Wall Street analysts update ratings on Apple, Palantir and SpaceX-linked names

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Wall Street analyst ratings update

Highlights

Bank of America reiterates Apple at buy following earnings, citing strong capital returns, potential edge AI leadership, and new product optionality.
Deutsche Bank reiterates Palantir at buy after strong commercial and government growth; Morgan Stanley initiates Pony AI at overweight, eyeing robotaxi expansion.
KeyBanc upgrades Howmet Aerospace to overweight on post-decline value and long-term growth; Bank of America downgrades Marvell to neutral due to Lumentum deal risk.

Tuesday broker calls across tech and growth sectors

As reported by CNBC, Bank of America reiterates Apple at buy after earnings, citing strong capital returns, potential leadership in edge AI and optionality from new products.

Deutsche Bank also reiterates Palantir at buy following results released on Monday, saying the company delivers another strong quarter with accelerating growth across both its commercial and government businesses. Bernstein maintains its outperform rating on Nvidia, arguing that the data center opportunity remains substantial.

Morgan Stanley initiates Pony AI at overweight, saying the China-based autonomous mobility company has further upside as it expands robotaxi services. Wedbush starts coverage of Nano Nuclear Energy at outperform with an $18 price target, while JPMorgan initiates TRex Bio at overweight and sets a December 2027 price target of $20.

Morgan Stanley also reiterates EchoStar and SpaceX as overweight, saying a tie-up between the two companies makes strategic sense and pointing to the value of spectrum holdings, Boost Wireless and Dish DBS assets.

Rating changes highlight valuation and demand themes

Several calls focus on relative valuation and post-deal risk. KeyBanc upgrades Howmet Aerospace to overweight from sector weight, pointing to what it sees as attractive value after the stock's decline over the past six months and to growth expectations beyond 2027. By contrast, Bank of America downgrades Marvell to neutral from buy, warning that the company's all-stock deal for Lumentum could create an extended stock overhang while sector multiples contract.

Goldman Sachs upgrades SiriusXM to buy from neutral and raises its price target, citing spectrum optionality and stronger expected contributions from its YouTube advertising partnership in 2027 and later. JPMorgan upgrades Cloudflare to overweight from neutral after the stock's recent pullback, saying the lower valuation premium creates a more attractive entry point.

In insurance and energy, BMO lifts Marsh & McLennan and AON to outperform from market perform, citing organic growth among brokers focused on large-employer clients, while downgrading AJG to market perform. Barclays upgrades Bloom Energy to overweight from equal weight, saying faster capacity expansion, higher customer deposits and new supply commitments indicate demand is improving more quickly than previously expected.

Our earlier article on U.S. AI data center expansion highlighted that many planned projects are running into higher financing costs, construction delays, and power-grid constraints that could limit how fast computing capacity can grow. We also noted that only a minority of proposed builds appear credible, with investor confidence increasingly tied to whether developers can deliver projects on time and keep overruns under control.

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