Here are Wednesday’s biggest calls on Wall Street:

JPMorgan upgrades Openlane to overweight from neutral

JPMorgan said online used car marketplace is “firing on all cylinders.”

“We move to OW from N and raise our Dec 2026 PT to $38. OPLN continues to demonstrate remarkable execution in a mixed macro, and our recent meetings with management suggest room for durable growth for several years, and as such, potential for relative revisions upside to continue.”

Deutsche Bank downgrades Dollar General to hold from buy

Deutsche said it sees too many negative catalysts.

“We see DG’s customer base increasingly challenged, and the K-shaped economy continuing to widen the gap between the low vs. the high end, likely limiting SSS upside.”

UBS upgrades Ecolab to buy from neutral

UBS said it sees robust volumes for the chemicals company.

“We upgrade ECL to Buy from Neutral and raise our PT to $325.”

UBS initiates MapLight Therapeutics as buy

UBS said the biotech company has a strong pipeline.

“We initiate MPLT with Buy/$48PT.”

JPMorgan upgrades MGM to overweight from neutral

JPMorgan said Las Vegas Strip estimates have bottomed.

“Our more favorable view on MGM reflects growing conviction that MGM LV Strip EBITDAR estimates have bottomed, and that growth should improve in the coming months off of easier comparisons and against the backdrop of a resilient US leisure traveler.”

Seaport initiates GE Aerospace as buy

Seaport said it sees stellar topline growth.

“We initiate coverage of GE Aerospace (GE) with a Buy and $375 PT.”

Wells Fargo upgrades MSCI to overweight from equal weight

Wells said it sees growing demand.

“We’re upgrading MSCI on our view that growing demand for data will help support continued Index momentum. We expect MSCI to outperform peers given its defensibility to AI disruption, underpinned by its proprietary data and network effects.”

RBC initiates Agilent as outperform

RBC said in its initiation of Agilent that the analytical laboratory company has plenty more room to run.

“Our constructive view is anchored by building product cycle momentum across key instrument platforms, ~25% sales exposure to drug manufacturing—a structural tailwind with reshoring demand on the horizon, and minimal academic/government drag.”

UBS upgrades RPM International to buy from neutral

UBS said the building materials company has pricing power.

“We upgrade RPM from Neutral to Buy and raise our PT from $118 to $130.”

DA Davidson initiates Cellebrite as buy

DA said the company has a large total addressable market that “is large, growing, & likely understated.”

“CLBT provides a market leading digital forensics & investigative analytics platform that enables the world’s largest law enforcement agencies to solve cases quicker, solve previously unsolvable cases, & prevent future crime.”

Morgan Stanley reiterates Microsoft as overweight

The firm said it sees room for “upward revisions.”

“GenAI demand well ahead of supply has yielded swiftly ramping Capex forecasts in our Microsoft model over the past year. However, our Monetization per Megawatt and Capex-Implied Azure forecasts suggest revenues estimates may be inappropriately lagging, leaving room for upward revisions.”

Wells Fargo initiates Kodiak Gas Services as overweight

Wells said the midstream energy company is firing on all cylinders.

“We’re initiating coverage of KGS with an Overweight rating and PT of $93/sh. KGS benefits from Permian gas supply growth which supports its compression and new BTM [behind the meter] power business, driving peer-leading EBITDA growth of 13%”

Barclays upgrades Sandisk to overweight from equal weight

Barclays said it sees a slew of positive catalysts ahead for the stock.

“SNDK has been the most aggressive and structurally innovative in its contracting approach. Its
New Business Models, or NBMs, discussed at the most recent earnings are said to provide the company with ‘demand certainty’ and customers with ‘supply assurance.’”

Read more.

Barclays reiterates Micron as overweight

The firm raised its price target to $1,175 per share from $675.

“At its last earnings, MU mgmt announced it signed its first 5yr Strategic Customer Agreement. ... . We are of the opinion that as MU signs more of these SCAs they will provide similar information to SNDK, giving details on the financial hooks and potential prepayment structures they are contracting. When these details come to light, we see it as a positive catalyst and another step forward in the sustainability of this memory cycle.”

Roth initiates BioAge Labs as buy

Roth said the biotech company has best in class potential.

“BioAge was founded in 2015 and is headquartered in Emeryville, California.”

Barclays upgrades GXO Logistics to overweight from equal weight

Barclays said it sees “margin opportunities abound.”

“GXO leadership is likely to target a more profitable future leveraging automation and robotics to achieve best-in-class margins while focusing growth ambitions in the North American market; we upgrade GXO shares to Overweight.”

JPMorgan upgrades FedEx to overweight from neutral

JPMorgan said it’s bullish ahead of earnings in late June.

“We are taking a positive view on FDX into F4Q26 earnings on June 23 and are upgrading the stock to Overweight as we also believe the relative risk/reward is attractive heading into the separation of the Freight business on June 1.”

Read more.

UBS upgrades BioNTech to buy from neutral

UBS said in its upgrade of BioNTech that it likes the company’s oncology pipeline.

“Increased Conviction and Market Oppt’y for Oncology Pipeline; Upgrade to Buy.”

Needham upgrades ICU Medical to buy from hold

Needham said it sees margin improvement for the med tech company.

“We expect ICUI to benefit from an IV system replacement cycle as well as its competitors’ challenges. While oil prices represent a risk, ICUI’s exposure is limited, and management expects favorable tariff changes and efficiencies to offset the impact.”

Barclays reiterates Apple as underweight

Barclays said it’s sticking with its sell rating on Apple.

“We remain UW on AAPL on an uncertain growth backdrop, regulatory risks in Services, undefined AI strategy, and a premium valuation.”

JPMorgan initiates Larimar Therapeutics as overweight

JPMorgan said the biotech company is a share gainer.

“We are initiating coverage of Larimar Therapeutics (LRMR) with an Overweight rating and a Dec 2027 price target of $9.”

Truist upgrades Pebblebrook Hotel Trust to buy from hold

The firm said it sees fundamentals getting better for the real estate investment trust.

“Upgrading PEB to Buy on excellent forward fundamentals:”

Oppenheimer upgrades Nayax to outperform from perform

Oppenheimer said the fintech company has plenty of upside.

“We are upgrading Nayax to Outperform (from Perform) and introducing a price target of $86, based on 27x our 2027 adjusted EBITDA estimate.”

JPMorgan upgrades CDW and TD Synnex to overweight from neutral

JPMorgan said CDW has growth upside. The firm also upgraded TD Synnex and says it sees a “value unlock opportunity.”

“We are upgrading shares of CDW to Overweight (vs. Neutral prior), as AI & modernization-related demand, an elevated backlog, and ongoing robust order activity entering 2Q, combined with a multi-year operating model transition. ... .We see a value unlock opportunity for SNX, alongside upside surprises on the back of near-term demand from Enterprise...”

Mizuho upgrades Phillips 66, Par Pacific and Gulfport Energy to outperform from neutral

Mizuho said it sees a buying opportunity for several oil and refinery companies.

“We are raising our NAV-based price targets by ~19% overall, with the biggest increase in refiners and oil E&Ps. Upgrade PSX, PARR and GPOR to Outperform.”

UBS initiates Lithia & Driveway, AutoNation and Sonic Automotive as buy

UBS initiated several auto suppliers and dealers on Wednesday and says they have plenty of upside.

“LAD believing stock can re-rate from -1 std. dev below avg as cost initiatives take hold. ... .SAH as consensus EPS estimates look too low. ... .AN is a high quality operator and the best shareholder return story in the group. We believe AN can repurchase ~9% of float over the next 3 years on average.

Evercore ISI upgrades Hershey to outperform from in line

Evercore said it’s bullish on the stock in the second half.

“We are upgrading Hershey to Outperform (from In Line). We are maintaining our price target of $255 (34% upside) which is equal to 25x our above-consensus 2027 EPS estimate.”

Bank of America reinstates Intuit as buy

The firm reinstated coverage of Intuit citing strong growth.

“Strong franchise, valuation too low for the asset quality; Reinstate Buy and $400 PO.”

Stephens upgrades Advanced Drainage Systems to overweight from equal weight

Stephens said it sees an attractive risk/reward.

“Last week, ADS (WMS) reported F4Q results above guidance, driven by above-market volume growth, price-cost benefits (largely cost driven) and favorable product mix.”

Bank of America upgrades Digital Turbine to buy from neutral

The firm said in its upgrade of the ad tech solutions company that it sees better execution.

“We upgrade APPS to Buy (from Neutral) as execution has become more consistent and FY27 visibility has improved.”