Here are Wednesday’s biggest calls on Wall Street: Loop upgrades Netflix to buy from hold Loop said it sees “strong near-term engagement” for the Netflix. “We are upgrading our rating back to Buy based on exceptional 3Q engagement, a strong 4Q content slate, higher long-term margin assumptions as each dollar of content is generating more revenue, which leads to higher earnings and free cash flow.” Read more. BMO downgrades Progressive to market perform from outperform The firm it’s concerned about a declining revenue trend for the insurance company. “While shares are indeed inexpensive to the tune of -21% vs. the S & P 500 when assuming a profit margin that’s more “normal/less good” as competition increases; we feel less comfortable that the current declining revenue revision trendline will improve.” Morgan Stanley reiterates Apple as overweight Morgan Stanley said its checks show that trends are mixed for Apple’s iPhone 17 lead times. “iPhone 17 lead times are tracking in-line to higher Y/Y, but early iPhone supply is better Y/Y, meaning early iPhone 17 demand is likely up Y/Y.” Daiwa reiterates Nvidia as outperform Daiwa raised its price target on the stock to $205 per share from $165 and says Nvidia is “undervalued.” “NVIDIA keeps marching forward carrying on its broad shoulders the AI mantra. CEO Jensen Huang’s is traveling the world, and having success, supporting this effort.” Citi reiterates McDonald’s as buy Citi raised its price target on the stock to $381 per share from $373. “However, we see the story gaining steam into ’26 as MCD leans into its next round of multi-year growth drivers (beverages, particularly energy, a remodel cycle, accelerating unit growth), while accelerating share losses at peers/the risk of the negative franchisee feedback loop take hold and offer MCD dollars to potentially vacuum up.” Read more. Piper Sandler upgrades Ormat Technologies to overweight from neutral Piper said it’s getting more constructive on shares of the renewable geothermal energy company. “While we have been following Ormat for a couple of years, in our 2024 initiation we described the company as an established geothermal player who is well-positioned to benefit from renewed industry focus, which could be set for a shale-like revolution supported by the oil and gas market.” Guggenheim upgrades Workday to buy from hold Guggenheim said the HR enterprise systems software company is well positioned. “We believe WDAY is a better positioned company today than it was a few years ago. While the macro backdrop is not ideal for WDAY’ s core business of large, multi-year, multi-million-dollar projects, the company has made several improvements.” Roth upgrades Kroger to buy from neutral Roth said it sees “performance improvement” for the grocery company. “With a pressured consumer, we believe Kroger will enjoy channel tailwinds and see a return to unit volume growth. On better volumes, more inflation, and cost savings, Kroger results should continue to surprise to the upside.” Wolfe upgrades Mastec to outperform from peer perform Wolfe said the engineering company is a data center beneficiary. “We see a favorable setup fo r MTZ as we near an inflection in gas infra. Data center growth and utility capex remain tailwinds.” Wolfe reiterates Micron as outperform Wolfe raised its price target on Micron to $180 per share from $160. “The outlook in commodity memory continues to improve with multiple AI tailwinds” Bernstein reiterates Disney as outperform The firm said Disney needs to provide more content for local markets internationally. “Disney+ penetration in international markets remains low, typically below 20% in key developed markets, some under 10%. This represents an opportunity for Disney to continue expanding, but it’ll require deliberate content investments aligned with each market, much like Netflix’s approach for years.” Evercore ISI downgrades FedEx to in line from outperform Evercore said it sees “demand headwinds” for FedEx. “We are downgrading FDX to In Line (from Outperform) and lowering our price target to $243 (from $249) owing to ongoing demand headwinds that are likely to provide greater risk to near-term EPS estimates.” Bernstein upgrades Zillow to outperform from market perform Bernstein said the online housing company is compelling. “We have been warming up to the fundamental story on Zillow, held back more so by timing and valuation.” Bank of America reiterates Walmart as buy Bank of America raised its price target to $125 per share from $120. “We expect WMT’s value & convenience to continue resonating esp. as online pricing is the same as in-store.” Read more . Berenberg upgrades AbbVie to buy from hold Berenberg said the biopharma company has a “winning” formula. “With high single digit growth intact, top tier R & D returns and strong cash flow, AbbVie warrants a premium valuation, in our view. We upgrade to Buy with a price target of USD270, offering 25% upside.” Berenberg downgrades Eli Lilly to hold from buy The firm said the obesity market has “plateaued.” “While we expect Lilly to remain in the obesity driving seat, we conclude the obesity market upgrade cycle has plateaued and consensus expectations for Lilly’s franchise are high.” Bank of America reiterates Nike as buy Bank of America said it’s sticking with Nike ahead of earnings later this month. “A message of improving sales trends coupled with commentary that inventory is healthy in the channel and on track to be clean by the end of 1H would confirm our view that the recovery is progressing; reiterate Buy.” ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here .)
