Here are Wednesday’s biggest calls on Wall Street:

KeyBanc upgrades AT&T to overweight from sector weight

KeyBanc said investors should buy the dip.

“We upgrade AT&T to OW with a $30 PT.”

Barclays initiates Carvana as overweight

Barclays is bullish on the used car company.

“However, we believe CVNA is well-positioned to outpace the market given its investments to make buying online easier and more convenient (i.e., same or next-day delivery), streamline sourcing and logistics, and aggressive vehicle procurement.”

Deutsche Bank upgrades Sea Ltd to buy from hold

Deutsche upgraded the Singapore tech conglomerate following earnings.

“SEA had another strong quarter for revenue, which rose 38%; however, profit was unable to hold recent highs due to growth investments.”

TD Cowen reiterates Nvidia and Broadcom as buy

The firm said it’s bullish ahead of Nvidia earnings next week and raised its price target on Broadcom to $405 per share from $370.

“Namely, we are positively inclined into the print on NVIDIA on the likely strength of the Blackwell Ultra uplift and the stock’s relative underperformance intraquarter. ... While we believe Broadcom and Credo are likely to report strong results as well, we see this as being largely understood and have a more muted expectation for their respective stock reactions.”

Raymond James downgrades Bath & Body Works to market perform from outperform

Raymond James said it sees too many near-term challenges.

“We are downgrading Bath & Body Works (BBWI) to Market Perform from Outperform. While we believe there is low-hanging fruit to improve digital capabilities, product, and distribution, we expect this will take time to take form, and until then, growth will be below long-term potential.”

JPMorgan upgrades Outfront Media to overweight from neutral

JPMorgan said the outdoor media company is best positioned.

“We upgrade Outfront to OW and expect it to outperform Lamar given its outsized exposure to the markets hosting World Cup matches, strong momentum in Transit (NY MTA), more attractive cash returns to shareholders, and stronger earnings expansion potential considering its higher operating and financial leverage.”

JPMorgan initiates Atour Lifestyle as overweight

JPMorgan said the China hotel company has a differentiated offering.

“We initiate coverage of Atour with an OW rating and a Street-high Dec-26 PT of US$57.”

Citi reiterates Eli Lilly as buy

Citi raised its price target on the biopharma giant.

“Given last week’s landmark GLP-1 agreement with broadening Medicare / Medicaid access for tirzepatide / orforglipron, we think Lilly’s domination of the category should accelerate. Maintain Buy; TP now $1,500 (from $1,250).”

MoffettNathanson reiterates Netflix as buy

The firm said investors should buy the dip.

“Yet, even after laying out the steel-man argument for these bear cases, Netflix should be able to drive sustained engagement growth through original content and live events (including sports), while its monetization runway across the ad tier and beyond provides additional catalysts for topline growth.”

UBS reiterates Apple as neutral

UBS said its checks show Apple’s iPhone wait times are “flat.”

“UBS Evidence Lab data that tracks iPhone availability across 30 geographies suggests more of the same: wait times are flat to down WoW on average across key markets.”

Bernstein reiterates Disney as outperform

Bernstein said the stock is an “opportunity for value investors.”

“Disney’s FYQ4 earnings are just around the corner, and the usual metrics are in focus — DTC subs and EBIT %, Parks revenue and EBIT, among others. Rather than another quarterly preview of expectations, we take a step back to assess the setup for the quarter and FY26+, irrespective of the upcoming print.”

Bernstein initiates Rollins as outperform

Bernstein said the pest control company is a top idea.

“Rollins is our top pick. A family-run company for over 75+ years, it is undergoing a transformation to modernize the business with a non-family member and industry veteran Ken Krause leading the way.”

Bernstein initiates WM as outperform

Bernstein said the waste industry is “set to improve.”

“We rate Waste Management Outperform with a target price of $255.”

Bank of America reiterates Advanced Micro Devices as buy

Bank of America called the company “the ‘little’ engine that certainly can” following its analyst day on Tuesday.

“Rack-scale execution, GM/opex prudence, [gross margin] and the lack of an effective networking portfolio remain risks, but AMD’s strong AI roadmap and annual product/rack cadence could help it reach its 10%+ AI share target in one of the fastest growing end markets in semis history – AI compute.”

Piper Sandler upgrades Floor & Decor to overweight from neutral

Piper said it sees upside potential for the home décor company.

“We are upgrading shares of FND to Overweight and increasing our PT to $80 on the expectation of healthy comp improvement by Q1 2026 with potential for further acceleration in 2026. Importantly, our call is not based on Existing Home Sales or a strong housing recovery.”

Susquehanna upgrades eToro Group to positive from neutral

Susquehanna upgraded the financial services fintech company following earnings.

“On a mission to ‘open the global markets, connect (its) users to leading investors, and give them the tools they need to grow their knowledge and wealth,’ eToro delivered another very strong fundamental quarter, leading to sharp upward revisions to our estimates.”

Citi opens a positive catalyst watch on Cava

The firm said the restaurant chain will be a beneficiary of the government reopening.

“We expect CAVA’s sales to improve off lows as the U.S. government likely reopens in the coming weeks given the brand’s relative over-exposure to the DC, MD, and VA markets, which represent ~16% of the company’s store base.”

Canaccord initiates Nuvalent as buy

Canaccord said it sees a slew of positive catalysts ahead for the biotech company.

“We see Nuvalent as a best-in-class precision oncology company.”

Oppenheimer upgrades Ichor Holdings to outperform from perform

Oppenheimer said to buy the weakness in the semiconductor capital equipment company.

“Upgrading ICHR to Outperform with $25 PT. We’ve been skeptical for over a year, but after two hard resets (50:50 market/self-inflicted), margins at trough levels, and CEO change, the setup looks asymmetrically positive.”