Here are the biggest calls on Wall Street on Wednesday: Wells Fargo initiates Boeing as buy Wells said in its initiation of Boeing that it sees "compelling free-cash flow upside." "We initiate coverage of BA with an Overweight rating, as we forecast a sharp [free cash flow] recovery as production normalizes. Our $250 price target is based on a 20x FCF multiple on our 2028 forecast." Baird initiates Maten Transport as outperform Baird says the shares of the transport company are compelling. " Marten Transport is a multifaceted transportation and logistics company operating across five primary business platforms: temperature-sensitive truckload, dedicated contract carriage, dry-van truckload, brokerage, and MRTN de Mexico." Benchmark initiates Microsoft as buy Benchmark says the tech giant is a "juggernaut." "We are initiating coverage o f Microsoft Corporation (MSFT) with a Buy rating and a $450 price target, serving as the artificial intelligence (AI) orchestration juggernaut that empowers enterprise/consumer via its comprehensive portfolio of digital applications, collaboration & communication tools, and cloud services." Berenberg initiates Mobileye as buy Berenberg says the stock is cheap. "We initiate coverage of Mobileye with a Buy rating and a price target of $9.30: Mobileye is the dominant global supplier of technology and software for camera-based advanced driver assistance systems (ADAS), including its EyeQ system-on-chips (SoC) offering." HSBC initiates Pony AI as buy HSBC says the robotaxi company is a share gainer. " Pony is the market leader, with more than 3,000 robotaxis planned in 2026." Raymond James upgrades Disney to outperform from market perform The firm says the stock's valuation is attractive. "We upgrade Disney to Outperform, from Market Perform, and establish a price target of $115, as we see the current macro backdrop and international visitation headwinds as an opportunity to invest at a very attractive valuation." Raymond James upgrades United Health to outperform from market perform Raymond James says it sees a "compelling entry point." "We are upgrading UNH to Outperform rated and establishing a new $330 price target as we see the potential upside to earnings estimates over the next few years from 1) announced and potential AI initiatives to lower G & A/revenue, 2) margin improvement in the Optum Health from better risk margins, lower G & A and higher FFS [fee-for-service] margins." Goldman Sachs upgrades PJT to buy from neutral Goldman says the investment firm is best-in-class. "PJT offers a strong, through-the-cycle, structural growth profile, with best-in-class exposure to all three areas of continued strength and potential growth we identify above, which drives our idiosyncratic slight estimate upgrades, vs. estimate downgrades for all of the peers, in a more challenging macro and geopolitical backdrop." Goldman Sachs initiates Caris Life Sciences as buy Goldman says the oncology diagnostics company is firing on all cylinders. "We initiate coverage of Caris Life Sciences (CAI) with a Buy rating and a price target of $27, representing 51% upside." Cantor Fitzgerald reiterates Nvidia as outperform The firm says it's bullish on the company's partnership with Marvell. "For NVIDIA, we view this as an incremental positive as the announcement allows yet another avenue for NVIDIA to penetrate large hyperscaler customers outside traditional GPU compute." HSBC upgrades Wells Fargo and Bank of America to buy from hold HSBC says both banks offer "scarcity value." "Our Buy rating for WFC is also underpinned by a low bar on its net interest income (NII) outlook, room to lift retail banking profitability, sizable excess capital, and an attractive valuation. For BAC, we feel its leadership position across financial services businesses, better-than-average EPS growth outlook, and strong credit track record are no longer adequately reflected in its valuation." Wells Fargo adds Advanced Micro Devices to the tactical ideas list Wells added the stock to its second quarter top ideas list and says it sees a slew of positive catalysts. "We're adding AMD t o our 2Q26 Tactical Ideas List." Bank of America reiterates Marvell as buy Bank of America raised its price target to $125 per share from $110 following the company's announcement of its partnership with Nvidia. "On Tuesday morning, MRVL and NVDA announced a strategic partnership to enable heterogeneous AI infrastructure under the NVLink Fusion ecosystem." Barclays initiates Algonquin Power & Utilities as overweight Barclays says the utility company is undervalued. "We see Algonquin as a compelling turnaround story." Deutsche Bank initiates Ball Corp as buy Deutsche says the company is a "global pure-play on sustainable aluminum packaging." "Ball Corp is the world's largest producer of aluminum beverage can packaging, operating across North and Central America, Europe, and South America." UBS initiates Sensient Technologies as buy UBS says the natural color ingredients company is has plenty of upside. "SXT is the largest producer of natural colors, with ~60% sales exposure to North America. Natural color adoption will increase in 2H26 to meet customer conversion targets at the start of 2027, and this will be a positive catalyst for the stock." JPMorgan downgrades Nike to neutral from overweight JPMorgan downgraded the stock following earnings. "...while NKE has begun to realize initial greenshoots from its Sport Offense strategy within North America and the running category, the balance of the portfolio including International regions continue face actions to reset the marketplace and sell-through results remain challenged globally, resulting in an elongated timeline for the model to reach an inflection to revenue growth and a return to double-digit operating margins." Read more. Bank of America upgrades Formula One to buy from neutral The firm says investors should buy the dip. "We are upgrading shares of FWONK f rom Neutral to Buy while maintaining our $105 PO. Amid a volatile macro and geopolitical environment, we believe there is a premium on highly durable and visible business models such as FWONK." Goldman Sachs adds Carlisle and Citizens Financial to the top picks list The firm added both stocks to its conviction buy list. "We add Citizens Financial Group ( CFG) and Carlisle Cos (CSL) to the US Conviction List, Susquehanna initiates Arista Networks as positive The firm says Arista is well positioned. "A leading networking OEM [original equipment manufacturer] brand and TAM across a diverse customer mix." Piper Sandler upgrades nCino to overweight from neutral Piper says it sees "solid execution." "We believe NCNO has far less existential AI risk relative to the broader software space given its position as a dominant vendor serving the historically risk-averse, highly regulated banking industry." TD Cowen initiates Voyager Technologies as buy The firm says Voyager is best positioned for growth. " VOYG is a high-growth, acquisitive U.S. defense/space firm with optionality via its 62% Starlab stake (potential ISS replacement) & emerging solid rocket motor (SRM) components franchise." Jefferies upgrades Ferrari to buy from neutral Jefferies says Ferrari has plenty of room for growth. "Our Upgrade to Buy is predicated on updates underpinning a HSD [high single digits] growth algo and gradual margin expansion. Our alt data is also supportive given moderating pressures in range resale values and strong special vehicles' appreciation. We see the shares' luxury premium rebuilding towards 50%, providing a compelling macro-agnostic counterfoil to broader uncertainties."
