Top Calls on Wall Street: Nvidia, Amazon, PepsiCo, Roblox, GE Vernova, Micron Technology & More

Here are the biggest calls on Wall Street on Wednesday:

Stephens initiates LKQ at Overweight

Stephens says the online auto parts store is a “deep value stock.”

“We are initiating coverage of LKQ with an Overweight rating, $39 PT.”

JPMorgan upgrades PepsiCo to Overweight from Neutral

JPMorgan says the stock is too cheap to ignore.

“We are upgrading PepsiCo (PEP) to Overweight from Neutral as we believe an accelerated agenda of innovation and marketing spending fueled by strong productivity savings should position PEP to drive HSD total shareholder return (TSR) in 2026, which benchmarks well against high-quality peers yet at a steep high-teens discount.”

KeyBanc initiates Samsara at Overweight

Key sees “meaningful growth ahead” for the stock.

“We believe Samsara’s modern end-to-end platform for operations is well positioned to address the large +$45T ‘Physical Operations’ industry that has historically been underserved by technology, with organizations still heavily reliant on manual processes and siloed legacy processes.”

Wolfe upgrades Waters to Outperform from Peer Perform

Wolfe says the lab and medical supplies company has plenty more room to run.

“We are upgrading WAT to OP with a PT of $480. Shares are positioned to outperform via the combination of (a) above-avg. core growth, (b) upside to pro forma financial targets, (c) a very attractive FCF profile, and (d) a top-notch management team.”

Guggenheim initiates Amazon at Buy

Guggenheim sees “continued dominance” in e-commerce.

“We are initiating coverage of AMZN with a Buy rating and a $300 Price Target.”

B Riley initiates Roblox at Buy

B Riley says Roblox is a “game changer.”

“We are initiating coverage of Roblox Corporation (RBLX) with a Buy rating and 12-month price target of $125 per share, implying 30%+ potential upside from the December 4 close.”

Raymond James upgrades Blue Owl to Strong Buy from Market Perform

The firm says credit metrics remain strong for Blue Owl.

“Upgrading OWL to Strong Buy with ~20% upside.”

JPMorgan initiates Laureate Education at Overweight

JPMorgan says it sees “consistent growth” from the LatAm education company.

“We initiate coverage on Mexican/Peruvian higher education company Laureate with an Overweight rating and $40 Dec 2026 price target.”

KeyBanc reiterates Nvidia as Overweight

Key says it’s sticking with shares of Nvidia.

“We see NVDA remains uniquely positioned to benefit from AI/ML secular data center growth within the industry.”

TD Cowen upgrades Parsons to Buy from Hold

The firm sees a compelling entry point for the infrastructure and tech solutions provider.

“We are upgrading our rating on PSN to Buy from Hold, with a $75 PT.”

TD Cowen upgrades KeyCorp to Buy from Hold

TD Cowen upgrades the regional bank following an investor conference.

“At a recent investor conference, KeyCorp delivered a series of updates that meaningfully improve visibility into the medium-term outlook and profitability trajectory of the company.”

JPMorgan upgrades Helmerich & Payne to Overweight from Neutral

JPMorgan sees several positive catalysts ahead for the drilling company.

“We upgrade HP shares to Overweight given upside to consensus FY26/FY27 estimates, attractive relative valuation, and international land segment optionality, with Saudi rig recovery expected to drive incremental growth.”

TD Cowen initiates SharkNinja at Buy

TD Cowen likes the consumer products company’s growth prospects.

“We are encouraged by SN’s growth prospects as a category disruptor with core competencies rooted in innovation, creative marketing, and quality married with value.”

Bank of America upgrades HSBC to Buy from Neutral

Bank of America says the banking giant has “growth and strategy execution.”

“Two areas where we see significant growth in 2026 are (i) Hong Kong deposits, and (ii) Asia Wealth. Both are areas where we think HSBC has significant competitive advantage, and where management has committed to focus more investments in.”

Bernstein reiterates Netflix as Outperform

The firm says Netflix has no catalyst to back out of its agreement to acquire Warner Bros.

“In trying to secure that future, Netflix may have created a problem it didn’t previously have, or at least exacerbated it. If the deal were to proceed as planned — a question at this point — they need a compelling set of arguments for regulatory approval.”

Morgan Stanley upgrades Terex to Overweight from Equal Weight

Morgan Stanley says the construction stock is cheap.

“Upgrade TEX to OW on troughing earnings, improved portfolio, bottoming Non-Resi cycle, and cheap valuation.”

Morgan Stanley upgrades EchoStar to Overweight from Equal Weight

Morgan Stanley says the satellite company is best positioned.

“We upgrade SATS to OW with 110PTand110 PT and 110PTand120 bull case. This reflects the opportunity still ahead to unlock value through tax-efficient spectrum sales.”

Jefferies upgrades Pentair to Buy from Hold

Jefferies says the water management company is a compounder.

“We are upgrading PNR to Buy from Hold, as the company should compound earnings through ’27 as volumes recover and margins continue to expand, with potential upside from bolt-on acquisitions.”

TD Cowen names Amazon a Best Idea

TD Cowen says the stock is a best idea for 2026.

“We see 3 key drivers for AMZN shares in ’26: i) Accelerating AWS rev growth; ii) eCommerce and Advertising Momentum; & iii) Cont’d Op Margin expansion, driven by Ads, AWS, and further fulfillment efficiency gains.”

HSBC upgrades AbbVie to Buy from Hold

HSBC says the biopharma company has “growth momentum.”

“The market is broadly divided into two camps on Abbvie. The bears argue that the growth expectations are priced to perfection, and increased competition in the auto-immune space can potentially lead to multiple headwinds. The bulls are excited about low LOE exposure combined with solid growth and execution.”

RBC upgrades Vale to Outperform from Sector Perform

RBC says the metals and mining company is best positioned.

“Vale is a world-leading iron ore and nickel producer with further operations in copper and nickel.”

Oppenheimer upgrades GE Vernova to Outperform from Perform

Oppenheimer upgrades the stock following its investor update meeting.

“GEV guided to significant upside vs. previous guidance in light of pricing and volume improvements while indicating potential for further upside from factory throughput and operational efficiencies.”

Canaccord initiates OrthoPediatrics at Buy

The firm initiates coverage of the stock and says it’s in a strong position in the pediatric orthopedic device market.

“We are initiating coverage of OrthoPediatrics (KIDS) with a BUY rating and $24 price target.”

Barclays reiterates Carvana as Overweight

Barclays says the used car company is best positioned.

“We raise our price target on CVNA to 465(was465 (was 465(was390). This is primarily as we now use a lower equity risk premium in our discounted cash flow valuation with the stock’s recent inclusion in the S&P 500 Index and its larger market capitalization.”

Citi reiterates Micron Technology as Buy

Citi says it’s bullish ahead of Micron earnings next week.

“We raise estimates and reiterate our Buy rating and raise our price target from 275to275 to 275to300. Our F26 EPS estimate is 52% above Consensus.”

Jefferies upgrades Commercial Metals to Buy from Hold

Jefferies says investors should buy the dip in the metals and steel company.

“Finally, we upgrade CMC from Hold to Buy following the recent underperformance and the continued resilience in rebar pricing.”