Here are the biggest calls on Wall Street on Wednesday:

Morgan Stanley reiterates Alphabet as overweight

The investment bank said the bull case is moving ahead following the ruling in the DOJ-Alphabet antitrust case.

“Analysis of Judge Mehta’s remedies highlight how they are likely benign and unlikely to dislodge GOOGL’s leading position. Revisions, product innovation, and commercial behavior trends matter now to push toward our $260 bull case.”

Bank of America reiterates Apple as buy

Bank of America raised its price target on the iPhone maker to $260 per share from $250.

“AAPL shares traded up after market on news reports that the judge in the DOJ-Google antitrust case had issued a memorandum opinion on remedies required of Google.”

Morgan Stanley upgrades The Kraft Heinz Company to equal weight from underweight

The investment bank said the bear thesis has played out for the stock.

“We upgrade KHC to EW as our prior UW thesis has largely played out, with estimates now more reasonable and [organic sales growth] showing early signs of stabilization.”

JPMorgan reiterates NVIDIA as overweight

JPMorgan said the stock remains well positioned in AI.

“We recently attended Hot Chips 2025 and came away with a renewed sense that explosive growth in AI adoption across consumer and enterprise use cases will continue to drive a multi-year cycle of robust demand for advanced compute, memory and networking technologies. ... .Against this backdrop of strong AI trends, we continue to view AVGO, NVDA, AMD, MRVL, MTSI and ALAB as key beneficiaries.”

Raymond James upgrades Regeneron Pharmaceuticals to outperform from market perform

Raymond James said in its upgrade of the biotech company that it offers “growth (and innovation) at a reasonable price.”

“Assuming coverage of REGN shares with an Outperform rating, $673 price target.”

UBS upgrades Teck Resources Ltd to buy from neutral

UBS said in its upgrade of Teck Resources that the mining company is turning a corner.

“After material underperformance, we see the risk/reward as attractive.”

Morgan Stanley names Western Digital a top pick

Morgan Stanley raised its price target to $99 per share from $92.

“Following mgmt meetings, we gained increased confidence in WDC’s tech roadmap, and walk away more confident that WDC’s 20%+ valuation discount vs. peers is unwarranted.”

Rothschild & Company Redburn upgrades Chipotle Mexican Grill to buy from neutral

The firm sees an attractive risk/reward for Chipotle.

“With dislocated valuation embedding downside scenarios, the risk-reward now skews positively. We upgrade to Buy from Neutral, with our unchanged $55/share price target implying c28% upside potential.”

UBS reiterates McDonald's as buy

UBS said it’s even more bullish on the fast food chain following a series of meetings with management.

“We recently attended a dinner with MCD Chairman and CEO Chris Kempczinski, CFO Ian Borden and VP of IR Dexter Congbalay, and came away with reinforced confidence MCD will improve customer value perceptions and drive market share gains in the US over time.”

Wolfe initiates CoStar at outperform

Wolfe says it’s bullish on shares of the real estate company.

“We are initiating coverage of CSGP with an Outperform rating and $105 YE26 price target, representing 19% upside.”

Bank of America upgrades Valero to buy from neutral

Bank of America said the oil refiner is now better positioned.

“VLO is flattish from when we launched last fall, but in our view better positioned than they were then due to the Light-Heavy outlook.”