Top Calls on Wall Street: Amazon, Adobe, General Motors, ServiceNow and More

Top 5 Upgrades:

• Wells Fargo upgraded Amazon.com (AMZN) to Overweight from Equal Weight with a price target of $280, up from $245. Following its cloud market and Anthropic contribution analysis, Wells has increased conviction that Amazon Web Services will see revenue acceleration.

• Morgan Stanley upgraded ServiceNow (NOW) to Overweight from Equal Weight with a price target of $1,250, up from $1,040. Morgan Stanley believes ServiceNow is well positioned to deliver generative AI capabilities, creating an attractive risk/reward for the shares.

• UBS upgraded General Motors (GM) to Buy from Neutral with a price target of $81, up from $56. The firm's 2026 and 2027 earnings estimates are 35% and 42% above consensus, respectively, as it believes GM North America margins can return to their existing target 8%-10% range.

• Jefferies upgraded Quanta Services (PWR) to Buy from Hold with a price target of $469, up from $398. The stock's current valuation, which has pulled back from the summer's highs, provides an attractive entry point, contends Jefferies.

• Scotiabank upgraded OpenText (OTEX) to Outperform from Sector Perform with a price target of $50, up from $35. The firm cites increased conviction" in the company's content management business for the upgrade.

Top 5 Downgrades:

• Morgan Stanley downgraded Adobe (ADBE) to Equal Weight from Overweight with a price target of $450, down from $520. The firm believes the company's decelerating Digital Media annual recurring revenue has created "outsized" concern on its ability to prove generative artificial intelligence is expansive to its total opportunity.

• Barclays downgraded Keurig Dr Pepper (KDP) to Equal Weight from Overweight with a price target of $26, down from $39. While the company's asset reshuffling could be the right move longer term, the transactions "present elevated noise and uncertainty over the next 12 months," the firm tells investors in a research note

• Jefferies downgraded Bloom Energy (BE) to Underperform from Hold with a price target of $31, up from $24. The firm believes the share risks are to the downside given limited visibility into Bloom's growth post 2026.

• Susquehanna downgraded Knight-Swift (KNX) to Neutral from Positive with a price target of $43, down from $52 as part of a Q3 earnings preview for the logistics and trucking group. The firm cut estimates across the sector, saying pricing and margin improvement "remain in the distance."

• BofA downgraded Arvinas (ARVN) to Neutral from Buy with a price target of $10, down from $16. The firm cites the company and Pfizer (PFE) announcing that they plan to find a partner to develop metastatic breast cancer drug vepdeg.

Top 5 Initiations:

• Piper Sandler initiated coverage of Axon (AXON) with an Overweight rating and $893 price target. The firm cites the company's product innovation and large total addressable market for its bullish share stance.

• Piper Sandler initiated coverage of Motorola Solutions (MSI) with a Neutral rating and $495 price target. Positively, the firm likes the company's "LMR stickiness and market share," state and local government exposure, an increasing mix towards recurring revenue and the recent Silvus acquisition, but the first half bookings slowdown, elevated sentiment, and valuation near peak-levels "leaves us looking elsewhere."

• Citizens JMP initiated coverage of Assembly Biosciences (ASMB) with an Outperform rating and $38 price target. The firm believes the company's "strong early data point to likely best-in-class profiles" for both its oral candidates for treating herpes simplex virus is underappreciated at current share levels.

• JPMorgan initiated coverage of Packaging Corp. (PKG) with an Overweight rating and $242 price target. The firm believes the U.S. market is undergoing a structural supply-side shift, which more than compensates for demand concerns, and finds Packaging Corp. "uniquely" positioned to benefit from these dynamics, with the stock's valuation looking attractive.

• Jefferies initiated coverage of Oddity (ODD) with a Buy rating and $78 price target. The company has a record of growing brands organically, which will translate to success with its Q4 launch of its third brand, a medical-grade skincare, the firm tells investors in a research note.