Here are Monday's biggest calls on Wall Street: Wells Fargo reiterates Nvidia as overweight Wells Fargo raised its price target on the stock to $220 per share from $185 ahead of earnings later this month. "With strong intra-qtr demand data points + reports of approved licenses to resume H20 sales into China, we increase our ests (above street) ahead of NVDA's upcoming (8/27) F2Q26 print." Read more . Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it is sticking with top pick Tesla. " TSLA is reportedly scaling back its ambitious in-house custom silicon compute efforts, emphasizing partnerships with suppliers such as NVIDIA in-house inference capability." Wells Fargo upgrades Varonis Systems to overweight from equal weight Wells Fargo said the software company is well positioned for artificial intelligence. "We are upgrading VRNS to OW as we believe the company is well-positioned to capitalize on the growing adoption of Agentic AI." RBC initiates Advanced Drainage Systems as overweight RBC said the stormwater management company is well positioned. "We are initiating coverage on the highly profitable stormwater management leader Advanced Drainage with an Outperform rating and $159 price target (~20% upside)." D.A. Davidson downgrades C3.ai to underperform from neutral D.A. Davidson downgraded the AI company after it reported disappointing preliminary results on Friday. "We are downgrading AI from Neutral to UNDERPERFORM after the company reported preliminary results this past Friday after the close that came in significantly below guidance." Seaport initiates Arm as buy Seaport said shares of Arm have plenty of room to run. "Arm Holdings plc (ARM) creates significant value for the semiconductor industry. Its management team's goal is to extract a larger share of that value as it expands into new markets and deepens its content offerings." Morgan Stanley upgrades Freeport-McMoRan to overweight from equal weight Morgan Stanley said the mining company is a tariff beneficiary. "We expect that FCX will be able to raise pricing in its annual copper rod contracts for 2026, which account for the majority of the company's North America sales volumes." JPMorgan upgrades Nutrien to overweight from neutral JPMorgan said the fertilizer company is best positioned. " Nutrien is executing on its restructuring measures to achieve $200 million in cost savings, on an accelerated timeline by the end of 2025." Deutsche Bank reiterates Snowflake as buy Deutsche Bank said it is bullish on the stock ahead of earnings later this month. "We expec t Snowflake to deliver a solid 3%-4% beat on Product revenue in F2Q with y/y growth accelerating for the first time in several years." JPMorgan reiterates CoreWeave as overweight JPMorgan raised its price target on the stock to $135 per share from $66. "Heading into CoreWeave's FQ2 (June) earnings results next week, the central theme is the ongoing shortage in global AI capacity coupled with the huge ramp in demand to continually push frontier models forward." Read more. Loop reiterates Apple as hold Loop raised its price target to $230 per share from $215 on Apple. "We remind investors that Sep Q revenue guidance is right where we'd expected up 'mid to high single digits' and as such we continue to view things heading into the iPhone 17 launch largely as we've anticipated." Melius downgrades Adobe to sell from neutral Melius said it is concerned Adobe is losing share. "Our checks and a dose of common sense tells us that customers - especially new and young ones - won't want to pay for an all-you-can-eat Creative Suite buffet if these AI-first tools are available." Morgan Stanley upgrades E.l.f Beauty to overweight from equal weight Morgan Stanley said consensus is too low for the beauty company. "We are upgrading ELF to OW, as consensus looks materially too low considering potential profit contribution far above street/ consensus expectations from ELF pricing, upside from rhode accretion, and solid base business growth even noting volatility."
