Here are Wednesday’s biggest calls on Wall Street:

Bank of America reiterates Nvidia as buy

Bank of America said it’s sticking with the stock.

「Our $275 PO is based on 28x CY27E PE ex cash, within NVDA’s historical 25x-56x forward year PE range, which we believe is justified by NVDA’s leading share in fast-growing AI compute/networking markets, offset by lumpiness in global AI projects, cyclical gaming market, and concerns around access to power.」

MoffettNathanson reiterates Apple as neutral

MoffettNathanson said Apple is a services company, not a hardware company.

「Apple is still viewed, by most, as a hardware company. Most of the coverage of Apple’s blow-out FYQ4 results focused on Apple’s raised guidance for the iPhone 17. There’s a strong case to be made, however, that it is Services, not hardware, that is now the most important part of the Apple story.」

Bank of America reiterates Amazon as buy

The firm raised its price target to $303 per share from $272.

「We attended Amazon’s 14th annual cloud conference in Las Vegas with 60k in-person attendees. While keynote lacked a big new hardware or LLM partnership announcement to materially change sentiment, AWS is improving its AI capabilities and building toward an agent-driven future.」

Wells Fargo initiates Oracle as overweight

Wells said investors should buy the dip in Oracle shares.

「We see ORCL emerging as a leader in the AI super-cycle: nearly half a trillion in AI deals already booked & pole position w/ key accts (OpenAI, xAI, Meta, TikTok). Plus, shares now sit 42% off highs, ~25x P/E on FY27E. Initiate Overweight, $280 PT.」

Deutsche Bank reiterates Marvell as buy

Deutsche raised its price target to $125 per share from $90 following earnings.

「MRVL delivered a solid report/guide, but more importantly followed up their recent Data Center related optimism and expressed even greater conviction on the expected growth rates for this business (now split between Optical, Custom, and Other), with FY27 expected to deliver of +25% y/y growth (vs +18% prior) and FY28 expected to accelerate even further y/y to +40% y/y.」

Deutsche Bank reiterates Broadcom as buy

Deutsche said Broadcom is well positioned ahead of earnings on December 11.

「Overall, we believe that a combination of acceleration in AI related growth and a cyclical rebound in the company’s core business should position the company well headed into FY26 despite increasing concerns surrounding the sustainability of industry-wide AI spend. As such, we maintain our Buy rating.」

Bank of America names ASML a top pick

The firm said the semis company is a top idea in 2026.

「ASML is one of our 「25 stocks for 2026″ and is on our Europe 1 list of top ideas. With the stock trading on 20.6x ’27 EV/EBITDA, we expect the stock to re-rate as 2027 marks an inflection.」

JPMorgan upgrades American Eagle to neutral from underweight

JPMorgan upgraded the stock following earnings.

「We rate AEO shares Neutral. With the AE & Aerie brands recently inflecting in 3Q25 to positive same-store-sales growth on product and marketing improvement, we see revenue growth stabilizing at +3% consolidated growth into FY26/27, supporting operating margin expansion on fixed expense leverage.」

UBS initiates Roblox as neutral

UBS said it sees slowing growth for Roblox shares.

「We are initiating coverage with a Neutral rating and $103 PT. We believe Roblox sits at the nexus of several key trends in interactive entertainment: 1. gaming is becoming more social; 2. gaming is becoming more hardware agnostic and 3. AI is lowering the barriers to content creation.」

Jefferies downgrades Wayfair to hold from buy

Jefferies said web traffic is slowing.

「When we upgraded W in March, shares were trading at a ~12% premium to peers vs. near-40% today. With web traffic revealing a slow start to the official kick-off for holiday shopping and consumer survey data signaling a downshift in go-forward buying propensity on the marketplace, risk/reward skews more balanced, in our view.」

Morgan Stanley upgrades Novartis to overweight from equal weight

Morgan Stanley said it’s bullish on the company’s drug to treat Hives, Rhapsido.

「We upgrade Novartis to Overweight after a recent valuation pullback, supported by an improving portfolio mix and the upcoming Rhapsido launch.」