Here are the biggest calls on Wall Street on Wednesday:

Goldman Sachs reiterates Amazon as buy

Goldman raised its price target on the stock to $300 per share from $290.

“With respect to AMZN, which we highlighted as one of our top large cap picks for 2026 in our year ahead thematic work, we see a Q4 earnings report that is likely to be built on similar narratives seen in its Q3 earnings report:”

Wells Fargo reiterates Nvidia as overweight

Wells said it’s sticking with shares of Nvidia.

“Our Overweight rating is based on our positive stance on NVIDIA’s competitive positioning in gaming GPUs and expanding growth opportunities in data center, HPC [high performance computing] , and emerging / expanding AI opportunities (autonomous vehicles, healthcare, robotics, etc.).”

UBS downgrades Rivian to sell from neutral

UBS said expectations are too high.

“We downgrade RIVN to Sell, $15 PT seeing a less favorable risk/reward.”

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Goldman Sachs upgrades CNH Industrial to buy from neutral

Goldman said shares of the multinational machinery company have plenty more room to run.

“In construction equipment, CNH noted at our Industrials conference that the market is seeing a turnaround. While there has been some momentum in U.S. residential construction, rate cuts have not yet translated into actual projects, which may provide future tailwinds.”

Goldman Sachs reinstates Hyatt as buy

Goldman said it sees growth accelerating for the hotel company.

“We reinstate H at Buy and see 17% upside to our 12-month price target of $198.”

Bernstein initiates KLA Corp. at outperform

Bernstein said the semiconductor capital equipment company is a high quality.

“KLA is one of the highest quality companies within Semicap and is the dominant player in Process Control, a $14.3B subsector within the larger $112B global WFE [wafer fab equipment] market in CY24.

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UBS upgrades Adient to buy from neutral

UBS said shares of the automotive seating company are too attractive to ignore.

“We upgrade ADNT to Buy from Neutral w/ a $30 PT on an attractive risk/reward.”

Raymond James upgrades Flex to outperform from market perform

Raymond James said the global manufacturing company is well positioned for AI.

“We are upgrading FLEX to Outperform from Market Perform and initiate a $75 price target.
While we admittedly have missed much of the recent rise in shares, we view the recent modest pullback as a compelling entry point - particularly given the company’s exposure to cloud/AI infrastructure.”

Barclays upgrades Fabrinet to overweight from equal weight

Barclays said the engineering and manufacturing company has upside.

“We see FN as the company with the most upside to revenue numbers in CY26.”

Morgan Stanley upgrades Nutrien to overweight from equal weight

Morgan Stanley said it’s more constructive on potash demand.

“Upgrade Nutrien to OW on higher EPS and potash multiple reversion. Increase price target from $70 to $77.”

Morgan Stanley reiterates Microsoft as overweight

The firm said the stock is a top pick and a share gainer.

“Microsoft remains the leader as the #1 share gainer of IT wallet as a result of shift to the cloud on both a 1-year and 3-year view.”

Wells Fargo upgrades Cintas to overweight from equal weight

Wells said the business services and uniform company is best-in-class.

“CTAS is well-positioned to manage tariffs given its scale advantage in sourcing and pricing power
from best-in-class service.”

TD Cowen downgrades Blackrock to hold from buy

The firm said upside drivers are already priced into the stock.

“To be fair, we expect BLK to remain an attractive way to leverage Passive, Digitalization, and Global Wealth Management/Retirement themes - and drive further operating leverage, but such views are widely understood.”

Deutsche Bank reiterates Netflix as hold

Deutsche said whatever happens with the company’s deal for Warner Bros will drive shares of Netflix.

“The outcome of the pending Warner Bros. acquisition will likely be the primary driver of the next move in the stock, or lack thereof.”

RBC reiterates Tesla as outperform

RBC said it’s sticking with the stock in 2026.

“We think the recent EV impairments from Ford and GM – signaling a shift towards ICE/PHEVs over BEVs – could benefit Tesla sales in the US. However, the company could continue losing share to Chinese OEMs gaining traction in Europe.”

Evercore ISI reiterates Apple as outperform

Evercore said the stock is best positioned in 2026.

“We believe AAPL remains well positioned through the Mar-qtr given its LTAs [long term agreements] that are currently insulating product GMs.”

Evercore ISI initiates AppLovin at outperform

Evercore said it sees plenty of upside for the ad tech company.

“We are initiating coverage of APP with an Outperform rating and $835 price target (25% upside). APP is the dominant ad tech platform for mobile gaming with an emerging e-commerce performance channel, which we view as a material TAM expander.”

Stephens upgrades Okta and Checkpoint to overweight from equal weight

Stephens said both cyber security companies are well positioned in 2026.

“We are upgrading shares of both Check Point and Okta to OW (from EW) with a common thread of an increasing probability of growth acceleration materializing over the course of 2026 and what we view to be an attractive risk/reward set up.”

Jefferies reiterates Ralph Lauren as buy

After a change in analyst coverage, the firm said the stock remains a top idea.

“RL remains top pick for ’26 based on broad-based momentum, w/ expected upside led by resilient US and further AUR [average unit retail] gains.

Barclays initiates Idacorp at overweight

Barclays says the electric power generation company has “low regulatory risk.”

“Attractive valuation given that IDA trades in line with its 5- year historical avg. multiple but is the best positioned it has been vs. peers; constructive rate case and low regulatory risk.”

Wolfe upgrades Cheniere Energy to outperform from peer perform

Wolfe said the energy company is too “compelling” to ignore at current levels.

“We upgrade LNG to OP as valuation is too compelling even with overbuild headwinds.”

Guggenheim downgrades Warner Bros Discovery to neutral from buy

The firm said the outcome of the deal with Netflix remains “uncertain.”

“We are lowering our rating on Warner Bros. Discovery to NEUTRAL and raising our price target to $30 to reflect the current M&A landscape, where investor focus and valuation have shifted decisively toward acquisition outcomes rather than standalone operating fundamentals.”