Here are Friday’s biggest calls on Wall Street: Jefferies downgrades Apple to underperform from hold The firm said expectations are too high for a foldable iPhone 18 for Apple . “Better demand for iPhone 17, partly due to a price cut on the base model, is already in the price. That has led to excessive expectations on 18 Fold, and the replacement cycle.” Goldman Sachs reiterates Apple as buy Goldman said App store spending is decelerating but that’s sticking with the stock. “September 2025 Apple App Store spending grew +7% yoy per Sensor Tower, decelerating from +10% yoy in August 2025. This marks the fourth consecutive month of year-over-year deceleration in App Store spending, and the lowest monthly year-over-year growth rate since April 2023.” Wells Fargo upgrades Johnson & Johnson to overweight from equal weight Wells said shares of Johnson & Johnson are attractive. “With pharma tariff & pricing risk and Stelara loss of exclusivity concerns largely behind us, we see upside to Pharma coupled with attractive valuation. Raise PT to $212 (from $170) on 17.5x our 2027E EPS of $12.09.” Read more. Oppenheimer reiterates Netflix as outperform Oppenheimer said it’s sticking with Netflix ahead of earnings on Oct. 21. “Given strong 3Q engagement data and stock underperformance, we are reiterating our $1,425 target and Outperform rating ahead of earnings. Wolfe upgrades Woodward to outperform from peer perform Wolfe said in its upgrade of the aerospace company that it sees margin expansion for Woodward. “We’re upgrading shares to Outperform with a $300 PT.” Wolfe downgrades PayPal to peer perform from outperform Wolfe said it’s waiting for better visibility from PayPal. “We downgrade shares to Peer Perform with FV range of $70-$80.” BMO initiates Charles Schwab as outperform BMO says the company is well positioned for growth. “With balance sheet risk behind it and a credible path to greater capital efficiency, Schwab offers an attractive risk/reward profile.” Goldman Sachs reiterates Amazon as buy Goldman raised its price target on the stock and says it’s “underappreciated.” “We reiterate our Buy rating on AMZN shares, adjust our operating estimates detailed within & increase our 12-month PT from $240 to $275 with an upside/downside skew of ~3:1 from current trading levels.” Goldman Sachs downgrades Bumble to neutral from buy The firm said the risk/reward looks more balanced. “On the back of our updated estimates, we downgrade our rating on BMBL from Buy to Neutral with a 12-month PT of $7.00 (down from $8.00) and now see the current risk/reward on shares as being more balanced at current levels & our current estimates would reflect that visibility into a turnaround of the core Bumble app remains low and likely not until mid-2026.” Mizuho reiterates Broadcom as a top pick Mizuho said the stock is on the top picks list. “AVGO remains an industry leader with strong profitability…” Gordon Haskett upgrades Zillow to buy from hold Gordon Haskett said the risk/reward is too attractive to ignore. “We’re upgrading Zillow to Buy from Hold as we believe negative sentiment weighing on the shares over the past two weeks creates a favorable risk/reward.” Morgan Stanley upgrades Curbline Properties to overweight from equal weight The firm said the real estate investment trust is a “rare double digit” funds from operations growth story. “Upgrade CURB to OW and $27 PT given rare double digit FFO growth story in retail and convenience focus.” Mizuho upgrades Occidental Petroleum to outperform from neutral Mizuho said it’s even more bullish after the company divested OxyChem to Berkshire Hathaway. ” OXY has one of the best portfolios of U.S. onshore reserves in terms of both inventory quality depth which should take center stage going forward.” UBS upgrades Freeport-McMoRan to buy from neutral UBS said investors should buy the dip in the mining company. “We upgrade Freeport to Buy (from Neutral), lifting our target to $48/sh (from $42.5/sh).” Stifel upgrades Knight-Swift and Schneider International to buy from hold UBS said it sees a “cycle upturn” for both trucking companies. “However, with indications of tightening regulatory supply pressure, we feel incrementally better about a cycle upturn, and we are upgrading shares of Knight-Swift ( KNX, $39.90) and Schneider National (SNDR, $21.08) to Buy. Bank of America reiterates Nvidia as buy The firm said the stock remains a top idea. “We continue to prefer NVDA as our top AI pick, levered to the most critical compute (accelerator) and networking (scale-up links/switches, scale-out switches, NICs, DPUs), components of the $1.2tn potential data center capex.” RBC reiterates Microsoft as outperform “We think Microsoft’s position as an Al leader stems from its ability to monetize across both infrastructure and applications.” Berenberg initiates Ferrari as buy Berenberg said it sees earnings per share growth. “While we forecast only modest volume growth, we believe investors in Ferrari can achieve attractive long-term returns through price/mix-driven earnings and free cash flow growth.” Rothschild & Co Redburn upgrades Coinbase to buy from neutral The firm said shares of the crypto company have plenty more room to run. “The evolving digital asset landscape holds significant opportunities and risks for investors. Against this backdrop, from a stock perspective, we upgrade Coinbase to Buy (from Neutral), assessing it as a well-balanced play on broader digital asset adoption.” Read more. Piper Sandler downgrades Instacart to neutral from overweight Piper said it’s concerned about rising competition. “We move to the sidelines on CART in light of competitive pressures over the last month. We’re less concerned about the quarter than an industry dynamic that pits CART against scaled competitors that may be cheaper and fast-growing peers forging new partnerships.” Barclays upgrades Shoals to overweight from equal weight Barclays said the solar company is a data center beneficiary. ” SHLS ‘ entry into the data center and energy storage space provides a new and potentially large revenue stream for the company, and management has expressed that this has the potential to be the fastest growing area of the business over the next five years.” Goldman Sachs reiterates Tesla as equal weight Goldman said Tesla’s delivery numbers on Thursday were better than expected. “While the expiration of IRA credits will likely be a headwind in 4Q, we see the potential for several events to be positives over the next month including 3Q earnings (which we expect to benefit from the stronger 3Q deliveries and increased Energy deployments), and the 11/6 shareholder meeting.”