Top Calls on Wall Street: Nvidia, Apple, Shopify, McDonald’s, Kraft Heinz and More

Here are the biggest calls on Wall Street on Thursday:

Evercore ISI reiterates Apple as outperform

The firm says reports of Apple delaying Siri upgrades are overdone.

“Apple is likely to delay the expected March launch of Apple intelligence 2.0 given recent headwinds during testing. Expect a multi-phase release of Apple’s new AI features this year, with the potential for new/upgraded Apple Intelligence features mid-year and then a complete overhaul of Siri this fall. Privacy appears to be paramount, with Apple prioritizing data protection along with seamless integration before launching the upgrades.”

TD Cowen upgrades Shopify to buy from hold

TD Cowen says Shopify is too attractive to ignore at current levels.

“The combination of a strong quarter, continued growth momentum despite seasonality, and the -10% intraday performance (-30% YTD) represents an attractive entry point for investors to own the de facto modern-day eCommerce infrastructure with durable high growth.”

William Blair upgrades Fastly to outperform from market perform

The firm upgraded the stock following earnings.

“Fastly delivered a stellar quarter driven by rising contribution from agentic AI traffic, which we believe is still in its infancy.”

KeyBanc reiterates Nvidia as overweight

KeyBanc says Nvidia remains well positioned.

“We see NVDA as remaining uniquely positioned to benefit from AI/ML secular data center growth within the industry. With significant barriers to entry created by its CUDA software stack, we see limited competitive risks and expect NVDA to continue to dominate one of the fastest growing workloads in cloud and enterprise.”

Deutsche Bank upgrades BorgWarner to buy from hold

Deutsche says the auto parts manufacturer has revenue upside and is well positioned for AI.

“BorgWarner’s strategic entrance into the AI data center market, in our view, is a pivotal shift from being a traditional Tier-1 powertrain supplier to a more diversified multi-industrial entity - a move that warrants a valuation re-rate.”

JPMorgan upgrades MercadoLibre to overweight from neutral

JPMorgan says it sees competition easing for the Latin American online marketplace.

“we upgrade MELI to Overweight from Neutral, on three accounts: (1) Shopee increased its take rates last week, signaling a more benign competitive environment; (2) we no longer see material downside to consensus estimates for 2026E and 2027E; and (3) we believe MELI should be able to sustain a good pace of growth in Brazil in 4Q25, above 30%.”

JPMorgan upgrades LuxExperience to overweight from neutral

JPMorgan says the luxury e-commerce company is best positioned.

“We see LUXE favorably positioned at the intersection of luxury and e-commerce notably emerging as the last man standing within an increasingly fragmented and consolidating competitive landscape, with $1B+ of market share opportunity in our view over the next 12-24 months across the portfolio.”

Barclays upgrades Pegasystems to overweight from equal weight

Barclays says investors should take advantage of the software sell-off and buy the dip.

“We think post the sell-off in software and better Q4 results from PEGA, it is time to revisit the PEGA investment case.”

JPMorgan downgrades Valvoline to underweight from neutral

JPMorgan downgraded the stock mainly on valuation.

“Valvoline’s EBITDA growth in F2026 should be supported by the Breeze acquisition as well as positive, though decelerating, same-store sales growth. The integration of the new Breeze stores is likely to trim Valvoline’s margins in F2026, more than offsetting margin benefits from base oil prices moving lower.”

JPMorgan downgrades Kraft Heinz to underweight from neutral

JPMorgan says it sees too many negative catalysts.

“We appreciate that the substantially lowered earnings outlook for 2026 could reduce earnings risk, especially over the next couple of quarters. But we see ongoing challenges that could limit KHC’s expected volume inflection as 2026 progresses.”

Read more.

TD Cowen initiates D-Wave Quantum as buy

TD Cowen says the quantum computing company is firing on all cylinders.

“We initiate coverage on QBTS with a Buy rating. QBTS is a leader in quantum annealing technology and among the first companies to realize commercial revenues.”

Stifel initiates Sterling Infrastructure as buy

Stifel says the infrastructure services company has plenty of upside.

“We are initiating coverage of Sterling Infrastructure (STRL) with a Buy Rating and $486 price target. STRL is the largest excavating contractor in the US with a focus on site development, highway, and concrete slab work.”

Raymond James upgrades Oscar Health to outperform from market perform

The firm says the stock is the “best house in a tough neighborhood.”

“We are upgrading OSCR to Outperform and establishing a $18 price target as we see the relative valuation attractive here as margins recover across the ACA [Affordable Care Act] exchange market, and see OSCR as the ‘best house in a tough neighborhood.’”

Needham initiates Sezzle as buy

Needham says the “buy-now-pay-later” platform is firing on all cylinders.

“We are initiating coverage of Sezzle (SEZL) with a Buy rating and an $85 price target.”

Guggenheim downgrades Generac to neutral from buy

Guggenheim downgraded the stock on valuation.

“We are downgrading GNRC’s stock from Buy to Neutral. Our analysis suggests that the stock is now fairly valued, even taking into account the company’s growing exposure to the data center power backup business.”

Wells Fargo reiterates McDonald’s as overweight

Wells raised its price target on the stock to $355 per share from $345 following earnings on Wednesday.

“We believe MCD (Overweight-rated) sits firmly at the top of the Restaurant ‘food chain’ with a highly franchised model, impressive margins, and no shortage of LT growth levers to drive LT comps, sustainable/growing margins, and +HSD%-LDD% total shareholder returns.”

Barclays upgrades Analog Devices to overweight from equal weight

Barclays says the stock has a “best-in-class” margin profile.

“ADI has an attractive margin profile that is industry leading and a much better inventory position than peers.”