Here are Wednesday’s biggest calls on Wall Street:

Loop upgrades Netflix to buy from hold

Loop sees “strong near-term engagement” for Netflix.

“We are upgrading our rating back to Buy based on exceptional 3Q engagement, a strong 4Q content slate, and higher long-term margin assumptions as each dollar of content is generating more revenue, leading to higher earnings and free cash flow.” Read more.

BMO downgrades Progressive to market perform from outperform

The firm cited concerns about a declining revenue trend.

“While shares are indeed inexpensive at -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

Checks show mixed iPhone 17 lead-time trends.

“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

Price target raised to $205 from $165, citing undervaluation.

“NVIDIA keeps marching forward carrying the AI mantra. CEO Jensen Huang is traveling the world, finding success, and supporting this effort.”

Citi reiterates McDonald’s as buy

Price target raised to $381 from $373.

“We see the story gaining steam into ’26 as MCD leans into its next round of growth drivers—beverages (particularly energy), a remodel cycle, accelerating unit growth—while peers lose share, giving MCD potential upside.” Read more.

Piper Sandler upgrades Ormat Technologies to overweight from neutral

Becoming more constructive on the geothermal energy company.

“Ormat is well-positioned to benefit from renewed industry focus, potentially set for a shale-like revolution supported by the oil and gas market.”

Guggenheim upgrades Workday to buy from hold

The HR software firm is better positioned now.

“Despite macro challenges, WDAY has made several improvements and is stronger than it was a few years ago.”

Roth upgrades Kroger to buy from neutral

Sees performance improvement ahead.

“With a pressured consumer, Kroger should benefit from channel tailwinds and return to unit volume growth, supported by inflation and cost savings.”

Wolfe upgrades MasTec to outperform from peer perform

Sees data center and utility capex tailwinds.

“We see a favorable setup for MTZ as gas infra inflects, with data center growth and utility spending providing momentum.”

Wolfe reiterates Micron as outperform

Price target raised to $180 from $160.

“The outlook in commodity memory continues to improve with multiple AI tailwinds.”

Bernstein reiterates Disney as outperform

Needs more international content investment.

“Disney+ penetration remains low in many key markets, under 20% in developed regions and under 10% in some. Expanding will require local content, much like Netflix’s strategy.”

Evercore ISI downgrades FedEx to in line from outperform

Citing demand headwinds.

“We are downgrading FDX and lowering our price target to $243 from $249 due to ongoing demand headwinds likely to pressure EPS.”

Bernstein upgrades Zillow to outperform from market perform

Sees compelling fundamentals.

“We have been warming up to Zillow’s story, previously held back by timing and valuation.”

Bank of America reiterates Walmart as buy

Price target raised to $125 from $120.

“We expect WMT’s value and convenience to keep resonating, especially as online pricing matches in-store.” Read more.

Berenberg upgrades AbbVie to buy from hold

Sees strong growth and cash flow.

“With high single-digit growth, top-tier R&D returns, and strong cash flow, AbbVie warrants a premium valuation. We upgrade to Buy with a $270 target, offering 25% upside.”

Berenberg downgrades Eli Lilly to hold from buy

Says the obesity market has plateaued.

“While Lilly will remain a leader, the obesity market upgrade cycle has plateaued, and consensus expectations are already high.”

Bank of America reiterates Nike as buy

Confident ahead of earnings.

“Improving sales trends and healthy inventory should confirm the recovery is on track. We reiterate Buy.”