Here are Wednesday's biggest calls on Wall Street: Seaport initiates Apple as buy Seaport said Apple products leave the company well positioned for the long haul. "We expect Apple t o have a good year on this year's product line-up, with Apple Air trending well and boding a stronger future for further price increases as an affordable phone (maybe) comes out next year." Wells Fargo initiates Snowflake as overweight Wells Fargo said it sees a slew of catalysts ahead for the stock. "We see a favorable tactical setup for NOW shares into 4Q given a number of key catalysts, most notably potential for 3Q upside driven by US Public Sector & 4Q's signif renewal cohort. Remain constructive into year-end, esp w/ shares ~30x '27 EV/FCF." Bank of America reiterates Nike as buy Bank of America said the turnaround is "underway" following Nike earnings on Tuesday. "We reiterate our Buy rating; better than expected wholesale sales gives us increased confidence that the turnaround is well underway." JPMorgan reiterates Apple as overweight The firm said its survey checks show consumers willing to participate in Apple's upgrade cycle. "Series, with key takeaways including: 1) A strong and robust cycle for the iPhone 17 Series relative to the iPhone 16 Series, led by upgraders, while interest from switchers is modestly softer compared to the prior year, even as; 2) Both upgraders and switchers are showing a higher preference for high-end models compared to the prior year." Jefferies upgrades Delta to buy from hold Jefferies said the airline is "compelling." "We upgrade DAL to Buy alongside Buy-rated UAL, viewing the pair as carrying the highest upside to Q4 guides & most compelling margin theses through 2026 and beyond." Jefferies upgrades Sunrun to buy from hold Jefferies said in its upgrade o f Sunrun that it is well positioned heading into 2026. "We U/G to Buy with a refreshed PT of $21 ahead of 2025 cash generation expected within guidance range and likely even more cash gen in 2026 as safe harbor expenses roll off." Wells Fargo adds CrowdStrike to the tactical ideas list Wells Fargo raised its price target to $600 per share from $550. "We believe CrowdStrike's momentum continues to build, as the company is finally back on offense. With the most advanced security platform in the industry, we believe growth is set to accelerate and reiterate an OW rating and raise our PT to $600." Jefferies upgrades Carvana to buy from hold Jefferies said it sees "elevated growth" for Carvana. "The results of our consumer survey, proprietary web scape, and capacity analysis all support CVNA continuing to deliver elevated growth and upside to consensus." RBC upgrades Mercury Systems to outperform from sector perform RBC said the company is "well positioned as a merchant supplier of defense mission-critical processing systems." "We upgrade shares of Mercury Systems (MRCY) to Outperform from Sector Perform." Barclays downgrades AT & T to equal weight from overweight Barclays downgraded the stock mainly on valuation. "Downgrade AT & T to EW with valuation now more reflective of operational improvement." HSBC upgrades Autodesk to buy from neutral HSBC said the software company is well positioned for artificial intelligence. "We think that Autodesk is strategically well placed to benefit from AI." Evercore ISI downgrades Allstate to in line from outperform Evercore ISI downgraded the insurer on valuation. "We downgrade ALL t o In Line from Outperform as the risk reward is more balanced after a solid run YTD." Goldman Sachs initiates Glaukos as buy Goldman Sachs said in its initiation of Glaukos that the ophthalmology company is well positioned. "Ophthalmology represents one of the largest global market opportunities in MedTech, with our expanded coverage having an aggregate > $60 billion exposure to this in the following key areas: (1) Soft Contact Lenses and Consumer Products; (2) Surgical (for both glaucoma and cataract procedures); and (3) Ophthalmic Pharmaceuticals." Baird upgrades United Rentals to outperform from neutral Baird said it sees "industry stabilization" for the equipment rental company. "Fo r URI, our primary focus remains on the trajectory of growth/earnings; growth reacceleration in 2026 is likely to drive shares higher, despite a higher current valuation relative to historical levels." HSBC initiates Repligen as buy HSBC said the health-care company has "portfolio breadth." "Repligen offers pureplay exposure to bioprocessing, one of the highest growth areas in the sector." Goldman Sachs upgrades Beta Bionics to buy from neutral Goldman Sachs said it is bullish on the medtech company. "Upgrade Beta Bionics (BBNX) from Neutral to Buy." TD Cowen initiates Macom Technology Solutions as buy TD Cowen said it is bullish on the semis company. "We see MACOM benefiting from secular growth drivers across its three end markets as the company delivers the highest RF power, highest frequency, and highest data rates for its customers." TD Cowen downgrades Marvell to hold from buy TD Cowen said it has limited visibility on Marvell shares. "Net, we prefer to take to the sidelines and await better visibility and more solid positioning before recommending shares." Bank of America reiterates Dell as buy Bank of America raised its price target to $170 per share from $167. " Dell's SAM [Securities Analyst Meeting] is scheduled for Oct. 7th, and we believe the biggest topics for the event are 1) AI server rev trajectory and TAM, 2) the durability and margins around AI servers, 3) a clear roadmap for Storage (AI server attach, plan to regain share, etc.) and 4) true viability & demand for AI PCs." TD Cowen initiates Semtech as buy TD Cowen said the semis company is well positioned for data center connectivity. "De-levered and re-focused, we initiate on Semtech with a Buy rating." William Blair reiterates Tesla as market perform The firm raised its delivery estimates for Tesla but said it is getting harder to stick with its market perform rating on the stock. "As expected, the end of the EV tax credit has caused a pull forward in demand, but it has been stronger than we originally estimated. U.S. demand for the new Model Y has been a bright spot, and a return in China and rest of world has offset the continued weakness in Europe." JPMorgan upgrades Banc of California to overweight from neutral JPMorgan said the regional bank is best positioned for lower rates. "We view Banc of California as skewing more liability sensitive in a backdrop of lower short-term rates." Evercore ISI upgrades Samsara to outperform from in line Evercore ISI said it sees a slew of positive catalysts ahead for the software company. "Upgrading Samsara ( IOT) to Outperform and raising our price target to $50, based on a constructive multi-year outlook driven by: 1) expanding product breadth across underpenetrated core markets, 2) a proven beat-and-raise execution framework…" TD Cowen reiterates Nvidia as buy The firm said it is bullish on Nvidia's high-speed interconnect technology, NVLink. "NVIDIA is the market incumbent with its NVLink offering, and we see the proliferation of NVIDIA-based systems as a wide moat for the company in the scale up switch market." RBC downgrades GE Vernova to sector perform from outperform RBC downgraded the stock mainly on valuation. "We continue to see GEV benefiting from strong demand for energy generation/distribution and from positive price dynamics and productivity improvements. However, we believe this is now more fully reflected in current valuation and consensus expectations through the end of the decade." BTIG initiates Coinbase as buy BTIG said the crypto company is firing on all cylinders. "We are initiating coverage of Coinbase Global (COIN) with a Buy rating and $410 price target."
