Wednesday's Biggest Analyst Calls: Apple, Alphabet, Snap, Boeing, First Solar, Reddit, AMD & More

Here are the top analyst calls on Wall Street for Wednesday:

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Bank of America Reiterates Buy on Advanced Micro Devices (AMD)

‍Bank of America remains bullish on AMD, highlighting its strong position in critical areas of the semiconductor market, particularly in computing, artificial intelligence (AI), and embedded systems. The firm believes AMD is well-equipped to thrive in these segments, especially following the company’s recent earnings report.

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JPMorgan Reiterates Overweight on First Solar (FSLR)

‍JPMorgan reaffirmed its overweight rating on First Solar, noting that the company remains a leader in the solar industry, particularly with its U.S. business fully contracted through fiscal year 2026. The firm sees First Solar as the best-positioned solar company within its coverage, maintaining a positive outlook ahead of the U.S. elections in November.

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Bank of America Reiterates Buy on Alphabet (GOOGL)

‍Bank of America reiterated its buy rating on Alphabet, emphasizing that the company's artificial intelligence initiatives continue to outweigh potential disruption risks. The firm pointed to Alphabet’s strong quarterly performance as evidence that AI benefits are already outpacing any headwinds. Despite acknowledging possible challenges from competitors like Meta and OpenAI, Bank of America believes the market may be underestimating Alphabet’s AI advantages for the future.

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Wells Fargo Reiterates Overweight on Snap (SNAP)

‍Wells Fargo maintained its overweight rating on Snap after the company’s earnings report. Although the social media platform is navigating a volatile environment, especially with uncertainties surrounding TikTok's future in the U.S., Snap’s performance in the third quarter was stable. The firm sees growth potential but noted that North American engagement and brand advertising need to improve.

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Citi Reiterates Buy on Reddit

‍Citi reaffirmed its buy rating on Reddit, praising the company’s impressive third-quarter earnings. Product innovation drove significant growth, with revenue exceeding expectations by 11%, and EBITDA outperforming guidance by 57%. Citi believes Reddit's innovation continues to fuel its success.

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Seaport Upgrades Alphabet to Buy from Neutral

‍Seaport upgraded Alphabet to a buy following its latest earnings, citing continued momentum in advertising, particularly with search and YouTube, which saw 12% growth. Additionally, Alphabet’s cloud business grew by 35% year-over-year, benefiting from AI adoption. Seaport expects this growth to continue in the near term.

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Morgan Stanley Upgrades Edenor (EDN) to Overweight from Equal Weight

‍Morgan Stanley upgraded the Argentinian electric company Edenor, finding the stock attractive ahead of an upcoming tariff review. The firm sees this review as a key catalyst that could drive significant earnings growth and potentially lead to a re-rating of the stock.

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Raymond James Upgrades Camping World (CWH) to Outperform from Market Perform

‍Raymond James turned bullish on Camping World, upgrading the RV company’s stock to outperform. The firm believes the company is well-positioned to achieve healthy sales and EBITDA growth in 2025, independent of broader macroeconomic or industry factors.

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Bank of America Upgrades KE Holdings (BEKE) to Buy from Neutral

‍Bank of America upgraded KE Holdings, a leading real estate brokerage in China, anticipating a cyclical recovery in the Chinese real estate market. As the market leader, KE Holdings is expected to benefit from recent policy shifts in China and outgrow the overall housing market in both the short and long term.

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Bank of America Upgrades Incyte (INCY) to Buy from NeutralBank of America upgraded Incyte, a biotechnology company specializing in oncology and dermatology treatments. The firm sees growth potential in the company’s pipeline of oral and topical treatments, especially following its latest earnings report.

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Bernstein Downgrades Boeing (BA) to Market Perform from Outperform

‍Bernstein downgraded Boeing, expressing skepticism about the timing of the aerospace giant’s recovery. While the firm expects Boeing to eventually regain its position in the industry, it is uncertain about when that recovery will occur, leading to a downgrade and a lowered price target.

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Baird Upgrades Boot Barn (BOOT) to Outperform from Neutral

‍Baird upgraded Boot Barn, citing a favorable risk/reward profile for the footwear company. The firm remains confident in Boot Barn’s ability to deliver strong earnings growth, supported by opportunities for expanding its retail footprint.

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UBS Downgrades Barrick Gold (GOLD) to Neutral from Buy

‍UBS downgraded Barrick Gold ahead of the company's third-quarter earnings report, citing downside risks to volume and cost assumptions. Although the firm expects gold prices to continue rising, Barrick’s near-term outlook prompted a more cautious stance.

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Raymond James Downgrades Qorvo (QRVO) to Market Perform from Outperform

‍Raymond James downgraded Qorvo, a wireless radio frequency solutions company, after its earnings report. The firm highlighted weaker-than-expected guidance for the December quarter, driven by an unfavorable product mix in premium smartphones and limited presence in lower-tier Android devices.

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Barclays Downgrades Lear (LEA) to Equal Weight from Overweight

‍Barclays downgraded Lear, citing challenges for the automotive seating company. While Lear has made efforts to vertically integrate its seating business, Barclays believes these initiatives are not enough to offset macroeconomic headwinds for auto parts suppliers.

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Goldman Sachs Reiterates Buy on Chipotle (CMG)

‍Goldman Sachs maintained its buy rating on Chipotle, noting that the company’s growth remains strong despite management turnover. The firm continues to believe that Chipotle’s strong traffic and unit growth, along with its reinvestment in customer value, will support its long-term success.

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Morgan Stanley Reiterates Overweight on Walmart (WMT

)Morgan Stanley reiterated its overweight rating on Walmart, highlighting the company’s potential for continued growth. Walmart+ membership is near a record high, and the firm sees a long runway for expansion, especially as the retailer rolls out a Black Friday deal.

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UBS Reiterates Neutral on Apple (AAPL)

‍UBS maintained its neutral rating on Apple, stating that its survey data suggests demand for iPhones remains softer compared to last year. Despite the recent release of Apple Intelligence in U.S. English, UBS found no significant increase in demand.

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Bank of America Downgrades PDD Holdings (PDD) to Neutral from Buy

‍Bank of America downgraded PDD Holdings, citing an unattractive risk/reward profile following the company's earnings report. The firm acknowledged PDD’s strong market share and international expansion but expressed concerns about the potential impact of U.S.-China relations on the company’s outlook.

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Raymond James Downgrades Crocs (CROX) to Market Perform from Outperform

‍Raymond James downgraded Crocs after the company’s third-quarter results, citing concerns over margin pressure and a softer outlook for North American sales. The firm noted that while Crocs beat earnings estimates, challenges in the fourth quarter and 2025 could limit upside potential.

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Wedbush Downgrades Williams-Sonoma (WSM) to Neutral from Outperform

‍Wedbush downgraded Williams-Sonoma, a home goods retailer, due to reduced guidance ahead of its upcoming earnings report. The firm is cautious about the company’s outlook, noting deteriorating trends despite previously lowered expectations.

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