Here are the biggest calls on Wall Street on Tuesday:

TD Cowen initiates Procter & Gamble at buy

TD said in its upgrade of P&G that the Ivory soap maker has "pricing power."

"Strong market share momentum with latent pricing power."

HSBC downgrades CrowdStrike to hold from buy

HSBC downgraded CrowdStrike in the wake of the IT outage.

"Post the global IT outage, we are lowering our rating and [ target price ] given the near-term risks that have arisen. We think the company ’ s long-term prospects remain intact, but we see near-term risks to results and guidance."

Morgan Stanley upgrades Skechers to overweight from equal weight and downgrades Under Armour to underweight from equal weight

Morgan Stanley said its Skechers channel checks looked promising. The Wall Street bank also downgraded Under Armour and said its checks show the company is in "neutral- to-negative" territory.

"Skechers survey results & recent sportswear channel checks were positive. This, alongside room for positive EPS revisions & valuation re-rating, lead us to upgrade Skechers stock to Overweight with an $80 price target. On the other hand, Under Armour ’ s survey results struck us as neutral- to-negative, seemingly confirming recent downbeat channel checks."

Bernstein reiterates Apple as outperform

Bernstein said it ’ s sticking with its outperform rating on the iPhone maker ahead of earnings on August 1.

"We expect Apple ’ s FY Q3 to be largely in line with consensus."

Guggenheim reiterates Tesla as sell

Guggenheim stood by its sell rating ahead of Tesla ’ s earnings on Tuesday afternoon.

"We see an EPS beat and an auto gross margin miss."

Baird adds Qualcomm to its fresh pick list

Baird said it ’ s getting bullish on shares of the semiconductor chip stock.

"Adding Bullish Fresh Pick on reaccelerating units and AI-driven [ average selling price ] momentum along with market share gains. We would be buyers of QCOM shares on recent share pullback."

HSBC upgrades Krispy Kreme to buy from hold

HSBC said it sees the donut maker scoring a faster debt deleveraging.

"Krispy Kreme announces sale of majority stake in Insomnia Cookies and is moving towards a leaner org structure."

JPMorgan upgrades EQT to overweight from neutral

The firm said investors should buy the dip in shares of the nat gas pipeline company.

"We upgrade EQT shares to OW from N with a Dec-24 PT of $42/sh."

Goldman Sachs initiates LandBridge as buy

Goldman said it ’ s bullish on shares of the Permian Basin landowner. Goldman and Barclays acted as lead book-running managers for LandBridge ’ s recent initial public offering.

"We initiate coverage of LandBridge ( LB ) with a Buy rating and a $35 price target following its IPO last month."

Morgan Stanley reiterates First Solar as overweight

Morgan Stanley said First Solar could benefit from a new Trump administration.

"We think a potential Trump administration may more likely represent a positive than negative outcome for FSLR."

Morgan Stanley reiterates Nvidia as overweight

In a note analyzing Nvidia ’ s supply chain, the investment bank stuck with an overweight rating but said that it ’ s cautious on demand for Nvidia ’ s H20 chip.

″ [ O ] ur view has been that the demand could be less certain – Nvidia has highlighted that the performance mitigation required to meet the regulatory requirements takes the chip into much more competitive territory."

Morgan Stanley reiterates Amazon as top pick

Morgan Stanley said Amazon is its favorite pick ahead of earnings, but that the firm also likes Alphabet and Meta. The investment bank raised its Amazon price target to $240 per share from $220.

"AMZN remains our top mega cap pick, while we still see double digit % upside to GOOGL/META."

Piper Sandler reiterates Microsoft as overweight

Piper raised its price target on Microsoft to $485 per share from $465.

"Growth investors should look beyond near-term fears of an AI overbuild with the lens of a broader cloud transformation still underway that could help sustain double-digit top-line and bottom-line growth through 2030."

Citi upgrades Coinbase to buy from neutral

Citi said the regulatory risk/reward is improving for the cryptocurrency company.

"Along with industry/crypto market exposure, we think COIN could benefit additionally from a potential U.S. crypto catchup against relatively higher on-chain activity/liquidity that has developed abroad. Buy COIN."

HSBC upgrades Rio Tinto to buy from hold

HSBC said in its upgrade of Rio that the outlook for copper and platinum pricing remains bullish.

"Platinum and copper remain our preferred metals due to tight market conditions, and gold remains least preferred as we believe prices are close to the peak levels"

TD Cowen downgrades Darden to hold from buy

TD Cowen said it sees slowing sales for the owner of chains such as Olive Garden.

"We expect shares of Darden to stagnate as a lack of tangible sales drivers in a tough full service industry backdrop presents greater risks than tailwinds to FY25 guidance for 1%-2% portfolio same store sales."

Morgan Stanley upgrades Snap to equal weight from underweight

Morgan Stanley said in its upgrade of the stock that the company is seeing advertising improvement.

"Upgrade SNAP to EW On Improving Ad Performance and More Balanced Risk Reward, $16 PT has ~10% Upside."