Wednesday’s Biggest Analyst Calls: Nvidia, Apple, Netflix, Nike, Disney, Micron, Walmart, Zillow, Fedex & More

Here are Wednesday’s biggest calls on Wall Street:

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Loop upgrades Netflix to Buy from Hold
Loop Capital turned bullish on Netflix, citing stronger-than-expected audience activity.
The firm highlighted that exceptional third-quarter engagement, an impressive lineup of upcoming content, and improving margin expectations driven by higher revenue per dollar of content investment support the case for stronger earnings and cash flow.

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BMO downgrades Progressive to Market Perform from Outperform
BMO lowered its rating on Progressive, pointing to concerns over declining revenue momentum. While the stock looks cheap compared to the S&P 500 trading at about a 21% discount when factoring in normalized margins—the firm is cautious that the negative revenue revision trend may persist.

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Morgan Stanley reiterates Apple as Overweight
Morgan Stanley maintained its bullish stance on Apple, noting mixed but generally stable iPhone 17 demand indicators. The firm said lead times for the iPhone 17 are tracking in line to slightly better year-over-year, while supply is stronger than last year, suggesting early demand is likely higher than expected.

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Daiwa reiterates Nvidia as Outperform
Daiwa boosted its price target on Nvidia to $205 from $165, arguing the stock remains undervalued despite its AI-driven momentum. The firm praised CEO Jensen Huang’s global efforts to expand Nvidia’s AI presence, calling the company a continued leader in the space.

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Citi reiterates McDonald’s as Buy
Citi raised its target price for McDonald’s to $381 from $373, emphasizing long-term growth opportunities.
The bank expects the fast-food giant to lean into new growth engines including beverages like energy drinks, restaurant remodels, and accelerated store openings while also benefiting from market share losses at rivals.

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Piper Sandler upgrades Ormat Technologies to Overweight from Neutral
Piper Sandler upgraded Ormat, expressing optimism about the geothermal energy company’s role in a shifting energy landscape. The analysts noted that Ormat, a well-established player in the field, could benefit from a shale-like revolution in geothermal energy, supported by oil and gas industry interest.

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Guggenheim upgrades Workday to Buy from Hold
Guggenheim turned positive on Workday, arguing the HR software provider has made meaningful strides in recent years. Although the current macro backdrop isn’t ideal for big-ticket projects, the firm believes Workday is better positioned today than in the past.

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Roth upgrades Kroger to Buy from Neutral
Roth upgraded Kroger, pointing to expected operational improvements at the supermarket chain. Analysts believe better unit volume growth, modest inflation, and cost efficiencies should help Kroger continue to outperform despite a pressured consumer environment.

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Wolfe upgrades Mastec to Outperform from Peer Perform
Wolfe raised its rating on Mastec, highlighting the company’s exposure to data centers and infrastructure spending. The firm said both utility capital expenditures and growth in data centers provide meaningful tailwinds for the engineering and construction company.

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Wolfe reiterates Micron as Outperform
Wolfe lifted its price target for Micron to $180 from $160, pointing to improving memory market conditions. With multiple AI-related catalysts, analysts see a favorable setup for further growth.

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Bernstein reiterates Disney as Outperform
Bernstein reaffirmed its positive view on Disney, but stressed the need for more local content in international markets. Disney+ penetration remains below 20% in many developed countries and under 10% in some, signaling untapped opportunity if the company tailors content to regional audiences similar to Netflix’s strategy.

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Evercore ISI downgrades FedEx to In Line from Outperform
Evercore ISI cut FedEx to In Line, lowering its target to $243 from $249. The firm warned that persistent demand headwinds could weigh on near-term earnings, creating more downside risk.

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Bernstein upgrades Zillow to Outperform from Market Perform
Bernstein upgraded Zillow, noting the company’s fundamentals have become increasingly attractive. While valuation and timing concerns previously held them back, analysts now see the stock as more compelling.

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Bank of America reiterates Walmart as Buy
Bank of America lifted its price target on Walmart to $125 from $120, underscoring its strong value proposition The firm noted that Walmart’s consistent pricing across online and in-store channels should continue to attract consumers seeking convenience and affordability.

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Berenberg upgrades AbbVie to Buy from Hold
Berenberg turned bullish on AbbVie, citing robust growth, strong R&D returns, and healthy cash generation. The firm set a $270 price target, implying a 25% upside, and argued the biopharma giant deserves a premium valuation.

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Berenberg downgrades Eli Lilly to Hold from Buy
On the flip side, Berenberg downgraded Eli Lilly, saying the obesity drug market may have peaked for now. While Lilly remains a leader in the space, analysts see consensus expectations as overly ambitious.

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Bank of America reiterates Nike as Buy
Bank of America reiterated its Buy on Nike ahead of upcoming earnings. The firm expects signs of stronger sales trends, coupled with healthy inventory levels that should be cleared by mid-year, to confirm its view of a recovery in progress.

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