Wall Street Ratings Roundup for October 1: NVIDIA, Micron, and Amazon Reiterated or Upgraded
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Wall Street firms issued a wave of ratings on October 1 — Nvidia and Micron were reiterated as buys, Amazon was added to Goldman's Conviction List — while multiple energy names were upgraded the same day, signaling that institutional capital is betting on the AI compute chain and a snap-back in oversold energy names simultaneously.
The AI compute chain — what are institutions betting on?
UBS reiterated Nvidia as a buy and named it top pick for Q4, calling it "one of the highest economic-profit companies ever" with profits at record levels and projected to keep expanding.
Bank of America reiterated Micron as a buy, anchored on memory-cycle durability — Micron beat expectations again and raised guidance, reinforcing the strategic role of memory in AI.
This means → two major firms endorsed the same thesis on the same day, locking onto the two most certain links in the AI chain: compute chips (Nvidia) and memory chips (Micron). Earnings season ahead is the verification window.
Big-cap tech — why were Amazon and Meta singled out?
Goldman added Amazon to its Conviction Buy List, citing attractive valuation — Amazon underperformed most tech peers and the S&P 500 over the past year, which Goldman sees as an entry point.
Deutsche Bank added Meta to its "Fresh Money" list, arguing that the post-Muse stock rally is "not the end state but the beginning of a rich product cycle."
In plain terms = both calls share the same logic: these two stocks aren't lacking a story — the market just hasn't priced it in fully.
Energy — what common signal links the three upgrades?
Goldman upgraded TC Energy from neutral to buy, arguing the pullback from its yearly high was overdone — concerns over natural-gas demand growth and rate-driven valuation compression were exaggerated.
Goldman also upgraded Occidental Petroleum to buy the same day, citing its differentiated enhanced-recovery strategy.
Wells Fargo upgraded BP to overweight while downgrading ExxonMobil to equal weight — this reflects a relative-value rotation within energy, not a blanket bullish call on the sector.
Utilities and consumer — is defensive positioning emerging?
Wells Fargo upgraded Consolidated Edison to overweight, calling it a defensive name that can serve as a diversification hedge on the AI trade.
Loop Capital upgraded Dollar Tree to buy with a $140 target, seeing the current macro backdrop as favorable for the holiday season — implied upside of roughly 23%.
Mizuho upgraded BJ's Restaurants to outperform, raising its Q3 same-store-sales growth estimate from 4.6% to 5.5%, above the consensus of 4.3%.
New coverage initiations — where are firms building positions in less-watched names?
JPMorgan initiated coverage on Kura Oncology, Enliven Therapeutics, and Spyre Therapeutics — all rated overweight, with price targets of $30, $75, and $110 respectively (year-end 2027).
Morgan Stanley initiated coverage on Toll Brothers at overweight, noting its affluent-buyer base supports margin resilience — yet the stock trades at roughly 10× P/E, the lowest in the firm's coverage universe.
Other initiations: Teva Pharmaceuticals (TD Cowen, buy), Digital Turbine (RBC, outperform), Civeo Corporation (Roth, buy, $39 target), Vita Coco (Oppenheimer, outperform, $70 target).
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