Here are the biggest calls on Wall Street on Tuesday: Cantor Fitzgerald reiterates Nvidia as overweight Cantor said the stock remains a top idea at the firm. “We reiterate our Overweight rating on the name as NVDA remains our Top Pick.” TD Cowen downgrades Anheuser Busch InBev to hold from buy TD Cowen downgraded the beverage stock due to China pressures. “We downgrade AB InBev to Hold to reflect equal-weighted risk-reward to 2025 estimates.” Wolfe upgrades Wells Fargo to outperform from peer perform Wolfe said in its upgrade of Wells Fargo that it thinks the bad news is already priced in. “We May Be Early But Bad News is Fully Baked.” Bernstein upgrades Humana to outperform from market perform Bernstein says shares of the health-care company are attractive. “We believe HUM is now an attractive investment given 1) improved operating outlook for MA [medicare advantage]; 2) reduced uncertainty on risks such as STARS ratings and repricing execution as some become realized.” Oppenheimer downgrades Microsoft to perform from outperform Oppenheimer said estimates are too high for Microsoft. “We are downgrading MSFT to Perform from Outperform as we believe estimates for revenue and EPS are too high.” Goldman Sachs reiterates Disney as buy The firm says it’s sticking with its buy rating on the stock but that it sees an adverse impact on Disney shares due to Hurricane Milton. “We estimate a $150 mn – $200 mn adverse impact to F1Q25 segment OI [operating income], based on historical headwinds, scaled up for growth in segment OI since Hurricane Irma in F4Q17.” JPMorgan reiterates Charles Schwab as overweight JPMorgan raised its price target on the stock to $86 per share from $78. “Moreover, we think Schwab’s balance sheet will continue to decline at a low-single digit % pace q/q over the next several quarters though 1H26. UBS initiates Morningstar as buy UBS says the data and fund manager analytics company is a “data powerhouse.” “We are initiating coverage of Morningstar (MORN) with a Buy rating and a $390 price target. We believe that the combination of an attractive end market, exposure to key growth areas, and cyclical recovery will lead to double-digit top-line growth in the near term, at the high end of the peer group.” Redburn Atlantic Equities initiates Legend Biotech as buy Redburn says the biotech company is a leader in blood cancer therapy. “Huge advances have been made in blood cancer treatments in recent decades and development continues apace. Three emerging players, Genmab, Legend Biotech and Arcellx, are developing best-in-class therapeutics but we believe their potential is underestimated by the market.” Goldman Sachs initiates Barclays as buy Goldman says it sees an attractive entry point for the European bank. ” Barclays’ share price has rallied by over 40% YTD, outperforming the banks index by 25pp.” Wells Fargo reiterates Tesla as underweight Wells says it remains “skeptical” heading into Tesla’s robotaxi day later this week. “Following a 43% rally over the last four months, TSLA’ s ‘We, Robot’ Day will be high stakes as the premium is attributed to the tech, most notably, Robotaxi/FSD, & Optimus, their humanoid robot. We remain skeptical & reiterate our UW.” KeyBanc downgrades Qualcomm to sector weight from overweight Key says PC end markets “have yet to materialize.” “Our previous thesis was that QCOM would be increasingly viewed as an edge AI play given its positioning in handsets and PCs. However, given these end markets have yet to materialize in any meaningful manner, we don’t foresee QCOM benefitting from a replacement cycle fundamentally or being given a market premium as an edge AI beneficiary until that happens.” BTIG downgrades American Express to sell from neutral BTIG says fundamentals are deteriorating for American Express. “Our downgrade is based on two key factors that can be summarized as: fundamentals are more likely to get worse than better, yet expectations for rapid improvement continue to climb.” BTIG upgrades Affirm to buy from neutral BTIG says the payment company is on a path to profitability. “We agree with Affirm’s CEO’s analogy at a recent tech conference that Affirm is Amex for ‘the other 99%.'” JPMorgan reiterates Netflix as overweight The firm says it’s bullish heading into earnings next week. “We remain positive on Netflix shares heading into 3Q earnings on Thursday, 10/17, while recognizing elevated expectations.” Morgan Stanley initiates Bicara Therapeutics as overweight Morgan Stanley said it’s bullish on the company’s pipeline of products treating head and neck cancers. “We initiate coverage of BCAX with an OW rating and $35 price target.” Oppenheimer initiates Abbott Labs as outperform Oppenheimer says the medtech company has an attractive risk/reward. “We are initiating coverage of Abbott Labs, a large-cap diversified healthcare play, with an OP rating/$130 PT.” Susquehanna initiates Howmet Aerospace as positive Susquehanna says the aerospace company is “uniquely” well positioned. ” Howmet is uniquely well-positioned to capitalize on the compelling fundamental backdrop across Commercial Aerospace & Defense, leveraging a leading market position across engine products and highly engineered structures for aircraft within both industries.” Bank of America reiterates First Solar as buy Bank of America lowered its price target on the stock to $321 per share from $343 but says it’s sticking with its buy rating. “Despite near term challenges, we maintain that FSLR is in a unique position given near-term estimates that are relatively de-risked with a ~80GW backlog that is fully sold out through 2026 and US pricing stability offering support in the near term.” KeyBanc reiterates Apple as sector weight The firm says its survey checks show the latest iPhone sales data is mixed for Apple. “When comparing the first 10 days since iPhone 16 vs. iPhone 15 launch, the data shows +12% y/y, which does appear more positive than we would have anticipated. That said, we would point out that the daily results suggest a late tailing off, which we believe also could suggest a surge of initial demand and lack of continued momentum.” JPMorgan initiates MBX Biosciences as overweight JPMorgan says it sees a slew of positive catalysts ahead for the biotech company. “We are initiating coverage of MBX Biosciences with an Overweight rating and Dec 2025 price target of $30.” Bernstein reiterates Delta as outperform Bernstein raised its price target on Delta to $65 per share from $62 ahead of earnings later this week. “We are expecting a decent 3Q and see upside to 4Q and beyond on lower industry capacity growth and fare actions by discount carriers.” Argus upgrades McDonald’s to buy from hold Argus says it likes the fast food chain’s loyalty programs. “We are upgrading McDonald’s Corp . to BUY from HOLD with a target price of $345. Value menus, digital initiatives and effective loyalty programs are benefiting McDonald’s. In addition, deliveries, drive-thru orders, take-out orders, and efforts to expedite orders are attracting new customers.”