Top Calls on Wall Street: Nvidia, Netflix, Microsoft, DoorDash, MP Materials and More

Here are the biggest calls on Wall Street on Wednesday:

Jefferies upgrades DoorDash to buy from hold

Jefferies says its growth algorithm is underappreciated.

“We believe DASH’s 2026 outlook helped lower expectations, providing flexibility for both long-term investments and upside to consensus.”

William Blair reiterates Nvidia as outperform

William Blair says the stock remains too attractive to ignore ahead of earnings on Wednesday after the bell.

“We continue to see a favorable risk/reward equation for the stock as AI demand drives continued growth and earnings power. AI training and inferencing demand across a growing number of hyperscaler, neocloud, and sovereign AI projects should only drive continued growth for Nvidia’s data center business.”

Baird upgrades Simmons First National to outperform from neutral

Baird says buy the dip in the regional bank.

“More limited upside for mega-caps, risk/reward more attractive in the regional space - upgrading SFNC to Outperform.”

Jefferies upgrades Zions Bancorp to buy from hold

Jefferies says it sees an improved outlook for shares of Zions.

“We expect momentum on core fundamentals, particularly in loans & deposits where growth has previously lagged, could steer the narrative back on track and narrow the discount.”

Oppenheimer upgrades Gladstone Capital to outperform from perform

Oppenheimer says it’s bullish on the business development company.

“GLAD’s investment objective is to generate current income primarily from senior debt tranches and capital appreciation on its minor equity portfolio.”

Bernstein downgrades PDD to market perform from outperform

Bernstein says it’s concerned about slowing growth for the China internet company.

“Our PDD downgrade is driven primarily by the view that its domestic business is maturing, and that a steadier growth algorithm behooves the company - to paraphrase a senior industry exec we respect - to start doing grown-up company things... like meet with investors, and return cash.”

JPMorgan reiterates Microsoft as overweight

JPMorgan says Microsoft has a “compelling vision” after attending the company’s Ignite Conference.

“We attended Microsoft’s Ignite conference held in San Francisco, CA. Throughout the presentations and announcements, Microsoft brings to the forefront the concept of ‘frontier firms’ that are reimagining how business is done by placing AI at the operational core to enable employees and catalyze productivity.”

Goldman Sachs initiates MP Materials at buy

Goldman says the rare earths company has “significant value.”

“We are initiating coverage of MP with a Buy rating and a $77, 12-month price target, implying ~32% upside from current levels.”

Goldman Sachs upgrades Medtronic to neutral from sell

Goldman sees improving fundamentals for the med tech company.

“We upgrade shares of Medtronic (MDT) from Sell to Neutral post 2QFY26 results, as the company’s new product momentum picks up and overall P&L metrics take another step in the right direction.”

Wells Fargo initiates Anheuser-Busch InBev as overweight

Wells sees double digit earnings per share growth for the beer company.

“Initiate BUD Overweight, $75 target. Tactical into 2026: 1) cheap valuation; 2) easy year-ago volume comps; 3) calendar catalysts - 2026 World Cup. Durable medium term: pricing power, stabilizing vol, improving GM, cash returns, and a +DD EPS model.”

Wells Fargo downgrades Molson Coors to equal weight from overweight

Wells says the “volume visibility is tough.”

“We downgrade TAP to Equal Weight as we shuffle Beer ratings.”

Morgan Stanley reiterates Netflix as overweight

Morgan Stanley says Netflix is under pressure to make a bid for Warner Bros Discovery.

“What is unique to Netflix as a potential bidder is the possibility for substantive changes to WB’s business model under Netflix’s ownership.”

Bank of America adds Generac and Cigna to US1 list

The firm added both stocks to its top picks list.

“We are adding Generac Holdings Inc. (GNRC) and The Cigna Group (CI) to the US 1 List.”

UBS upgrades Insulet to buy from neutral

UBS says it sees more upside in the diabetes management company.

“While we have appreciated PODD’s competitive positioning, we now have higher conviction in their growth algorithm”

UBS initiates Parsons at buy

UBS sees growth accelerating for the engineering and defense contracting company.

“We initiate coverage of Parsons with a Buy rating and $107 12-month price target.”

Bank of America initiates Extreme Networks at buy

Bank of America says it sees several positive catalysts ahead for the cloud networking solutions company.

“We are initiating coverage of Extreme Networks, a provider of Cloud-driven Campus networking solutions, with a Buy rating and $24 PO, implying ~44% upside potential.”

RBC upgrades Wesco to outperform from sector perform

RBC sees upside potential for the supply chain solutions provider.

“We are upgrading Wesco from Sector Perform to Outperform following its 3Q25 beat-and-raise, marking what should be a more predictable earnings cadence.”

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