Wall Street Analyst Roundup: Key Upgrades and Initiations for Nvidia, Walmart, and More

Major financial institutions have issued several significant analyst calls this Thursday, covering a wide range of sectors from technology and retail to healthcare and energy. Here are the most notable updates:

Retail and Consumer Goods
Deutsche Bank has upgraded Walmart (WMT) from Hold to Buy, citing a more favorable growth setup heading into 2027. In the automotive space, Bank of America upgraded CarMax (KMX) from Underperform to Buy, noting that its turnaround strategy is gaining momentum. Regarding footwear, Barclays upgraded Crocs (CROX) to Overweight, pointing toward improved product innovation and direct-to-consumer strength. Additionally, RBC upgraded Casey’s General Stores (CASY) to Outperform, highlighting its unique positioning in smaller markets and advantaged fuel services.

Technology and Semiconductors
KeyBanc reiterated its Overweight rating on Nvidia (NVDA), maintaining it as a “best idea” due to its dominant position in AI/ML data center growth and the competitive moat provided by its CUDA software stack. In the quantum computing sector, Morgan Stanley upgraded Quantinuum to Overweight, labeling it a top player in the industry. For solar infrastructure, Mizuho upgraded Array Technologies (ARRY) to Outperform, suggesting that recent demand concerns are exaggerated. StoneX also initiated coverage on ON Semiconductor (ON) with a Buy rating, citing new growth potential.

Healthcare and Biotech
UBS upgraded Regeneron (REGN) to Buy, describing the company as a powerful R&D engine driven by blockbuster drugs like Dupixent. Guggenheim initiated coverage on Thermo Fisher Scientific (TMO) with a Buy rating and a $740 price target, calling the shares compelling. Deutsche Bank upgraded Fortrea (FTRE) to Buy, noting a fundamental inflection point and prospects for margin expansion. Stifel initiated coverage on Establishment Labs with a Buy rating, supported by strong top-line growth expectations. Finally, JPMorgan initiated Hemab Therapeutics (COAG) with an Overweight rating, citing its strong position in the blood disorder market.

Finance and Industrials
Baird upgraded Bank of America (BAC) to Outperform, advising clients to “buy the dip” following recent earnings. Similarly, Baird upgraded Zions Bancorporation (ZION) to Outperform, viewing recent weakness as a buying opportunity. In the metals sector, JPMorgan upgraded ArcelorMittal (MT) to Overweight, anticipating an earnings inflection. For the automotive supply chain, Bank of America upgraded BorgWarner (BWA) to Buy, expecting a return to positive growth by 2027.

Energy, Space, and Media
In the space intelligence sector, Piper Sandler initiated HawkEye360 with an Overweight rating, praising its powerful signal intelligence tools. For the utilities sector, Jefferies initiated Black Hills (BKH) with a Buy rating, citing significant data center opportunities. In the music industry, StoneX initiated Warner Music (WMG) with a Buy rating, noting that market pricing has yet to reflect the benefits of streaming economics. Conversely, StoneX downgraded Spotify (SPOT) from Buy to Hold, citing challenging financial optics for the next twelve months.

Other Notable Moves
Goldman Sachs initiated coverage on gold miner AngloGold Ashanti (AGA) with a Buy rating, highlighting its capital efficiency and long-term optionality. Citi upgraded Cemex (CX) to Buy, citing a promising outlook for the Mexican market. UBS also upgraded Scotts Miracle-Gro (SMG) to Buy, suggesting the stock offers significant upside. In the cloud computing space, Deutsche Bank reiterated a Buy rating on CoreWeave (CRWV), suggesting its established position becomes more valuable in a supply-constrained market.

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