Wednesday’s Biggest Analyst Calls: Nvidia, Apple, Tesla, Delta, Carvana, Coinbase & More

Here are Wednesday’s biggest calls on Wall Street: S

Here’s a rundown of the most notable analyst actions shaping investor sentiment midweek.

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Seaport starts Apple at Buy
Seaport kicked off coverage on Apple with a bullish stance, highlighting the strength of its product lineup. Analysts expect this year’s releases—particularly strong momentum around AirPods to fuel demand. Looking ahead, Apple could see further growth if it launches a lower-cost iPhone next year, setting the stage for potential price increases.

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Wells Fargo initiates Snowflake as Overweight
Wells Fargo began coverage of Snowflake with an overweight rating, citing several upcoming catalysts. The firm expects upside in the third quarter, led by U.S. public sector demand, and sees the fourth quarter renewal cycle as another positive driver. Wells remains constructive into year-end, noting the stock trades at about 30 times 2027 EV/FCF.

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Bank of America reiterates Nike as Buy
Following Nike’s latest earnings, Bank of America reaffirmed its Buy rating. Analysts pointed to stronger-than-expected wholesale sales, boosting confidence that Nike’s turnaround is firmly underway.

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JPMorgan reiterates Apple as Overweight
JPMorgan’s latest survey indicates strong consumer interest in Apple’s iPhone 17 cycle, with upgrade demand outpacing the iPhone 16. While switcher interest has eased slightly from last year, both switchers and upgraders show greater preference for premium models.

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Jefferies upgrades Delta Air Lines to Buy
Delta Air Lines won an upgrade from Jefferies, which now rates the stock Buy from Hold. The firm called Delta “compelling,” alongside United Airlines, expecting both carriers to deliver the strongest margin growth through 2026.

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Jefferies upgrades Sunrun to Buy
Jefferies also raised Sunrun to Buy, citing confidence in its cash flow outlook. With safe-harbor expenses set to ease, the firm expects meaningful cash generation into 2025 and 2026.

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Wells Fargo boosts CrowdStrike to Tactical Ideas List
Wells Fargo lifted its price target on CrowdStrike to $600 from $550 and added the stock to its tactical ideas list. Analysts believe the cybersecurity leader has regained offensive momentum, supported by its advanced security platform.

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Jefferies upgrades Carvana to Buy
Carvana shares gained an upgrade to Buy from Hold at Jefferies, which sees sustained growth. Survey data, web traffic analysis, and capacity checks all point to continued upside versus consensus expectations.

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RBC upgrades Mercury Systems to Outperform
RBC moved Mercury Systems higher, citing its positioning as a key supplier of mission-critical defense processing systems.

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Barclays downgrades AT&T to Equal Weight
Barclays cut its rating on AT&T, shifting from Overweight to Equal Weight. The downgrade was largely based on valuation after the stock’s recent run-up.

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HSBC upgrades Autodesk to Buy
HSBC raised Autodesk to Buy, pointing to its strong strategic positioning to capitalize on artificial intelligence developments.

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Evercore ISI downgrades Allstate to In Line
Evercore downgraded Allstate, citing valuation. With shares already up significantly this year, the firm sees risk and reward now more balanced.

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Goldman Sachs initiates Glaukos at Buy
Goldman Sachs initiated Glaukos with a Buy rating, highlighting ophthalmology as a massive MedTech growth market worth over $60 billion. The firm sees opportunities across consumer eye products, surgical devices, and pharmaceuticals.

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Baird upgrades United Rentals to Outperform
Baird upgraded United Rentals, expecting industry stabilization to support earnings momentum. Growth reacceleration in 2026 could drive shares higher despite current premium valuations.

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HSBC initiates Repligen at Buy
HSBC began coverage on Repligen with a Buy rating, citing its strong position in bioprocessing a fast-growing sector.

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Goldman Sachs upgrades Beta Bionics to Buy
Beta Bionics was lifted by Goldman Sachs from Neutral to Buy, reflecting optimism on the company’s medtech potential.

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TD Cowen initiates Macom Technology Solutions as Buy
TD Cowen began coverage on Macom with a Buy rating, pointing to growth opportunities across RF power, frequency, and data-rate solutions.

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TD Cowen downgrades Marvell to Hold
In contrast, TD Cowen downgraded Marvell to Hold, citing limited visibility and preferring to wait for clearer momentum before turning bullish again.

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Bank of America reiterates Dell as Buy
Bank of America reaffirmed Dell with a Buy rating, boosting its price target to $170. Analysts expect Dell’s upcoming analyst meeting to focus on AI server growth, storage strategy, and the potential of AI PCs.

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TD Cowen initiates Semtech at Buy
TD Cowen also initiated Semtech with a Buy rating, pointing to the company’s improved balance sheet and positioning in data center connectivity.

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William Blair reiterates Tesla as Market Perform
William Blair raised delivery forecasts for Tesla but kept its Market Perform rating. Strong U.S. demand for the new Model Y and improved global sales have offset European weakness, though valuation remains a sticking point.

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JPMorgan upgrades Banc of California to Overweight
JPMorgan upgraded Banc of California, citing its sensitivity to lower short-term rates and favorable positioning in a declining rate environment.

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Evercore ISI upgrades Samsara to Outperform
Evercore lifted Samsara to Outperform with a $50 target, pointing to product expansion, strong execution, and a constructive multi-year growth outlook.

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TD Cowen reiterates Nvidia as Buy
Nvidia continues to receive bullish attention. TD Cowen reiterated its Buy rating, highlighting NVLink technology as a major competitive advantage in high-speed interconnects.

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RBC downgrades GE Vernova to Sector Perform
RBC shifted GE Vernova down to Sector Perform on valuation, though it still sees solid demand trends in energy generation and distribution.

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BTIG initiates Coinbase as Buy
Finally, BTIG launched coverage on Coinbase with a Buy rating and a $410 target, citing strong momentum across the crypto platform’s business lines.

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