on the S&P 500’s push toward 8,000, we looked at how the upcoming earnings season is becoming a key test for an AI-led rally, with higher oil prices, elevated Treasury yields, and political uncertainty raising the bar for results. We also highlighted growing concentration risk and weakening market breadth, as much of the index’s performance has been carried by a small group of megacap leaders—making post-earnings reactions and outlook revisions especially important.

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