Here are the biggest calls on Wall Street on Friday:

Deutsche Bank upgrades Coupang to buy from hold

Deutsche says the South Korea online tech company is well positioned to withstand regulatory scrutiny.

“Coupang has been receiving unusually large doses of negative regulatory attention, starting with its record breaking antitrust fine from the Korea Fair Trade Commission (KFTC) in June 2024, and pressure has been piling up since the November announcement of a substantial personal data breach.”

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Goldman Sachs upgrades BioNTech to buy from neutral

Goldman says the biotech company is a share gainer in the oncology space.

“We view BNTX as being at the nexus of significant developments occurring in the oncology field, with a broad, strategic suite of programs targeting a potential ~$100bn+ TAM, which will start to see data unlocks in 2026 that could position the company with a leading foothold in an emerging wave of new product cycles.”

Barclays downgrades HP to underweight from equal weight

Barclays says it sees too many “secular challenges.”

“While we see the stock as inexpensive, we believe secular challenges across both PCs
and Printing, combined with a lack of catalyst, will cause the stock to remain pressured in 2026. Additionally, we expect the current memory cycle to pressure HPQ’s PC business ( ~30% of Personal Systems is Consumer) with further downside potential in the year.”

Macquarie upgrades Nio to outperform from market perform

Macquarie says the company is best positioned to weather the storm in the China EV market right now.

“We see NIO as better positioned to weather the current headwinds in China autos.”

KeyBanc upgrades Topgolf Callaway Brands and Yeti to overweight from sector weight

Key says both Topgolf and Yeti are attractive at current levels.

“Outside of vehicles, we continue to prefer golf, but shift our positioning within the vertical via valuation (MODG OW, GOLF SW). Further, we are incrementally optimistic about YETI given the HSD-LDD top-line growth algorithm recently articulated, coupled with the fact that major supply chain shifts that occurred in 2025 are now behind us...”

Oppenheimer reiterates Nvidia as outperform

Oppenheimer says Nvidia is an “AI castle on the hill.”

“NVDA the AI castle on the hill, in our view, with best performance/watt training and inference.
NVDA sets the pace with annual cadence of leading AI accelerators.

Morgan Stanley names DraftKings a top pick

Morgan Stanley says it sees an “attractive catalyst path” for DraftKings.

“Look for normalizing hold, inroads in prediction markets, sustained market share in OSB, and a cash inflection to all drive a re-rating in the year ahead.”

Barclays reiterates Amazon as overweight

Barclays says the stock is “cheap.”

“AMZN is currently trading at an 8% premium to Mag 6 on forward P/E, marking a significant
reversal and the fourth lowest premium to its 84% average premium over the past 10 years.”

Morgan Stanley upgrades Rocket Lab to overweight from equal weight

The firm says it sees an attractive risk/reward for the space company.

“We upgrade RKLB and MDA each to OW from EW on improved risk-reward and a bright catalyst path this year.

Morgan Stanley downgrades Kraft Heinz to underweight from equal weight and downgrades JM Smucker to equal weight from overweight

Morgan Stanley said in its downgrade of Kraft Heinz and JM Smucker that it sees too many negative catalysts.

“US Food faces rising competitive risk as value-focused pricing, promotions, and private label momentum reaccelerate into 2026, adding to already present topline pressures and limiting the scope for margin recovery.”

JPMorgan upgrades AutoNation to overweight from neutral

JPMorgan says it sees an upwards earnings trajectory for the used car company.

“We upgrade AN to OW from N as the earnings revision trajectory remains the most visible amongst peers, benefiting from a steady pace of buybacks, robust balance sheet, maturing captive finco (AN Finance) and tight control on costs.”

JPMorgan upgrades Honeywell to overweight from neutral

JPMorgan says it sees a “disconnect on asset value.”

“We are more positive on HON now having extended its discount to the standing SOTP, comfortably off of its highs versus SOTP peers that are up a weighted 20%, a function of negative enterprise EPS revisions that are more mechanical than anything, and are less relevant as the break-up comes into view - we are upgrading to OW given what is now a disconnect on asset value, especially for Aerospace where leaders are trading at ~30x.”

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Loop reiterates Netflix as buy

Loop says it’s sticking with the stock ahead of earnings next week.

“While the overhang is likely to persist until the transaction is approved, we think recent stock price pressure offers an attractive entry point. We think the opportunity ahead is still massive, Netflix is positioned to win, acquiring HBO and Warner Bros. should be value accretive and Netflix should remain a growth company for decades to come.”

Barclays reiterates Tesla and Rivian as equal weight

Barclays says fundamentals remain an “afterthought” for both stocks.

“We would describe the 2025 stock performance of TSLA and RIVN as heavy on the narrative, with fundamentals seemingly an afterthought.”

Jefferies reiterates Nvidia as buy

Jefferies raised its price target on the stock to $275 per share from $250.

“NVDA remains the dominant supplier of acceleration solutions in the data center.”

Citi reiterates Disney as buy

Citi says it’s sticking with Disney ahead of earnings on Feb. 2.

“We expect investors will focus on the pace of ESPN Unlimited growth and Experiences trends given lower international attendance and the competition from Universal’s Epic Universe. We maintain our Buy rating but lower our target price from $145 to $140.”

Benchmark upgrades Dave & Buster’s to buy from hold

Benchmark says it likes the stock’s setup.

“We upgrade Dave & Buster’s (PLAY) to Buy from Hold as we see a credible setup for positive same-store sales in 1Q, which would represent the first SSS inflection in roughly 13 quarters.”

Susquehanna upgrades Seagate to positive from neutral

The firm says it sees a slew of positive catalysts ahead for the data storage company.

“Consequently, we are raising EPS estimates across the board and upgrading STX to Neutral.”

Bank of America upgrades Magnolia Oil & Gas to buy from neutral

Bank of America says the oil & gas company has “operational momentum.”

“We are upgrading MGY to Buy as we see a favorable combination of near-term operational momentum and long-term resilience in a weak commodity price environment.”

Wells Fargo downgrades Regions Financial to underweight from equal weight

Wells downgraded the stock following earnings.

“Our view that ‘Goliath is Winning’ and it is too early to rotate to plain vanilla regional seems supported by the weaker-than-expected guide by RF, which had already been toward the bottom of our list. We downgrade to UW. Downward bias to ests.”