Here are Thursday ’ s biggest calls on Wall Street:

Morgan Stanley names Arm a top pick

The firm said the semiconductor company is an "overlooked AI beneficiary."

"We introduce Arm as our new large-cap Top Pick based on mobile recovery, new edge AI opportunities and the resulting royalties ’ expansion."

Cantor Fitzgerald initiates Amazon as overweight

Cantor said it sees upside to estimates for the e-commerce giant.

"The investment thesis on AMZN is still centered on 1 ) retail margin expansion, and 2 ) AWS acceleration."

Cantor Fitzgerald initiates Meta as overweight

Cantor said Meta is a top pick at the firm.

"We believe the business has plenty of levers to capture share gains and generate healthy top-line growth above a mid-teens CAGR over the next 2-3 years..."

Goldman Sachs downgrades Novartis to neutral from buy

Goldman downgraded the multinational pharmaceutical company mainly on valuation.

"We downgrade our rating on Novartis from Buy to Neutral, driven by solid recent share price performance, earnings upgrades as consensus has caught up to our estimates, and we see limited value driving innovation catalysts in the near-term."

Bank of America downgrades Zscaler neutral from buy

Bank of America downgraded the cloud security company following earnings on Wednesday.

"Zscaler reported a solid 4Q, with 30.3% YoY revenue growth solidly above Street ’ s 24.7% and billings growth of 26.6% vs. Street ’ s 24.1%."

Bank of America reiterates Nvidia as buy

The firm said Nvidia is a top pick and its valuation remains "compelling."

"Near-term headwinds provide esp. attractive opportunity."

Wolfe downgrades General Motors to peer perform from outperform

After a change in analyst coverage the firm downgraded the stock citing too much uncertainty for GM.

"While there is uncertainty from cyclical risks longer-term, we see lower 2H risk ( vs. STLA/F ) and potential upside from Oct. CMD [ capital markets day ] .

JPMorgan upgrades Xpeng to overweight from neutral

JPMorgan upgraded the China electric vehicle company and said it ’ s bullish on several upcoming new models for XPEV.

"Riding on upcoming new model momentum; upgrade to OW.".

RBC downgrades KB Home to underperform from sector perform

RBC downgraded the homebuilder after survey checks show weakening trends.

"We are downgrading KBH to Underperform from Sector Perform in connection with our updated August RBC Elements pricing data, which showed another month of weaker relative trends for KBH."

Evercore ISI reiterates Broadcom as outperform

The firm said it ’ s bullish heading into earnings on Thursday afternoon.

"We like the setup for AVGO, and are buyers into its JulQ print."

Barclays upgrades Nordstrom to equal weight from underweight

Barclays upgraded Nordstrom following the proposed take-private transaction.

"With the proposed take-private transaction, we are upgrading shares to Equal Weight from Underweight. While there is still some uncertainty around the transaction given the required 2/3 shareholder vote, we believe it is appropriate to step aside on our UW rating."

Bank of America reiterates Apple as buy

Bank of America said it ’ s sticking with the stock heading into its iPhone event on Monday.

"If Apple surprises with a compelling demo of Apple Intelligence/third party integrations or with any price increases, we could see the stock fare better than post past events."

JPMorgan downgrades Dollar Tree to neutral from overweight

JPMorgan downgraded Dollar Tree following earnings on Wednesday.

"2Q Miss & Lower; ‘ Core ’ Erosion w/ Profitability Concerns; Downgrade to Neutral."

Wells Fargo upgrades Roku to equal weight from underweight

Wells said in its upgrade of Roku that it ’ s getting more constructive on the stock.

"Our shorter-term conviction exceeds our LT [ long term ] conviction given many Platform variables + macro, so we upgrade to Equal Weight with a new valuation of 30x CY24/25 EV/EBITDA."

Needham upgrades Yext to buy from hold

Needham said it like the software company ’ s management.

"Yext mgmt has established a strong & consistent track record of generating incremental leverage in the business model, and we see plenty of room for material incremental margin expansion over the next 12-18 months despite integrating an initially dilutive asset."

Morgan Stanley downgrades Stone and PagSeguro to underweight from equal weight

Morgan Stanley downgraded several Brazilian payment companies on Thursday and says it sees "growth & profitability" under pressure.

"Downgrading PAGS & STNE to Underweight. Brazil digital payments have reached saturation — merchant acquiring growth & profitability may face serious pressure."

Oppenheimer reiterates Tesla as perform

The firm said Tesla is a beneficiary in a Republican controlled administration.

"We believe TSLA will continue to pursue a diversified supply chain approach taking advantage of IRA-related manufacturing credits along with sourcing from low-cost regions."

CFRA downgrades Coca-Cola to hold from buy

CFRA said in its downgrade of Coca-Cola that it sees better value elsewhere in the firm ’ s coverage.

"With CFRA ’ s recommended weighting on the Consumer Staples sector remaining at Underweight and soft drink companies facing headwinds from weak consumer spending, which is pressuring both price and volume growth, we now recommend a Hold rating and see better opportunities at current levels."