Here are Friday’s biggest calls on Wall Street: Raymond James initiates Arm as outperform Raymond James said the semis company is well positioned for AI. “We initiate coverage of Arm Holdings at Outperform and $160 price target. As the dominant supplier of energy-efficient processor/subsystems IP, ARM is well-positioned to benefit from rapid growth of GenAI in the cloud and at the edge.” Jefferies initiates Vistra as buy Jefferies said the electricity generation company is a best idea. “Various upside opportunities in Power; VST is well positioned to tap into all of them.” Citi upgrades SL Green to neutral from sell Citi said it’s seeing a New York office rebound for the real estate investment trust. “Since then, New York has proven to be the strongest gateway office market, both in terms of leasing and tenant demand as financial services and law firms have imposed greater in-office requirements. SLG has proven they can refinance or modify their debt maturities at relatively attractive interest rates given their extensive lender relationships and lenders’ apprehensiveness to take back the keys.: CFRA upgrades Kroger to buy from hold CFRA said in its upgrade of Kroger that the stock’s valuation is “undemanding.” “Our upgrade reflects improving sales momentum, margin expansion opportunities, and a relatively underwhelming valuation compared to retail peers.” Macquarie upgrades Rio Tinto to outperform from neutral Macquarie upgraded the metals and mining company on valuation. “We upgrade BHP and RIO (both to Outperform) on valuation despite EPS cuts of 19% in FY25 and 7% on CY24 for RIO.” Deutsche Bank downgrades AstraZeneca to sell from hold Deutsche said it’s concerned about the biopharma’s pipeline of products not coming to fruition fast enough. “Having been longstanding supporters of the enviable oncology-driven innovation/growth story at AZN , it challenged us as much as any to accept the reality that TROP2 asset datopotamab was not going to be the next breakthrough in lung cancer we had hoped last Summer.” Citi downgrades Capri Holdings to neutral from buy Citi said the risk/reward is more balanced for the owner of brands like Michael Kors. “We are downgrading CPRI from Buy to Neutral as it is within 5% of our TP and we believe the risk/reward is now more balanced. We continue to believe the FTC challenge of the TPR/CPRI deal is without merit, and this week’s court proceedings haven’t changed that view.” Barclays downgrades Garmin to underweight from equal weight Barclays said it sees too many negative catalysts for the wearables tech company. ” GRMN : Valuation Extended with GM [gross margin] Headwinds.” BMO initiates GE Vernova as outperform BMO called the stock an “energy transition major.” ” GEV is a global market leader in almost every area within the power sector in which it participates spanning sales of equipment/services across both conventional and renewable generation as well as transmission and distribution sectors including grid management software.” Pivotal initiates TKO Holdings as buy Pivotal called the company a “rare durable sports/entertainment asset.” “We are expanding our sports focused coverage by initiating coverage on TKO with a BUY rating and $170 YE’25 target price.” Morgan Stanley names EQT a top pick Morgan Stanley said the energy is well positioned and named EQT a new top pick. “We see a catalyst path to support re-rating via asset sales, synergy realization, & ultimately higher shareholder returns.” UBS reiterates Oracle as buy UBS raised its price target on the stock to $200 per share from $175. “We spent a few days at Oracle’s CloudWorld event in Las Vegas, talking to customers and partners, hosting a session with industry checks and attending the Investor Day. The feedback on Oracle’s top-line growth was overall positive…” UBS reiterates PNC as buy UBS said the bank is a high conviction idea. ” PNC is well positioned to deliver outsized NII growth in 2025 driven by hedging activity, repricing of fixed rate assets, and a recent securities repositioning.” JPMorgan reiterates Netflix as overweight JPMorgan says it’s standing by the streaming giant. “We believe NFLX is a key beneficiary and driver of the ongoing disruption of linear TV, with Netflix’s content performing well globally and driving a virtuous circle of strong subscriber growth, more revenue, and growing profit.” Citi resumes Eli Lilly as buy Citi resumed coverage of the stock and says it’s well positioned. “We rate Lilly Buy as we believe there is upside to current investor expectations across its broad portfolio. Canaccord reiterates Tesla as buy The firm said it’s sticking with its buy rating on the stock despite shares under pressure “For August, our data reveals that Tesla maintained 10% share of Chinese BEV [battery electric vehicle] sales and 2.6% share of total Chinese car sales — holding ~flat over the past 24 months.” JPMorgan downgrades Moderna to underweight from equal weight JPMorgan said it’s concerned that the biotech company is missing revenue targets. “Arguably, the reset to Moderna’ s long-term guidance should not come as a surprise, and while we were not modelling breakeven in 2026, we are still lowering our topand bottom-line estimates.” Wells Fargo reiterates Nvidia as overweight Wells said it’s sticking with its overweight rating on Nvidia. “We continue to believe that NVIDIA has no clear threats from AI startups in training other than the hyperscalers themselves w/ custom AI ASICs [application integrated circuit].”