Here are the biggest calls on Wall Street on Monday:

Bernstein reiterates Nvidia as outperform

Bernstein says it ’ s bullish on Nvidia ’ s data center opportunity.

"The datacenter opportunity is enormous, and still early, with material upside still possible."

Goldman Sachs reiterates Apple as buy

Goldman is sticking with its buy after a series of iPhone 16 delivery lead time checks.

"Although shorter lead times could imply weaker demand trends, lead times provide an incomplete picture of demand when viewed without an accurate view of channel inventory. AAPL channel inventory going into the iPhone 16 launch was particularly lean, which may have been a key driver of shorter lead times."

Barclays reiterates Tesla as equal weight

Barclays thinks Tesla delivery numbers could come in better than expected.

"We estimate 3Q deliveries of ~470k units, above consensus ~461k; near-term positive for the stock."

DA Davidson downgrades Microsoft to neutral from buy

DA Davidson says Microsoft ’ s stock ’ s valuation is no longer warranted.

"We believe competition has largely caught up with Microsoft on the AI front, which reduces the justification for the current premium valuation."

Citi reiterates Meta as buy

Citi sees a "healthy performance ad environment" for the Facebook and Instagram parent.

"Meta remains our Top-Pick across the Internet sector, and we reiterate our Buy-rating & raise our [ target price ] to $645 ( from $580 ) ."

Raymond James downgrades Palantir to market perform from outperform

Raymond James says the stock ’ s valuation is too rich right now.

"While we remain enthusiastic about Palantir ’ s longer term positioning in AI, we are downgrading

our rating to Market Perform from Outperform given our view that shares need to consolidate stellar gains over the last couple of years and grow into its rich valuation."

Bernstein downgrades General Motors to market perform from outperform

Bernstein is concerned about "growth in shareholder distributions."

"GM shares have appreciated +85% since last November, but now our data signals rising earnings headwinds, and we think there is a risk the company will announce additional capital requirements during its October [ capital markets day ] ."

JPMorgan adds Nike to negative catalyst watch list

The bank is sticking with its neutral rating but is negative heading into earnings on October 1 for Nike.

″ ...increased challenges w/in [ direct-to-consumer ] factory stores tied to softer low-income consumer — lowering our FY25 EPS to $2.98 ( below Street $3.08 ) on revenues -5.9% and gross margin +10bps."

Deutsche Bank initiates Pinterest at buy

Deutsche called Pinterest an "under-monetized, scaled, increasingly personalized ‘ digital catalog ’ that attracts an affluent, high purchase-intent user base."

"We initiate coverage of Pinterest, Inc. with a Buy Rating and a $43 Price Target."

Bank of America upgrades On Holding to neutral from underperform

Bank of America said in its upgrade of On Holding AG that it sees robust growth for the shoe company.

"We upgrade our rating to Neutral ( from Underperform ) to reflect ongoing strong growth. We raise our PO to $55 ( from $21 ) after a change in valuation methodology."

TD Cowen downgrades Ulta Beauty to hold from buy

TD Cowen sees too many negative catalysts for Ulta Beauty.

"Promo intensity, increased distribution points at Sephora & AMZN, and category normalization are likely to persist for the next year."