Here are the biggest calls on Wall Street on Wednesday:
UBS reiterates Apple as neutral
The firm said its checks show iPhone wait times are "relatively unchanged" for Apple. "UBS Evidence Lab data that tracks iPhone availability across 30+ geographies suggests that wait times were relatively unchanged on a WoW basis."
William Blair initiates CoreWeave as outperform
William Blair said it's the "premier AI cloud." "CoreWeave has established itself as a strategic infrastructure provider to many of the world's largest hyperscalers and AI labs, with approximately $130 billion of committed backlog and second quarter 2026 revenue of $2.58 billion likely exceeding all other neoclouds combined."
William Blair initiates Nebius Group as outperform
William Blair said Nebius is "not just another neocloud." "Nebius is evolving from a GPU capacity provider into a full-stack, AI-native cloud platform that spans training, inference, and agentic workloads, while occupying a unique position between general-purpose hyperscalers and more infrastructure-focused AI cloud providers."
Bank of America reiterates Nvidia, Intel, Marvell, Micron and Lam Research as buy
The firm said investors should own all five stocks. "Top picks into Q4: NVDA, INTC, MRVL, MU, LRCX. Historically, CQ4 (and CQ1) have been the two best seasonal quarters to own chip stocks, with 300-500bps of median outperformance vs. SPX from 2010-25."
Citi downgrades Moderna to sell from neutral
Citi said the "oncology optimism" is priced in for Moderna. "Overall, we believe that based on aggressive implied sales and unrealistic PoS [probability of success] assumptions, the current valuation is unjustifiable with a negatively skewed risk/reward profile. TP now $80 (from $60)." Read more.
Morgan Stanley reiterates Tesla as equal weight
The firm said trends appear "mixed" ahead of Tesla's deliveries report. "We forecast 441K of deliveries (-11% Y/Y, -8% Q/Q) in 3Q26, on tough 3Q25 tax-credit pull-forward comp, softer US/China demand and mixed EU trends, partly offset by strong Shanghai exports."
Bernstein initiates Arista Networks, Celestica, Lumentum, Coherent and Ciena as outperform
Bernstein initiated several networking stocks and says they have plenty more room to run. "We are most positive on Celestica (O), and rate it as our top pick. ....We are also positive on Lumentum, Coherent and Ciena (all O), given our positive view on the optical sub-sector. Arista (O) is a structural share gainer, and we see upside to current numbers, albeit on a somewhat full valuation."
Piper Sandler reiterates Microsoft as overweight
The firm raised its price target to $610 per share from $550 and says it's bullish on Microsoft Copilot. "Copilot adoption momentum continues to accelerate after adding ~10M seats q/q in F4Q26 (vs. 5M in F3Q26), and the runway remains significant."
Needham reiterates SpaceX as buy
Needham said it's sticking with the stock. "We view SpaceX as the category leader in orbital infrastructure with a multi-year lead that can deliver meaningful upside to consensus estimates."
