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Here are the biggest calls on Wall Street on Thursday:
Raymond James upgraded the stock saying it had "conviction" in the Apple 5G iPhone.
"Our call may well be early – we expect this year's iPhone cycle to be the weakest in years, and today may not be the right time to buy ahead of that weakness. But since the near-term market moves are being driven by macro conditions as much as fundamentals, we've decided to upgrade now and let our clients decide the best time to execute on our idea."
Read more about this call here.
Barclays said that amongst other things, it sees a "downside to estimates" on Huawei issues for Qualcomm.
"Despite DOJ Support, Risk Reward Not What It Once Was: Still one of the best 5G stories but we can't fully discount the potential for a worst case scenario that includes a failed appeal/change to license rates and believe the stock will be range-bound into next year. In the near term, we see the potential for downside to estimates given Huawei was never removed and the global handset market continues to be soft."
Mizuho downgraded AMD mainly on valuation. Advanced Micro Devices is a semiconductor company that makes computer processors and other technologies.
"We are downgrading to neutral after a stellar 80%+ run-up YTD (vs SOX up 30%). With the stock past our PT and at 10-yr high, we see 2H upside more limited with 1) 1H19 PC pull-in, 2) slower 2H Rome ramps, and 3) overall 2H server/spending inline combined with INTC pricing pressure. We are moving to the sideline N-T, lowering our 2H estimates, and adjusting PT to $37 (prior $33) given good execution and improving SOX multiples. We would revisit at a more attractive entry point as the L-T roadmap is still intact."
RBC said in its downgrade that macro headwinds are "mounting" for Exxon.
"We've been supportive of XOM's investment case for its counter-cyclical strategy, which should lead to higher returns over time. Despite the positive longer term potential, macro headwinds are mounting across Chemicals, refining & LNG, which drive material earnings downgrades to our numbers. Shares now trade at a substantial premium to the peer group and we downgrade to Sector Perform. "
Morgan Stanley said in its downgrade that it no longer sees "earnings outperformance."
"We lower estimates for MGM, partly based on known 2Q weakness (reported state data) but also on concerns that some headwinds will linger (weak Vegas baccarat, slower new property ramps). We downgrade to EW with the stock near our new PT and given that we no longer see earnings outperformance. "