The S&P500 (SP500) closed in the green on Friday, after the week saw volatility in markets due to fear that the escalation in the tariff war could fuel a global trade war and weigh on economic growth.

For the week, Nasdaq (COMP:IND) gained over 5%, while Dow (DJI) rose over 4%.

Wall Street had a slew of upgrades and downgrades from analysts. Here are some of the major calls for the week:

Apple gets Jefferies upgrade after recent stock tumble

Apple (NASDAQ:AAPL) was upgraded to Hold from Underperform by Jefferies due to its recent stock price tumble amid risks associated with tariffs.

"Our base case remains that AAPL would be exempted from US tariffs, given its commitment to invest US$500bn in the US over the next four years, and our belief that it would make additional manufacturing investment commitment in the US (to make iPhone, for example)," said Jefferies analyst Edison Lee.

However, the brokerage lowered PT to $167.88 from $202.33 and reduced its iPhone shipment estimates for the next three fiscal years, saying rising risk of global recession could further impact already-weak iPhone demand.

Following comments from White House that Apple could build an iPhone in the U.S., BofA analysts said a U.S. built iPhone could cost 90% more.

Eli Lilly gets bullish rating from Goldman Sachs on attractive entry point

Goldman Sachs upgraded Eli Lilly (NYSE:LLY) to Buy from Neutral, arguing that at the current trading levels there is a “compelling entry point into the sector’s premier topline grower.”

Commenting on LLY’s leadership in the anti-obesity drug industry, where its rival Novo Nordisk (NVO) also operates, analyst Asad Haider said that the company is expected to maintain its pole position in a market projected to triple in size from ~$28B currently to ~$95B by 2030.

However, Goldman Sachs revised down its price target on LLY to $888 from $892.

Verizon is Evercore's top wireless pick

Evercore upgraded Verizon (NYSE:VZ) to Outperform from In line and named the stock its top pick under the broader wireless sector.

Evercore is optimistic about Verizon’s broadband strategy across fiber and fixed wireless and added that there’s a meaningful perception gap between telecom’s fiber efforts and its peers, particularly AT&T. The brokerage hiked PT on the stock by $4 to $48.

Citi bullish on Diamondback Energy, downgrades California Resources, Vital Energy

Citi upgraded Diamondback Energy (NASDAQ:FANG) to Buy from Neutral, with a $180 price target, raised from $157, saying the stock's recent selloff presents an opportunity to buy a high-quality E&P "discounting ~$58/bbl WTI into perpetuity."

Citi's Scott Gruber says Diamondback remains a top-tier E&P name as reflected in a breakeven oil price at just ~$36/bbl, the lowest among the bank's coverage, enabling free cash generation even when crude prices are depressed.

Meanwhile, the brokerage downgraded California Resources (NYSE:CRC) and Vital Energy (NYSE:VTLE) to Neutral from Buy with respective $36 and $17 PTs, expecting higher cost, small-cap stocks likely will take longer to recover from current conditions given the macro uncertainty.

Bath & Body Works favorite among teens, Piper upgrades

Piper Sandler upgraded Bath & Body Works (NYSE:BBWI) to Overweight from Neutral, as it continued to hold the top spot as the favorite fragrance for teen females, beating out luxury rivals like Dior, Chanel, and Marc Jacobs.

With less than 10% of its merchandise sourced from China—and the majority produced in the U.S.—BBWI faces minimal exposure to tariff risk, according to Piper Sandler’s Korinne Wolfmeyer, adding that the firm sees sufficient upside to raise its revenue and EPS estimates for FY25 and FY26 by ~0.4% to 0.5%.

GM, Ford, Lear, Visteon in focus after tariff announcement

UBS downgraded General Motors (NYSE:GM) to Neutral from Buy and lowered its earnings estimates for the stock, accounting for the impact of tariffs on the company’s cost structure along with the impact to auto demand.

Goldman Sachs also downgraded Ford Motor (NYSE:F) to Neutral from Buy, saying its earlier bullish stance, initiated in September 2024, was overly optimistic. The bank also downgraded auto suppliers Lear (NYSE:LEA) and Visteon (NASDAQ:VC) to Neutral from Buy, pointing to the sector's inability to fully offset lower industry volumes. 

GS cited growing concerns over global competition, weakening consumer demand and rising costs from tariffs behind the downgrades.

Piper Sandler upgraded Wells Fargo (NYSE:WFC) to Overweight from Neutral as the bank moves to offense from defense and due to its quicker pace of regulatory resolution. "WFC is having its most visible success in years on the regulatory front, and we expect further progress ultimately to relieve the company of what has been a significant company-specific headwind," the analyst said.

Benchmark reiterated its bullish view on Tesla (NASDAQ:TSLA) and added the electric vehicle stock to its Best Ideas list after watching shares fall sharply this year. Analyst Mickey Legg said the recent sales declines are significant, but thinks the share price decline is overblown considering the scope of opportunities around the corner.

Morgan Stanley reiterated its Overweight rating for Netflix (NASDAQ:NFLX) and listed it as its top pick under media and entertainment stocks, replacing Disney (DIS). MS analysts expect the streaming giant to demonstrate relative resilience in a weaker global macroeconomic situation.

Citi Research upgraded Dollar Tree (NASDAQ:DLTR) to Buy from Neutral, with analyst Paul Lejuez saying that while the company was previously trying to manage China tariffs within its current pricing architecture, this higher tariff regime gives them further cover to expand price points from $1.25 to $1.50 - $1.75.