Notable analyst calls this week: Intel, Apple and Zoom among top picks

The S&P 500 (SP500) closed in the red on Friday, after investors digested corporate results from big companies including Netflix and Meta Platforms during the week. However, technology stocks continued to lag amid artificial intelligence spending fears and a continued rise in oil prices due to geopolitical turmoil.

Wall Street analysts issued fresh round of upgrades and downgrades. Here are some of the major calls for the week:

Intel’s AI computing demand could support earnings, says JPM

Intel (INTC) shares were upgraded at JPMorgan to Neutral from Underweight on improved execution under chief Lip-Bu Tan and growing demand for AI computing that could support earnings growth.

"Despite near-term concerns on AI infrastructure spending sustainability, we believe increasing agentic AI workloads (CPU intensive) and a very tight supply chain for leading-edge silicon should drive continued positive EPS revisions in the upcoming earnings season and through CY27 (our CY28 EPS estimates are ~15% above consensus)," said analyst Harlan Sur.

Zoom Communications in focus on Outperform upgrade

Oppenheimer upgraded Zoom Communications (ZM) to Outperform from Perform with a $130 price target.

“We are upgrading ZM from Perform to Outperform with a $130 price target as we gain confidence in its transition from video meetings to a broader AI communications and workflow platform,” Oppenheimer analyst Timothy Horan wrote.

Delving deeper, Horan said the company's AI Platform has its own unique data, AI models and comes with “excellent security and governance.” It also combines meetings, productivity apps, unified communications and contact center, along with ZoomMate.

Apple downgraded on iPhone shipment concerns

Loop Capital downgraded Apple (AAPL) to Hold from Buy, citing concerns about a cut in iPhone shipments.

“The gist is that when AAPL previously reduced its Sep Q & Dec Q iPhone unit ships by 10% we believed they would be in a position to make up many (if not most) of these units through CY2027 as the reductions were supply related (memory & processors) & not demand related,” Loop Capital analyst Ananda Baruah wrote, adding that “this no longer appears to be the case.”

“We continue to like AAPL’s longer-term share gain and Services story… but believe the stock also requires a fundamental catalyst reset after its recent stock appreciation... particularly given its trading at 5-year valuation highs as iPhone ships have been reduced and [gross margin] could see incremental pressure,” the analyst added.

Alcoa downgraded on near-term challenges

Argus downgraded Alcoa (AA) to Hold from Buy, as aluminum prices remain near multi-month lows as supply improves outside the Middle East.

Alcoa is having trouble overcoming the pricing pressures, prompting Argus analyst Alexandra Yates to reduce her rating until seeing more of a rebound in the market driven by long-term sustainable demand.

Yates also said she is concerned about market volatility, as Alcoa is heavily exposed to the global market and faces potential downside from expanding supplies and investment in production capacity by competitors.

Seaport Research reiterated its Sell rating on Nvidia (NVDA), noting competition is “mounting.”

“We could be wrong about Nvidia in the coming months, as they leverage their supply chain heft, but competitive pressures are mounting,” Seaport analyst Jay Goldberg wrote. “We see their aggressive finance bundling as a reaction to competitive pressure and a strategic tension at the heart of their business.”

Space Exploration Technologies (SPCX) was double-upgraded to Buy from Sell by Phillip Securities as Super Intelligence swings the company into profit, according to a media report. Analyst Glenn Thum said he raised FY26 revenue by 56% to $45.1 billion and lifted FY27 by 201% to $132 billion on higher Super Intelligence revenue. The company's PT was more than tripled to $250 from $75.

Accenture (ACN) was downgraded to Neutral at Baird as the investment firm said the risk-reward on the stock is in balance after a near 100% increase since June. Despite the downgrade, the brokerage upped the price target on the stock to $252 from $245.

Akamai (AKAM) was upgraded by Raymond James to Strong Buy from Outperform, citing a revenue boost from its deal with Anthropic (ANTHRO).