Multiple Wall Street Firms Adjust Ratings on Nvidia, Apple, Tesla, AMD and Others
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Multiple Wall Street firms issued rating and target-price updates on Nvidia, Apple, Tesla, and AMD on Friday, with AMD's target raised from $620 to $720 — the sharpest move in the batch, underscoring a deepening split over the next phase of the AI compute cycle.
AMD's target jumps 16% — what's the thesis?
Bank of America kept AMD at Buy and raised its target from $620 to $720, a roughly 16% increase.
The core driver: agentic workloads — AI systems that execute multi-step tasks autonomously — are lifting CPU average selling prices. This means → AI tailwinds are no longer a GPU-only story; CPUs are capturing share of the spending too.
BofA also raised AMD's 2027–2028 earnings estimates by 2–3% and named it the firm's top CPU pick.
Nvidia gets a Sell rating — does the case hold up?
Seaport maintained its Sell on Nvidia, citing two headwinds: TSMC capacity constraints and the law of large numbers — the bigger the revenue base, the harder it is to sustain hyper-growth.
The firm added that competition is worsening and Nvidia has started leaning on its balance sheet and product bundling to defend growth. In plain terms = the moat is shifting from raw chip dominance to financial muscle and package deals.
This is the most bearish call in the batch, though Seaport is a smaller shop — its view stands in sharp contrast to the broader Street consensus.
Apple and Tesla — ratings unchanged, but what's the fine print?
Bernstein kept Apple at Outperform but flagged a risk: the latest product launch landed well, yet rising memory costs have seeded doubt over the December-quarter gross margin. This means → units are selling, but component inflation may eat into profits.
Deutsche Bank kept Tesla at Buy while conceding that Q3 delivery-tracker data is running below expectations, leaving the stock under multiple cross-currents.
In plain terms = both ratings look stable on the surface, but the analysts hedged inside the note — bullish conclusions paired with cautious footnotes.
What signal does this wave of adjustments send?
AMD's target hike is the largest single move in the batch. Whether upcoming earnings validate the high-ASP thesis will be the key proof point.
The bull-bear divide on Nvidia is widening: most firms remain long, but Seaport's Sell puts the "capacity ceiling + law of large numbers" pressure squarely on the table. This reflects a market where the consensus on AI-compute leaders sustaining hyper-growth is no longer unanimous.
Apple's and Tesla's "rating held + warning attached" pattern suggests Wall Street's stance on mega-cap tech is shifting from unconditional optimism to conditional optimism.
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