Here are the biggest calls on Wall Street on Wednesday:
KeyBanc initiates Dutch Bros as buy
KeyBanc says the coffee chain has a “compelling growth” story.
“Dutch Bros represents one of restaurants’ most compelling growth stories, driven by mid-teens unit growth.”
Bernstein reiterates Nvidia and Broadcom as outperform
Bernstein says investors should own both stocks.
“Own both NVDA and AVGO. The trade has petered out recently as AI sustainability worries have climbed. But the companies actually doing the spending continue to show no signs of slowing, demand remains strong, and numbers for both still appear too low.”
Truist initiates Robinhood as buy
Truist says the stock is best positioned for share gains.
“We initiate Robinhood at Buy with a $155 price target. HOOD’s leading product velocity has driven sizable growth in key metrics & share gains as the company expands its addressable customer universe, allowing it to keep moving upmarket towards larger wallets.”
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Jefferies upgrades Procter & Gamble and Church & Dwight to buy from hold
Jefferies says both stocks are compelling heading into 2026.
“Procter & Gamble (PG): Scale and category breadth create a strong platform for innovation-led growth. ... . Church & Dwight (CHD): Portfolio moves strengthen mix and margins, while innovation adds incremental growth.
BTIG initiates Salesforce as buy
BTIG says the company is well positioned for artificial intelligence.
“After leading an architectural revolution in SaaS [software-as-a-service] nearly three decades ago, CRM is now navigating its way through a seismic shift with AI.”
KeyBanc upgrades Herc Holdings to overweight from sector weight
KeyBanc says the equipment rental company is best positioned for fleet growth.
“While we are taking a more conservative approach to HRI’s targeted $240M of revenue synergies over the next three years, we think that may already be discounted into current consensus numbers already, and see upside to estimate revisions should execution on these initiatives outperform expectations.”
Deutsche Bank upgrades Invesco to buy from hold
Deutsche says the company is best positioned for growth.
“We also see IVZ’s progress in improving organic growth & operating margins as likely to gain greater investor attention and be positive for the shares.”
Roth initiates Vicor as buy
Roth says the power architecture company is uniquely positioned.
“We are initiating coverage on Vicor Corporation (VICR) with a Buy rating and $115PT.”
Baird upgrades UL Solutions to overweight from equal weight
Baird says the industrial company is in a “strong competitive position.”
“ULS growth rates match its European peers, though with better margins and far greater ROIC.”
Barclays upgrades Hyatt to overweight from equal weight
Barclays says the hotel chain is poised for a re-rating.
“We upgrade H to OW for its accelerating organic unit growth, outsized luxury exposure, and simplified mix post PLYA real estate sale that we think can collectively drive re-a rating in 2026.”
Goldman Sachs reiterates Tesla as neutral
Goldman says it doesn’t see any disruption to Tesla in California following reports that sales could be suspended due to how it’s marketing its autopilot system.
“Our initial view is that we would not expect a disruption to Tesla’s business in California, given that the ruling gives Tesla time to comply, and given that Tesla has changed or used alternative names when marketing ADAS features in the past.”
Morgan Stanley reiterates Apple as overweight
Morgan Stanley raised its price target on shares of Apple and says it’s bullish heading into 2026.
“Raising our PT to $315 (from $305). Our new $315 price target reflects an unchanged 32x multiple on our new FY27 EPS of $9.83 (up from $9.55).”
Wells Fargo upgrades Ally Financial as overweight
Wells says the stock is well positioned in 2026.
“The foundation is now set for ALLY to get closer to long-term return targets. Looking towards ’26, we see further auto credit improvement, NIM expansion and buybacks. ”
Deutsche initiates Coinbase as buy
Deutsche says the stock is undervalued.
“We see COIN shares as being oversold on the recent crypto pullback w/new growth initiatives being underappreciated.”
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Morgan Stanley upgrades Rollins to overweight from equal weight
The firm says it sees “structural tailwinds” for the pest control company.
“We view ROL as a best- in-class business services stock with resilient end-market demand for pest services, a fragmented end market, durable growth drivers, strong secular tailwinds, and highly macro (and AI) resilient end market.”
Roth initiates nLIGHT as buy
Roth says the laser provider has a differentiated offering.
“We are initiating coverage on nLIGHT (LASR) with a Buy rating and $44 price target as we see it benefiting from being a pure play directed energy laser provider.”
Morgan Stanley upgrades Motorola Solutions to overweight from equal weight
Morgan Stanley says the stock is compelling.
“MSI’s valuation presents an entry opportunity, as a profitable compounder now finds valuation in-line with the S&P.”
Wedbush initiates D-Wave as outperform
Wedbush says it sees “broad commercial adoption” for the Quantum company.
“We are initiating coverage on D-Wave Quantum (QBTS) with an OUTPERFORM rating and a $35 PT.”
RBC upgrades Airbnb to outperform from sector perform
RBC says it sees an attractive entry point.
“After >4 years of being sidelined on the name, we upgrade ABNB to Outperform as an increasingly attractive brand monetization story with strong 1p data which s likely worth a premium in the evolving consumer AI landscape. Raising ests & raising target to $170 (from $145)”
Citizens JMP initiates Spotify as market outperform
Citizens says the stock is best-in-class.
“We initiate coverage on Spotify Technology at Market Outperform with an $800 price target, reflecting our view that Spotify’s multi-vertical audio platform is structurally positioned to drive sustained, compounding engagement, revenue, and FCF.”
Barclays initiates Hancock Whitney as overweight
Barclays says the regional bank has an “attractive footprint.”
“Our Overweight on HWC reflects our view that the bank operates in among the most attractive footprints in the country and has capital levels near the top of the group.”
Baird upgrades Gap to outperform from neutral
Baird says a turnaround is underway.
“With expectations for a better spending backdrop, we think greater exposure to names with higher earnings torque is warranted. We’re upgrading GAP to Outperform with a new $33 price target.”
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Wells Fargo upgrades Texas Roadhouse to overweight from equal weight
Wells Fargo says shares are too compelling to ignore at current levels.
After recent underperformance we see an entry point. TXRH is a category leader facing cyclical pressures that ultimately should prove transitory. While Q4 likely faces cost pressure, we expect a very strong Q1 comp (compares, stimulus), peaking beef costs in Q2, and anticipation of FY27 recovery in 2H.”
Telsey upgrades Urban Outfitters to outperform from market perform
Telsey says it likes the company’s new pipeline of products.
“At URBN, we have seen new concept growth with Nuuly and Free People Movement, while the UO concept has improved meaningfully with reduced markdowns and Anthro has continued to resonate strongly with its consumer. As such, we see the potential for the business to grow past its peak margin performance over time.”
Telsey upgrades Victoria’s Secret to outperform from market perform
Telsey says the turnaround is underway for the company.
“In addition, we see an ongoing opportunity in beauty for VSCO, with the ability to recapture margin across the business and the potential for EPS upside to drive the stock despite its strong run.”
JPMorgan initiates Garrett Motion as overweight
JPMorgan says it’s bullish on the turbocharger technology company.
“We see +36% upside to our December 2026 price target for shares of turbocharger technology company Garrett Motion (GTX), on which we are initiating coverage with an Overweight rating,”
JPMorgan upgrades SQM to overweight from neutral
JPMorgan says shares of the lithium company have more room to run.
“J.P. Morgan is back to the bull camp on lithium, and we upgrade SQM to OW from N on the back of a positive lithium price perspective for the next two years.”
Mizuho upgrades Gaming and Leisure Properties to outperform from neutral
The firm says shares of the real estate investment trust are compelling.
“We are upgrading GLPI to Outperform ($50 PT, 20% total return) as we believe the stock offers an attractive risk/reward opportunity as GLPI continues to deploy capital across various projects, driving an earnings acceleration of ~6% (vs ~3% in FY25e), without needing additional capital.”
Jefferies initiates AAR Corp. as buy
Jefferies says the aviation services company is a turnaround story.
“AAR is largely through its portfolio shaping into a pureplay aviation aftermarket provider w/ three core segments...”
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