Wall Street analysts update ratings on Nvidia, SpaceX and consumer stocks

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Analyst ratings: Nvidia, SpaceX

Highlights

Citi cuts Nvidia price target to $285 and Wells Fargo to $300, both reiterating buy/overweight ratings ahead of earnings next week.
Morgan Stanley maintains Overweight on SpaceX, pointing to expansion into robotics, mesh networks, and space-based infrastructure through 2027.
Jefferies upgrades Riot Platforms to buy with a raised $28 target, and UBS downgrades Carlyle Group to neutral, citing slower growth momentum.

Brokerage calls span technology, retail and infrastructure

As reported by CNBC, Wall Street firms publish a wide set of analyst calls on Tuesday, with several of the most closely watched updates centered on artificial intelligence, space, luxury retail and infrastructure.

Morgan Stanley reiterates SpaceX as overweight, saying the company is moving through "peak neocloud" and could shift further into robotics, mesh networks and space-based infrastructure heading into 2027. Citi also reiterates Nvidia as buy, although it cuts its price target to $285 from $315 ahead of earnings next week, while Wells Fargo keeps its overweight rating on Nvidia and lowers its target to $300 from $315.

In consumer names, Cantor Fitzgerald initiates Ralph Lauren as overweight, citing room for expansion across key geographies, and also starts Tapestry at overweight on what it describes as a product-and-margin story. JPMorgan reinstates coverage of British American Tobacco at overweight from neutral, pointing to momentum in next-generation products and nicotine pouches in the U.S. and Europe.

Elsewhere, BTIG initiates MongoDB as buy with a $417 price target, while Goldman Sachs begins coverage on City Therapeutics as an early-stage biotech, highlighting its RNA-interference pipeline. Jefferies also starts Alvotech at buy, calling the biosimilars developer a turnaround story and a reliable development and manufacturing partner.

Upgrades reflect focus on free cash flow and growth visibility

Several firms use Tuesday's notes to highlight improving risk-reward profiles or stronger conviction in earnings and cash generation. Jefferies upgrades Riot Platforms to buy from hold and raises its price target to $28 from $13, while Citi upgrades Securitize to buy from neutral after a share pullback since mid-October.

UBS upgrades Millicom to buy from neutral and raises its target price to $109 from $100, citing greater evidence on operating drivers and the free cash flow path. UBS also upgrades Morgan Stanley Direct Lending Fund to buy from neutral after third-quarter results, even as it trims its target to $14.50 from $15.50 following a net asset value decline linked to challenged credits.

JPMorgan initiates Comfort Systems and Sterling Infrastructure as overweight, calling both companies infrastructure juggernauts. Rothschild & Co Redburn upgrades American Airlines to buy from neutral, citing network improvements and stronger outer-year margin and free cash flow potential.

Not all moves are positive. UBS downgrades Carlyle Group to neutral from buy, saying confidence in the firm's growth profile and path to its 2028 financial targets has weakened. Jefferies, meanwhile, reiterates Tesla as hold and says a potential merger with SpaceX remains strategically rational after the U.S. midterms, but appears more challenging to execute now.

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