Thursday’s Top Analyst Upgrades and Initiations: Nvidia, SpaceX, IMAX, Meta, CoreWeave, Tesla and More

On Thursday, analysts issued a flurry of upgrades, initiations and reiterations across a range of sectors. JPMorgan lifted CoreWeave to Overweight, citing an improving pricing environment and strong demand for compute. Bernstein moved Quanta Services to Outperform, noting the company is capturing higher‑margin work and using robust free cash flow to fund acquisitions that address skilled‑labor shortages. Wells Fargo gave Old National Bancorp an Overweight start, highlighting organic growth prospects as merger activity stalls. Roth launched coverage of NeOnc Technologies with a Buy rating and a $20 target, seeing the life‑sciences firm at an inflection point. JPMorgan kept Meta at Overweight and raised its price target to $920 after Meta Connect. Piper Sandler initiated coverage of Carlyle Group and Ares Management with Overweight ratings, and also started coverage of CNB Financial at Overweight with a $38 target. Citi added a positive catalyst watch for Royal Caribbean, praising its 50% stake in Sandals Resorts as a logical step into the all‑inclusive market. Morgan Stanley maintained an Overweight rating on Nvidia, pointing to a rich product pipeline that includes the Vera Rubin architecture promising 35× performance gains over Blackwell, and it initiated coverage of IMAX as Overweight, emphasizing the theater chain’s expanding network and film slate as a driver of earnings and free cash flow. Roth initiated Energy Services of America as a Buy, noting its diversified infrastructure end‑markets could sustain 7‑10% annual revenue growth. Citi downgraded Dropbox to Sell, arguing the stock’s valuation outpaces its AI storage prospects. Wolfe launched coverage of Brink’s at Outperform with a $138 target, seeing about 29% upside. UBS kept Tesla at Neutral ahead of delivery numbers, estimating expectations of 460‑480k units. StoneX initiated BayCom and Avidbank as Buys, citing solid loan growth and undervaluation with price targets of $35 and $40, respectively. Citi upgraded Arcturus Therapeutics to Buy, raising its target to $20 after promising trial data, while Goldman Sachs reinstated Jazz Therapeutics as a Buy with a $337 target, praising its pipeline. HSBC lifted Dollar General to Buy, increasing its target to $160 on further upside potential. JPMorgan raised Welltower and Macerich to Overweight, citing outsized growth prospects and significant expansion potential. Truist launched MiniMed as a Buy, viewing the post‑IPO spin‑off from Medtronic as attractively priced. Finally, Mizuho reaffirmed SpaceX at Outperform, calling Starlink the cash engine of the company and setting a $200 price target.

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