Here are the biggest calls on Wall Street on Monday: Jefferies downgrades Apple to hold from buy Jefferies says expectations are too high for iPhone 16 and even iPhone 17. “We like Apple Intelligence LT, [long term] as AAPL is the only hardware-software integrated player that can leverage proprietary data to offer low-cost, personalized AI services. But smartphone hardware needs rework before being capable of serious AI, with likely timeline of 2026/27.” Wells Fargo downgrades Lennar to equal weight from overweight and KB Home to underweight from equal weight Wells says it sees too many near term negative catalysts for the homebuilders. “Additionally, we downgrade LEN from OW to EW on the back of recent execution issues (lower FQ4 margin guide) and uncertain spinco mechanics; we downgrade KBH from EW to UW and expect shares to underperform peers on a relative basis given structurally lower margins and limited clarity on initial FY25 sales growth targets.” Wells Fargo upgrades Gilead to overweight from equal weight Wells says the biopharma company has an attractive setup. “We like the setup as GILD’s growth story shifts back to strengths in HIV & liver disease and see 20%+ EPS upside by ’28.” Morgan Stanley reiterates Nvidia as overweight Morgan Stanley says it’s sticking with its overweight rating on the stock. “…we reiterate our bullish view on NVDA in the context of minor roadmap changes.” Jefferies initiates Vertiv Holdings as buy Jefferies says it’s bullish on the data center infrastructure cooling company. ” Vertiv is positioned to benefit from the rise in data center construction with a leading position in liquid cooling.” Jefferies upgrades Coty to buy from hold Jefferies said in its upgrade of Coty that the beauty company has an attractive valuation. “We are confident in the co’s ability to continue to expand its prestige portfolio and drive growth in underpenetrated markets.” Wells Fargo upgrades Canadian National to overweight from equal weight Wells says it sees “accelerating growth” for the railway company. “In the context of an uncertain freight backdrop we remain constructive on the rails, and arguably their relative positioning looks more attractive. Canada sets up well for ’25 on accelerating growth and easy comps, thus we upgrade CN to OW. Barclays downgrades Netflix to underweight from equal weight Barclay says the “growth algorithm is getting more complex.” “Even if NFLX gets to its revenue goal, valuation implicitly prices in more than a doubling of sub base from present level, which seems unrealistic.” Piper Sandler upgrades Netflix to overweight from neutral Piper says the company has multiple levers to pull. “We are upgrading Netflix to Overweight from Neutral, as the company is a clear leader in streaming. BTIG upgrades Frontline to buy from neutral BTIG says it’s bullish on shares of the crude tanker stock company. “However, with Saudi oil production largely unchanged since last summer signs are starting to point to OPEC+ increases sooner rather than later. Under this backdrop, and combined with our expectation of VLCC [very large crude carrier] fleet growth of ~1% in 2025, we upgrade FRO to Buy (from Neutral).” Mizuho initiates MKSI Instruments as outperform Mizuho says it’s bullish on the semis manufacturer. ” MKSI is a key enabler in semiconductor manufacturing processes driving the WFE (‘wafer fab equipment’) industry.” JPMorgan downgrades Lamb Weston to neutral from overweight JPMorgan said it sees a more balanced risk/reward for the food processor. “We are downgrading the LW shares to Neutral from Overweight, as we now view the risk/reward on the stock as balanced.” Key Banc downgrades Sherwin-Williams to sector weight from overweight KeyBanc downgraded the painting company on valuation. “We expect good earnings at SHW but struggle with valuation.” Deutsche Bank upgrades Western Alliance to buy from hold Deutsche said the regional bank has a path to earnings per share growth. “Post the Fed’s recalibration of monetary policy, we have updated our FY25 estimates and are upgrading WAL’s shares to BUY from HOLD.” UBS upgrades NXP Semiconductors buy from neutral UBS says the semis company is “best-in-class.” ” NXP has outperformed the analog sub-sector YTD, up 6% vs. peers down 7% on average, driven by best-in-class inventory management and relative resilience through the recent downcycle.” Wells Fargo downgrades Amazon to equal weight from overweight Wells says the “positive revision story [is] on pause for Amazon. “Positive estimate revision story faces multiple headwinds. In our view, AWS strength alone is not enough. Limited visibility into resumption of positive est revisions until the July ’25 guide. Reducing rating to Equal Weight & PT to $183 (from $225).” Bernstein upgrades Campbell Soup to outperform from market perform Bernstein says the soup and broth categories are beneficiaries of weight loss drugs. “We are also upgrading CPB from Market-Perform to Outperform and raising our target price from $55 to $58, based on our revised view that the soup and broth categories could benefit from higher GLP-1 usage.” Bernstein upgrades Coupang to outperform from underperform Bernstein says the e-commerce company is well positioned. “Since our initiation in 2022, Coupang has been one of our key trading short ideas. However, in 2024, CPNG has exceeded our expectations mainly due to two unexpected events: (i) its subscription fee increase; and (ii) an industry-level liquidity crisis. Today, we upgrade CPNG to Outperform, highlighting that we expect a market shift from fierce competition to duopoly.” JPMorgan upgrades Ally Financial to overweight from neutral and downgrades American Express to neutral from overweight JPMorgan downgraded American Express and says it sees “asymmetric risk.” The firm also upgraded Ally and says investors should buy the dip. “Our upgrade of ALLY to OW (from N) reflects the opportunity created when sentiment swings so rapidly. … Our downgrade of AXP to N (from OW) represents the asymmetric risk associated with a stock trading near the high-end of its valuation range with limited upside to estimates. Barclays downgrades DuPont to underweight from equal weight Barclays says it sees “limited buyback support” for DuPont shares. “After recent bullishness has lifted shares to multi-year highs, we think the next few quarters offer more uncertainty and limited buyback support against full valuation, driving underperformance.” Barclays initiates Avery Dennison as overweight Barclays says the adhesives manufacturer is a “quality compounder.” ” AVY is a unique materials science company with a proven track record of high returns and GDP+ growth.” Barclays upgrades Dynatrace to overweight from equal weight Barclays says it sees a “path to growth” for the software company. “However, with these changes now behind us, combined with the much easier competitive set-up (Splunk and New Relic having recently changed ownership), we see a path to DT offering solid growth from here, paired with continued ongoing margin expansion.” Morgan Stanley downgrades Garmin to underweight from equal weight Morgan Stanley said it sees “growth deceleration” for the wearables tech company. “With shares trading near all-time highs and revenue/gross profit set to decelerate 9 pts in 2025, we expect GRMN to underperform over the next 12 months.” Bank of America downgrades Constellation Brands to neutral from buy Bank of America says growth is slowing for the beverage company. “We downgrade shares of Constellation Brands (STZ) to Neutral from Buy and lower our PO to $255 from $300, now based on 17x our CY25 EPS estimate. Reflecting on tepid beer volume growth, we pause to consider that slower growth reflects more than just the macroeconomic environment.” Bank of America downgrades Comerica to underperform from neutral Bank of America downgraded the regional bank on valuation. “We believe the positive rate trade underpinning CMA has run its course. Shares now trade above the high-end of its historical trading range and are not discounting the downward revision risk.” Bank of America initiates Fastenal as buy Bank of America says the industrial fastening supply company has “best-in-class growth.” “We initiate coverage on Fastenal (FAST) with a Buy rating and $85 price objective, implying > 20% potential upside.” Evercore ISI upgrades Air Products to outperform from in line The firm says it’s bullish on the stock following reports of a “credible activist” advocating for change. “Our view here has been substantive changes to APD’s capital allocation and risk management approach were needed before confidence could return to the multiple. With a credible activist advocating for change we feel investors now have this backstop to what we see as a better-than-expected FY25 EPS backdrop on the fundamental side.” UBS downgrades Hershey to neutral from buy UBS says it sees another challenging year ahead for Hershey. “The primary driver of our downgrade centers on a view that Street estimates for 2025 look particularly optimistic given continued input cost pressures (namely cocoa) coupled with a demand backdrop that remains uncertain/challenging.”