Here are the biggest calls on Wall Street on Wednesday: Morgan Stanley reiterates Alphabet as overweight The investment bank says the bull case is moving ahead following the ruling in the DOJ-Alphabet antitrust case. “Analysis of Judge Mehta’s remedies highlight how they are likely benign and unlikely to dislodge GOOGL’s leading position. Revisions, product innovation, and commercial behavior trends matter now to push toward our $260 bull case.” Read more. Bank of America reiterates Apple as buy Bank of America raised its price target on the stock to $260 per share from $250. ” AAPL shares traded up after market on news reports that the judge in the DOJ-Google anti-trust case had issued a memorandum opinion on remedies required of Google.” Read more. Morgan Stanley upgrades Kraft Heinz to equal weight from underweight The firm says the bear thesis has played out for the stock. “We upgrade KHC to EW as our prior UW thesis has largely played out, with estimates now more reasonable and OSG [organic sales growth] showing early signs of stabilization.” Bernstein upgrades Hubspot to outperform from market perform Bernstein says it macro issues abating for the stock. ” HubSpot is the leader in SMB [small mid sized business] Sales, Service and Marketing and has been consistently outgrowing the market.” JPMorgan reiterates Nvidia as overweight JPMorgan says the stock remains very well positioned in AI. “We recently attended Hot Chips 2025 and came away with a renewed sense that explosive growth in AI adoption across consumer and enterprise use cases will continue to drive a multi-year cycle of robust demand for advanced compute, memory and networking technologies. … .Against this backdrop of strong AI trends, we continue to view AVGO, NVDA, AMD, MRVL, MTSI and ALAB as key beneficiaries.” Raymond James upgrades Regeneron to outperform from market perform Raymond James said in its upgrade of the biotech company that it’s “growth (and innovation) at a reasonable price.” “Assuming coverage of REGN shares with an Outperform rating, $673 price target.” Rothschild & Company Redburn upgrades Icon to buy from neutral The firm says it sees bookings improving for the life sciences company. “We see a pathway to investor confidence returning as ICON’s gross bookings likely return to YoY growth in 3Q25, confirming that the demand weakness seen over the past four quarters has been cyclical, not structural.” Wolfe upgrades Delek to outperform from peer perform Wolfe says shares of the oil refining company have more “room to run.” “DK Upgrade to OP – room to run! Scenarios are reset on idiosyncratic upside.” UBS upgrades Teck Resources to buy from neutral UBS said in its upgrade of Teck Resources that the mining company is turning a corner. “After material underperformance, we see the risk/reward as attractive.” Morgan Stanley names Western Digital a top pick Morgan Stanley raised its price target to $99 per share from $92. “Following mgmt meetings, we gained increased confidence in WDC’s tech roadmap, and walk away more confident that WDC’s 20%+ valuation discount vs. peers is unwarranted.” Rothschild & Company Redburn upgrades Chipotle to buy from neutral The firm says it sees an attractive risk/reward for Chipotle. “With dislocated valuation embedding downside scenarios, the risk-reward now skews positively. We upgrade to Buy from Neutral, with our unchanged $55/share price target implying c28% upside potential.” Needham upgrades TransUnion to buy from hold Needham says the credit monitoring stock is turning a corner. “We believe tha t TRU is poised to have a strong 2H25 and beyond, led by strong momentum with FinTech clients, an improving outlook in India, and mortgage inquiry reprieve as rates appear to finally be heading in the right direction.” Baird upgrades BorgWarner to outperform from neutral Baird says shares of the auto supplier have plenty more room to run. “Having been in a net upgrade posture YTD, we are further leaning into cyclical torque upgrading BWA, while also moving pro-cyclical names with compounding company-specific catalysts higher in our stack ranking overall.” Melius upgrades Cummins to buy from hold Melius says it sees a slew of positive catalysts ahead for Cummins. “We are upgrading CMI shares to Buy, and raising our two-year price target to $500, 25% upside from today’s price.” UBS reiterates McDonald’s as buy UBS says it’s even more bullish on the stock following a series of meetings with management. “We recently attended a dinner with MCD Chairman and CEO Chris Kempczinski, CFO Ian Borden and VP of IR Dexter Congbalay, and came away with reinforced confidence MCD will improve customer value perceptions and drive market share gains in the US over time.” Wells Fargo initiates Archrock as overweight Wells says the gas supply company is well positioned. “We’re initiating coverage of AROC with an Overweight rating and PT of $30/sh. Wolfe initiates CoStar Group as outperform Wolfe says it’s bullish on shares of the real estate company. “We are initiating coverage of CSGP with an Outperform rating and $105 YE26 price target, representing 19% upside.” Bank of America upgrades Valero to buy from neutral Bank of America says the petroleum refiner is now better positioned. ” VLO is flattish from when we launched last fall, but in our view better positioned than they were then due to the Light-Heavy outlook.”
Stocks highlighted in analyst calls include Apple, Alphabet and Nvidia
