Here are the biggest calls on Wall Street on Wednesday:

Goldman Sachs upgrades Kingsoft Cloud to buy from neutral

Goldman says it likes the cloud computing company’s AI investments.

“We upgrade Kingsoft Cloud (KC) to Buy from Neutral as we see the company as a key beneficiary of Xiaomi’s continued stepped-up AI investments to support its ambition of becoming a leading LLM force and integrating AI with the physical world via its ‘Human x Car x Home’ ecosystem.″

Stifel initiates BridgeBio Oncology as buy

Stifel says shares of the biotech company have plenty more room to run.

“We initiate coverage of BridgeBio Oncology Therapeutics (BBOT) with a Buy rating and $23 Target Price.”

Goldman Sachs initiates Energy Fuels as buy

Goldman says the uranium company is executing well.

“UUUU owns and operates the highest-grade uranium deposit in the US as well as the White Mesa Mill, which is a key competitive advantage for the company as it is the only processing facility in the US that is able to process both uranium and rare earth elements.”

JPMorgan upgrades James Hardie Industries to overweight from neutral

The firm upgraded the building materials company following earnings.

“We assign an Overweight rating to James Hardie, as it trades at a discount to our blended price target. The outlook for US residential new construction (its primary end-market exposure) is in the early stages of recovery, in our view.”

Goldman Sachs initiates Samsara as buy

Goldman called the stock a “defensible growth asset.”

“We initiate coverage of Samsara with a Buy rating and $36 Price Target.”

UBS reiterates Nvidia as buy

UBS raised its price target on Nvidia to $245 per share from $235.

“Given middling stock performance, supply chain signals that remain bullish, and a management team that seems frustrated with the prevailing doubts around growth and margin sustainability, the earnings set-up here seems positive...”

Bernstein reiterates Oracle as outperform

The firm said in a note it was pondering what Oracle is worth but that it’s sticking with the stock.

“We see the downside risks associated with the recently announced AI datacenter contracts as quite limited and while we do not believe this ‘doomsday’ scenario, we think that investors need to understand the limited downside risk as compared to the substantial upside opportunity. Given how much more the story is skewed to reward over risk we reiterate our Outperform.”

Barclays downgrades Norwegian to equal weight from overweight

Barclays downgraded the cruise company mainly on valuation.

“The rising tide has lifted all boats, but NCLH still has some leaks to fix. Recent run in shares creates more balanced risk/ reward here.”

JPMorgan downgrades Mattel to underweight from neutral

JPMorgan says it sees too much uncertainty for Mattel shares.

“Lastly, while tax stimulus keeps us bullish on the consumer broadly, as it is with the toy sector, it all comes down to the backhalf (which exaggerates all of these headwinds). As such, we are downgrading to Underweight and are establishing a Dec 26 price target of $14, which is based on 7x EV/EBITDA on our 2026 forecasts. 7x is in the lower half of its historical range of 6-9x, but below 8x given the uncertainty noted above

Baird upgrades Dick’s Sporting Goods to outperform from neutral

After a change in analyst coverage, Baird upgraded the stock and called Dick’s a “a multi-year earnings power story with near-term cyclical torque.”

“We are impressed by DICK’S productivity gains vs. pre-COVID levels and bullish on the multi-year Foot Locker recovery.”

Jefferies upgrades Beta Technologies to buy from hold

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

“We upgrade BETA to Buy with a $30 price target based on our DCF as we view shares attractive at current levels after recent risk-off trading & into a number of catalysts...”

Baird upgrades Cloudflare to outperform from neutral

Baird says sentiment is turning positive for Cloudflare.

“With sentiment moderated, fundamentals accelerating, risk/reward has turned decisively favorable.”

Jefferies upgrades ArcelorMittal to buy from hold

Jefferies says it sees steel prices going higher benefiting the metals company.

“We expect MT will be a key beneficiary as the #1 EU steel player (35-40% mkt share), and called out they have idle capacity that they can bring back online quickly without major capex needs via improving operating rates of existing mills...”

Barclays initiates McGrath RentCorp as overweight

Barclays says the rental solutions company is a “relatively safer way to have one foot in the door to a potential cyclical recovery in US non-resi construction.”

“We initiate coverage of MGRC at OW with a $140 PT.”

KBW upgrades Porch Group to outperform from market perform

Morgan Stanley reiterates Micron as overweight

Morgan Stanley raised its price target to $450 per share from $350.

“Pricing has moved substantially higher since Micron gave guidance, with shortages in every end market;”

Goldman Sachs reiterates Robinhood as buy

Goldman lowered its price target on Robinhood to $132 per share from $150 following earnings.

“We expect a mixed market response, given the core EPS was weaker, on 4% lower net revenue (although up 27% YoY). That said, management struck a constructive tone on the 2026 outlook, and expect revenue growth to continue to exceed expense growth, given the majority of expenses are in investment.”

Bernstein reiterates Netflix as outperform

The firm says Paramount’s latest bid for WBD is a test for Netflix.

“Brilliant move by PSKY. Turns out this isn’t a Hail Mary—it’s a game of inches. In our view, PSKY needs to test NFLX’s pain threshold without having to bid too high. PSKY’s revised offer does exactly that, without further constraining its balance sheet (for now). The ball is now with NFLX.”

Benchmark reiterates Tesla as buy

Benchmark says it’s sticking with Tesla for 2026.

“Tesla enters 2026 amid a strategic transition, prioritizing reinvestment and platform development over near‑term earnings optimization. While 4Q results highlighted resilience in margins, energy growth, and cash generation, our outlook for 2026 reflects an investment year as spending accelerates across autonomy, AI, robotics, and energy infrastructure.”