Analysts’ discussions on Friday centered around media and entertainment firms, highlighting several upgrades within the sector.

(This is CNBC Pro’s live coverage of Friday’s analyst calls and Wall Street buzz. Refresh every 20-30 minutes for the latest updates.) Analysts are optimistic about two major media companies, predicting significant gains for both Sphere Entertainment and Fox Corp. Sphere Entertainment, which owns the renowned Las Vegas Sphere, is expected to increase by 23%, while Fox Corp. could see an 18% rise. Both stocks were up in pre-market trading on Friday. Meanwhile, Bank of America has retracted its March upgrade of Estee Lauder, admitting a misjudgment on the cosmetics company. Check out the latest analyst calls and market chatter below. All times ET.

7:29 a.m.: Cantor Fitzgerald upgrades Teradyne, highlights it as a ‘sneaky AI play’
Cantor Fitzgerald suggests investors consider Teradyne, a lesser-known AI stock that has dropped significantly since the start of the month. Analyst C.J. Muse upgraded Teradyne to outperform, citing its potential in AI, networking, high-bandwidth memory, custom silicon, and Edge AI. Despite a 21% increase this year, Teradyne shares have fallen 19% in the past month, presenting a buying opportunity. Muse maintained a $160 price target, indicating a 21% upside, with potential to exceed $200 as investors seek AI exposure beyond major players like NVDA, AVGO, and TSM.

6:56 a.m.: New Street upgrades Cisco Systems as company returns to growth
New Street Research sees a positive shift for Cisco Systems. Analyst Pierre Ferragu upgraded Cisco to a buy rating, noting improved inventories and order flow. He highlighted the company’s transition to subscription-based and software-defined products, which should boost margins. Following strong quarterly results and a 7% workforce reduction announcement, Cisco shares surged 7% on Thursday. Despite a 4% decline this year, New Street’s $57 price target suggests a 17% upside. HSBC also upgraded Cisco, viewing its guidance as conservative but strategically sound amid layoffs.

6:44 a.m.: Bank of America downgrades Estee Lauder, cites delayed China recovery
Bank of America downgraded Estee Lauder to neutral from buy, citing slower-than-expected recovery in China. Analyst Bryan Spillane reversed his March upgrade, noting decelerating demand in China and the U.S. Estee Lauder shares fell over 2% pre-market and have dropped 35% this year. Spillane reduced the price target to $100 from $140, reflecting a 5% upside, and lowered EPS estimates for 2025 and 2026. He also highlighted the company’s profit recovery plan, which aims to regain $1.1 billion to $1.4 billion in operating profit by 2026, but expressed caution due to revenue dependency and potential increased marketing needs.

6:20 a.m.: Piper Sandler recommends buying Microchip Technology with over 20% upside
Piper Sandler sees growth potential for Microchip Technology, upgrading it to overweight from neutral. Analyst Harsh Kumar cited positive gross margin trends and the company’s strong track record. Despite a 10% decline this year and a 14% drop this month, Kumar raised the price target to $100 from $90, indicating a 23% upside. He expects underutilization and inventory reserve charges to improve, benefiting gross margins and enabling the company to achieve 65% margins by fiscal 2026. Kumar also noted positive demand signals and reduced cancellations.

6:17 a.m.: JPMorgan upgrades Sphere Entertainment, highlights attractive risk-reward
JPMorgan recommends investing in Sphere Entertainment, upgrading it to overweight from neutral. Analyst David Karnovsky cited strong financials and a solid operating model for the Las Vegas Sphere, which has become a key destination for tourists and artists. Karnovsky raised the price target to $57 from $37, reflecting a 23% upside. Shares have risen 36% this year and gained about 3% pre-market Friday. He also expressed confidence in Sphere’s potential to open profitable international venues, which is not fully reflected in the current share price.

6:11 a.m.: Wells Fargo double upgrades Fox, sees upside from sports streaming
Wells Fargo sees significant potential in Fox Corp.’s sports streaming portfolio, upgrading it to overweight from underweight. Analyst Steven Cahall highlighted the joint Venu Sports streaming service with Warner Bros. Discovery and Disney as a major growth driver. Cahall raised the price target to $46 from $29, indicating an 18% upside. Fox shares have rallied over 31% this year and gained 1.5% pre-market Friday. He also expects the company’s cable business to benefit from the election cycle and the Super Bowl, projecting a $75 million EBITDA boost. Cahall increased EBITDA expectations by 10% to $3.3 billion for 2025, noting that Fox’s low leverage, buyback, and dividend make it more resilient to market threats.