Investment Bank Ratings & Recommendations
Report Date: 2025-12-19
⚡ Key Takeaways
📈 Notable Upgrades 5 calls
TSLA
Tesla, Inc.
↑ Upgrade
Goldman Sachs • Mark Delaney 📅 2025-12-18
Neutral → Buy
Old PT 420
New PT 550
Current 483.37
13.8%
FSD progress accelerating faster than expected, robotaxi regulatory pathway clearer
GOOGL
Alphabet Inc.
↑ Upgrade
JPMorgan • Doug Anmuth 📅 2025-12-17
Overweight → Overweight
Old PT 315
New PT 370
Current 302.46
22.3%
Gemini AI showing strong commercial traction, search monetization improving
AMD
Advanced Micro Devices, Inc.
↑ Upgrade
Morgan Stanley • Joseph Moore 📅 2025-12-16
Equal Weight → Overweight
Old PT 185
New PT 245
Current 201.06
21.8%
MI300 ramping ahead of schedule, data center GPU share gains accelerating
INTC
Intel Corporation
↑ Upgrade
Mizuho Securities • Jordan Klein 📅 2025-12-18
Underperform → Neutral
Old PT 30
New PT 42
Current 36.28
15.8%
Foundry business showing signs of stabilization, cost cuts taking hold
XLU
Utilities Select SPDR
↑ Upgrade
UBS • Michael Weinstein 📅 2025-12-19
Neutral → Buy
Old PT 44
New PT 48
Current 43.18
11.2%
AI data center power demand creating unprecedented utility growth
📉 Notable Downgrades 3 calls
NFLX
Netflix, Inc.
↓ Downgrade
Bank of America • Jessica Reif Ehrlich 📅 2025-12-17
Buy → Neutral
Old PT 115
New PT 95
Current 94.0
1.1%
Streaming competition intensifying, subscriber growth slowing globally
CRM
Salesforce, Inc.
↓ Downgrade
Wells Fargo • Michael Turrin 📅 2025-12-16
Overweight → Equal Weight
Old PT 290
New PT 265
Current 257.85
2.8%
Enterprise software spending normalizing, AI benefits taking longer
XLE
Energy Select SPDR
↓ Downgrade
Credit Suisse • William Thompson 📅 2025-12-18
Outperform → Neutral
Old PT 48
New PT 42
Current 44.13
4.8%
Oil demand peaking earlier than expected due to EV adoption
⚖️ Sector Weight Changes 4 changes
Morgan Stanley 📅 2025-12-18
Technology
↑ UPGRADED
Overweight → Overweight
AI infrastructure buildout accelerating, margin expansion visible
Top Picks
NVDAMSFTGOOGL
Avoid
INTC
JPMorgan 📅 2025-12-17
Utilities
↑ UPGRADED
Underweight → Neutral
Data center power demand creating multi-year growth tailwind
Top Picks
NEESODUK
Avoid
AEP
Goldman Sachs 📅 2025-12-16
Energy
↓ DOWNGRADED
Neutral → Underweight
Peak oil demand concerns, renewable transition accelerating
Avoid
XOMCVX
Barclays 📅 2025-12-19
Consumer Discretionary
↑ UPGRADED
Underweight → Equal Weight
Consumer resilience stronger than expected, rate cuts helping
Top Picks
TSLAAMZNHD
Avoid
F
🎯 Thematic Calls 4 themes
AI Infrastructure Acceleration
Goldman Sachs 📅 2025-12-18
BULLISH
Enterprise AI adoption inflecting higher, driving unprecedented infrastructure demand across compute, networking, and power
Beneficiaries
NVDAAMDMSFTGOOGL
At Risk
Traditional server vendors
Timeframe: 24-36 months | Conviction: HIGH
Data Center Power Crunch
Morgan Stanley 📅 2025-12-17
BULLISH
AI workloads creating unprecedented electricity demand, utilities becoming AI infrastructure plays
Beneficiaries
UtilitiesPower infrastructure stocks
At Risk
Legacy grid equipment
Timeframe: Multi-year | Conviction: HIGH
Streaming Consolidation Wave
Bank of America 📅 2025-12-16
BEARISH
Streaming market saturating, forcing industry consolidation and margin pressure
Beneficiaries
NFLX scale advantages
At Risk
Smaller streaming playersPARAWBD
Timeframe: 12-18 months | Conviction: MEDIUM
Autonomous Vehicle Inflection
Jefferies 📅 2025-12-15
BULLISH
Regulatory barriers falling, technology reaching commercial viability
Beneficiaries
TSLAGOOGLGM
At Risk
Traditional auto suppliers
Timeframe: 3-5 years | Conviction: MEDIUM
🌍 Market Allocation
Overall Market View
Equities Neutral - Valuations stretched but earnings growth supporting
Bonds Underweight - Fed pause limiting upside, inflation risks persist
Cash Tactical overweight pending market direction clarity
Regional Preferences
US Overweight - AI leadership, strong fundamentals
Europe Underweight - Structural headwinds, energy costs
Emerging Markets Neutral - Mixed signals, China stabilizing
China Cautious Overweight - Stabilization signs emerging
Japan Neutral - Corporate reforms positive but currency headwinds
Style Preferences
Growth Vs Value Growth preferred - Technology leadership continuing
Large Vs Small Large cap bias - Quality and balance sheet strength
Cyclical Vs Defensive Selective cyclicals - Focus on AI beneficiaries
💡 Actionable Ideas 4 ideas
Overweight AI infrastructure names (NVDA, AMD, MSFT) into earnings season
Consensus building around accelerating enterprise AI adoption, capex guidance likely positive
Supported by: Goldman Sachs, Morgan Stanley, Wedbush
⚠️ Risk: Valuation stretch if guidance disappoints or competition intensifies
Rotate into utilities as AI infrastructure play
Data center power demand creating multi-year growth tailwind for regulated utilities
Supported by: JPMorgan, UBS, Morgan Stanley
⚠️ Risk: Regulatory pushback on rate increases or renewable mandate conflicts
Underweight streaming pure-plays ahead of tough comps
Subscriber growth slowing globally, content cost inflation pressuring margins
Supported by: Bank of America, Wells Fargo
⚠️ Risk: Successful cost cutting or unexpected subscriber acceleration
Pair trade: Long TSLA vs Short traditional auto
EV adoption accelerating while legacy auto struggles with transition costs
Supported by: Goldman Sachs, Jefferies
⚠️ Risk: Tesla execution issues or faster legacy auto EV ramp