Here are the biggest calls on Wall Street on Friday: Raymond James initiates Arm as outperform Raymond James says the semiconductor company is well-positioned for AI. “We initiate coverage on Arm Holdings at Outperform and a $160 price target. As the dominant supplier of power-efficient subsystem/processor IP, ARM is well-positioned to benefit from the rapid growth of GenAI in the cloud and at the edge.” Jefferies initiates Vistra as buy Jefferies says the power generation company is a top-tier idea. “There are many upside opportunities in Power; VST is well-positioned to exploit all of them.” Citi upgrades SL Green to neutral from sell Citi says it sees a New York office recovery for its real estate investment fund. “Since then, New York has proven to be the strongest gateway office market, both in terms of leasing demand and tenant demand as financial services and law firms impose larger office requirements. SLG has demonstrated that it can refinance or reschedule its debt at relatively attractive rates, thanks to its extensive lender relationships and lenders’ reluctance 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 “not demanding”. “Our upgrade reflects improving sales momentum, opportunities for margin expansion and a relatively unattractive valuation relative to other retailers.” Macquarie upgrades Rio Tinto to outperform from neutral Macquarie upgraded the mining and metals company on valuation. “We upgrade BHP and RIO (both outperform) on valuation despite EPS cuts 19% in FY25 and 7% in FY24 for RIO.” Deutsche Bank downgrades AstraZeneca to sell from hold Deutsche said it is concerned about the biopharmaceutical company’s pipeline not coming online fast enough. “As long-time supporters of the enviable oncology-driven growth/innovation story at AZN, this has challenged us as much as anyone to come to terms with the fact that the TROP2 datopotamab asset will not be the next breakthrough in lung cancer that we hoped for 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 to Neutral from Buy as it is within our 5% TP range and we believe the risk/reward is now more balanced. We continue to believe the FTC’s challenge to the TPR/CPRI settlement is without merit and this week’s court proceedings do not change that view.” Barclays downgrades Garmin to below-equal from equal weight Barclays said it sees too many negative catalysts for the wearable tech company. ” GRMN: Valuation extended with GM [gross margin] “Headwinds.” BMO initiates GE Vernova as outperform BMO calls the stock a “major energy transformation company.” “GEV is a global market leader in virtually every area of the power industry in which it operates, including sales of equipment/services across both traditional and renewable generation, as well as transmission and distribution businesses including grid management software.” Pivotal initiates TKO Holdings as purchase Pivotal calls the company a “rare sustainable sports/entertainment asset.” “We are expanding our sports-focused coverage by initiating coverage on TKO with a BUY rating and a $170 2025 price target.” Morgan Stanley calls EQT a top pick Morgan Stanley says energy is well-positioned, naming EQT a new top pick. “We see a catalytic path to support the revaluation through asset sales, realizing synergies and ultimately higher shareholder returns.” UBS reiterates Oracle as buy UBS raised its price target on the stock to $200 a share from $175. “We spent several days at Oracle’s CloudWorld event in Las Vegas, speaking with clients and partners, holding a session with industry panelists and attending Investor Day. Feedback on Oracle’s top-line growth was generally positive…” UBS reiterates PNC as buy UBS said the bank is a high-conviction idea. “PNC is well positioned to deliver outsized NII growth through 2025, driven by recent hedging, fixed-income asset repricing and repositioning.” JPMorgan reiterates Netflix as overweight JPMorgan said it favors the streaming giant. “We believe NFLX is a key beneficiary and driver of the ongoing disruption of linear TV, with Netflix content performing well globally and fueling a virtuous cycle of strong subscriber growth, higher revenue and growing profitability.” Citi continues Eli Lilly is a Buy Citi continues its coverage of the stock, saying it is well positioned. “We rate Lilly a Buy as we believe there is upside to current investor expectations across the company’s broad portfolio. Canaccord reiterates Tesla as a Buy The company said it maintains its buy rating on the stock despite the pressure on the stock “In August, our data shows Tesla retained its 10% share of the Chinese BEV market [battery electric vehicle] sales and 2.6% market share of total Chinese auto sales — unchanged over the past 24 months.” JPMorgan downgrades Moderna to underweight from equal weight JPMorgan said it is concerned that the biotech company is missing its revenue targets. “That being said, the reset of Moderna’s long-term guidance is not unexpected, and while we are not modeling breakeven in 2026, we are lowering our top and bottom line estimates.” Wells Fargo reiterates Nvidia as equal weight Wells said it maintains an equal weight rating on Nvidia. “We continue to believe NVIDIA has no clear threat from AI startups in training beyond the hyperscalers themselves with custom AI ASICs [application integrated circuit]”