Here are Thursday’s biggest calls on Wall Street:
Deutsche Bank upgrades Walmart to buy from hold
Deutsche said it sees “more ways to win.” “We are upgrading WMT to Buy as we see a more favorable setup into 2027.” Read more.
Baird upgrades Bank of America to outperform from neutral
Baird said buy the dip in Bank of America shares following earnings. “Soft fees and regulatory costs driving stock lower today but sell-off overdone.”
Piper Sandler initiates HawkEye360 as overweight
Piper said the company has a “powerful intelligence tool.” “HawkEye 360 is a leader in commercial space-based SIGINT (signal intelligence) creating actionable insight from radio-frequency (RF) signals.”
Guggenheim initiates Thermo Fisher as buy
Guggenheim said shares are “compelling.” “We are initiating coverage of Thermo Fisher Scientific Inc. (TMO) with a BUY rating and $740 price target.”
Bank of America upgrades BorgWarner to buy from neutral
The firm said it sees improving growth. “We think BWA is positioned to return to positive growth over market for its core auto business in 2027 which should further accelerate in 2028.”
Baird upgrades Zions Bancorporation to outperform from neutral
Baird said buy the weakness. “Taking advantage of recent weakness, upgrading ZION to Outperform.”
Goldman Sachs initiates AngloGold Ashanti as buy
Goldman said the gold mining company has long-term optionality. “AGA offers operational consistency, a capital efficient brownfield pipeline and the highest prospective shareholder returns across our gold coverage, with Nevada providing significant longer-term optionality.”
Morgan Stanley upgrades Quantinuum to overweight from equal weight
Morgan Stanley said the company is best positioned for quantum computing. “We upgrade Quantinuum to Overweight (PT $62, ~88% upside) as our top quantum play...”
Mizuho upgrades Array Technologies to outperform from neutral
Mizuho said demand fears are overdone. “We update ARRY to Outperform and cut our PT 29% to $5.”
StoneX initiates Warner Music as buy
StoneX said the music company has plenty of upside. “While the economics of streaming have turned in favor of rightsholders, the market still prices WMG as though they have not, and the new Spotify agreement is where that gap will close further.”
UBS upgrades Regeneron to buy from neutral
After a change in analyst coverage, UBS upgraded the stock and says the biopharma company is firing on all cylinders. “REGN is an R&D engine that has produced several blockbusters including Dupixent for allergic disease that is annualizing at $20B+.”
StoneX downgrades Spotify to hold from buy
StoneX said it sees difficult “financial optics.” “While we remain strongly convinced of Spotify’s long-term network effects and subsequent product and services scale advantages on a massive global listener base, we are downgrading the shares from Buy to Hold on what we view as difficult NTM [next twelve months] financial optics.”
Jefferies initiates Black Hills as buy
Jefferies said it sees plenty of positive catalysts ahead for the utility company. “Our Buy-rating on BKH reflects its premium data center opportunity scope in WY with earnings conversion uniquely accretive...”
Stifel initiates Establishment Labs as buy
Stifel said it sees a “positive outlook” for the medtech company. “We are initiating coverage of Establishment Labs with a Buy rating, supported by +DD% top-line growth (in Med-Tech), strong expected share gains, and an underlying market that may be healthier than feared.”
Citi upgrades Cemex to buy from neutral
Citi said it sees a “promising Mexico outlook.” “We upgrade CX to Buy after a significant de-rating driven by higher US rates.”
Bank of America upgrades CarMax to buy from underperform
The firm said the turnaround is “gaining traction.” “We upgrade CarMax (KMX) to Buy from Underperform and raise our PO to $65 from $50 (based on 17x our F28E EPS of $3.75, raised from 15x previously, reflecting our expectation for sustained positive comps).”
StoneX initiates ON Semiconductor as buy
StoneX said it has “new growth appeal.” “We are initiating coverage of ON Semiconductor Corp (a.k.a. onsemi, NASDAQ: ON) with a Buy rating.”
RBC upgrades Casey’s General Stores to outperform from sector perform
The firm said it has a differentiated offering. “We are upgrading our rating on CASY to Outperform with a price target of $825 (-$85). We have long called out CASY’s unique and advantaged positioning in lower-cost geographies and small markets, and its differentiated inside-store offering and increasingly advantaged fuel positioning.”
JPMorgan upgrades ArcelorMittal to overweight from equal weight
JPMorgan said it sees an earnings inflection for the metals company. “MT is -17% since Sept, underperforming peers, triggered by ~10% cuts to Q3 consensus EBITDA (to ~$2bn) due to cost inflation and Q3 North American operational disruptions. This sets a lower bar for Q3, with superior risk/reward into Q3/Q4 results.”
Barclays upgrades Crocs to overweight from equal weight
Barclays said it sees better visibility. “We upgrade shares of CROX to Overweight from Equal Weight based on: 1) improving product innovation and category expansion; 2) DTC strength and promotional discipline...”
KeyBanc reiterates Nvidia as overweight
KeyBanc said the stock remains a best idea. “We see NVDA as remaining uniquely positioned to benefit from AI/ML secular data center growth within the industry. With significant barriers to entry created by its CUDA software stack, we see limited competitive risks and expect NVDA to continue to dominate one of the fastest-growing workloads in cloud and enterprise.”
UBS upgrades Scotts Miracle-Gro to buy from neutral
UBS said the stock is too compelling to ignore. “We are upgrading SMG to Buy from Neutral with our NTM [next twelve months] price target of $70 (from $78) representing 40% upside.”
Deutsche Bank upgrades Fortrea to buy from hold
Deutsche said the biopharma company is at an inflection point. “We are upgrading FTRE to Buy from Hold with Fortrea now at a fundamental inflection point with greater prospects for margin expansion, the end-market in the early innings of a multi-year cyclical acceleration as a tailwind, and idiosyncrasies that could also create shareholder value.”
Deutsche Bank reiterates CoreWeave as buy
Deutsche said buy the dip. “The inability of peers to execute and/or finance their growth ambitions would also arguably support our view of CRWV’s differentiated track record & positioning; if others are unable to successfully deliver against their targets in a very tightly supply-constrained market, the value of operational compute from established providers rises further.” Read more.
JPMorgan initiates Hemab Therapeutics as overweight
The firm said it’s well positioned in the blood disorder space. “We are initiating coverage on Hemab Therapeutics (COAG) with an Overweight rating and $70 December 2027 price target.”
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