Here are the biggest calls on Wall Street on Wednesday:
JPMorgan upgrades Oracle to overweight from neutral
JPMorgan says investors should buy the dip following earnings on Tuesday.
“This is based upon 1) The material selloff in ORCL shares, down 55% since mid-Sept which de-risks valuation; 2) The corresponding shift in investor expectations from blind faith to widespread pessimism in attainability of FY30 targets, OpenAI ramp, and debt raising capability, which sets a lower expectations bar...”
Evercore ISI reiterates Netflix as outperform
Evercore says its survey checks show the company has “strengthening satisfaction & pricing power.”
“We continue to view Netflix as a high-quality asset in global streaming, supported by unmatched global scale, a proven and increasingly localized content production engine, and a differentiated product strategy spanning premium, ad-supported, live, and gaming.”
Barclays upgrades Arthur J. Gallagher to overweight from underweight
Barclays says the insurance company is a “great” defensive play.
“We are double upgrading AJG to Overweight as we see the company to be one of the best ways to play defense in this environment”
Bank of America initiates Ligand Pharmaceuticals as buy
The firm says the biopharma company has a “unique” business model.
“We initiate coverage of Ligand with a Buy rating and $244 PO.”
Nomura upgrades Nio to buy from neutral
Nomura says it sees an “enhancing financial performance” for the EV company.
“With NIO improving — both from a business and financial perspective over the past two quarters — we turn positive on the name, as we believe NIO is finally entering into a healthy business cycle.”
Wells Fargo initiates Mattel as overweight
Wells says it sees a slew of upside for the toy company.
“Toy Demand Tepid, but ’26 Likely Better for MAT:”
Wells Fargo initiates Planet Fitness as overweight
Wells says it’s “hard not to like” the stock.
“PLNT is an impressive growth story, but new mgt team & concerns around the next leg of
growth add uncertainty. That said, the stock has retreated & MT outlook screens positive
on wellness tailwinds & idiosyncratic catalysts. Initiate OW with $90 PT.”
Barclays reiterates Tesla as equal weight
Barclays says Tesla’s energy storage business is well positioned.
“Key takes: 1. Tesla capacity constrained on BESS [battery energy storage systems] sales, capacity expansion supports continued robust growth ahead; 2. Tesla held top BESS global market share in ’25, opportunity to capitalize on storage TAM expansion/data centers; 3. Strong margins driven by scale, vertical integration, and software.”
Barclays upgrades Nike to overweight from equal weight
Barclays says it sees a slew of positive catalysts.
“We are upgrading NKE to OW, focusing on recent operational progress, financial inflections, and management’s disciplined actions.”
Barclays initiates Nova Limited as overweight
Barclays said in its initiation of Nova Limited that the semiconductor company is well positioned.
“We initiate coverage with an OW rating and $465 price target.”
RBC initiates Alliant Energy as outperform
RBC says the energy company is a data center beneficiary.
“We are initiating coverage of Alliant Energy at Outperform, $82 PT.”
Citi upgrades Intuitive Surgical to buy from neutral
Citi says the stock is in “recovery” mode and that investors should buy the weakness.
″...we see a sizable pathway to recovery for the stock, especially once the tech trade jitteriness subsides. Thus, we are upgrading ISRG to Buy from Neutral with a TP of $590 based on a 50–52x 2027E EPS, or a range of $570–592.”
Bernstein upgrades JM Smucker to outperform from market perform
The firm said it’s bullish on activist investor Elliot Management getting involved.
“We are upgrading Smucker’s from Market-Perform to Outperform due to continued deflation in green coffee input costs and the arrival of Elliott Management, which might spur portfolio changes and productivity improvements.”
Barclays reiterates Nvidia as overweight
Barclays says Nvidia is not pricing in enough capex growth.
“NVDA is currently trading as if capex were to peak in 2027, and we think one clear takeaway from this note is that capex will likely be higher in 2028.”
Wolfe reiterates Eli Lilly as outperform
Wolfe raised its price target on shares of Eli Lilly.
“We reiterate our OP rating and raise our PT to $1,325 (prev. $1,250).”
UBS initiates Joyy as buy
UBS says the communication technology company has growth optionality.
“We initiate coverage of Joyy at Buy with a US$80.00 price target.”
