Here are Monday's biggest analyst calls: Nvidia, Apple, SpaceX, Dell, Deere, Broadcom, Costco, Redcat & more

The most actionable read-through is not the upgrades themselves, but the widening dispersion inside the AI capex complex. NVDA/AVGO remain the obvious core, but the better incremental upside over the next 1-3 months may sit in the picks-and-shovels names where revisions are still underappreciated: DELL for system mix/operating leverage and LITE for optical bottlenecks. If enterprise AI spend stays durable, the market should keep paying for throughput enablers rather than just the compute layer.

Apple looks like the cleanest hedge because the problem is not FX math; it is demand elasticity and mix risk. Local price increases can be absorbed mechanically, but if China unit volumes soften or premium-model mix slips, margin support from currency gets overwhelmed quickly. That creates a two-step downside: first on near-term iPhone checks, then on FY26 EPS and multiple compression if services alone cannot offset hardware weakness.

The cyclical calls on DE and KALU matter on a longer horizon, but they are not immediate catalysts. Deere is a 6-18 month expression on farm-income normalization and capex recovery; KALU is more vulnerable to policy and scrap-spread noise than to a clean end-market inflection. The small-cap biotech/defense names are mostly idiosyncratic optionality — worth watching for budget or data catalysts, but not something to force ahead of verification. Consensus may be underestimating how crowded the large-cap AI winners are and overestimating how quickly retail-facing hardware can reaccelerate from here.