Wednesday's Biggest Analyst Calls: NVIDIA, Apple, Roku, Salesforce, Marvell, Tesla, Amazon & More

Here are some of the most significant stock calls made by Wall Street analysts on Wednesday:

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Bank of America Reiterates Salesforce as a Buy

Bank of America maintained its "buy" rating for Salesforce following its latest earnings report. The firm highlighted Salesforce’s balanced growth strategy, as evident in its strong margin performance. Analysts remain optimistic about the company’s ongoing ability to balance growth and profitability effectively.

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Daiwa Reiterates Nvidia as Outperform

Daiwa reiterated its "outperform" rating for Nvidia, raising its price target from $125 to $160 per share. The firm praised Nvidia's ability to consistently surpass expectations, even as market projections continue to rise.

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KeyBanc Upgrades Pinnacle West to Overweight

KeyBanc upgraded Pinnacle West (PNW) to "overweight" from "sector weight" with a price target of $101. Analysts pointed to structural improvements in Arizona’s regulatory environment as a key factor, along with the state’s favorable positioning to benefit from trends in the data economy, industrial growth, and population increases.

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HSBC Upgrades Merck to Buy

HSBC upgraded Merck & Co. to "buy" from "hold," noting its preference for “fallen angel” stocks in the current market environment. The firm also upgraded Fresenius Medical Care but downgraded Novartis to "reduce," citing a selective approach toward value stocks.

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JPMorgan Upgrades Trimble to Overweight

JPMorgan upgraded Trimble to "overweight" from "neutral," ahead of the company’s Investor Day on December 10. Analysts set a price target of $92, driven by expectations of accelerated growth due to a cyclical recovery in hardware and consistent performance in software.

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Piper Sandler Upgrades Pure Storage to Overweight

Following its recent earnings report, Piper Sandler upgraded Pure Storage to "overweight" from "neutral." The firm cited a significant design win with a top-four cloud hyperscaler as a key catalyst for future growth and reduced risk.

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Needham Reiterates Roku as a Buy

Needham maintained its "buy" rating for Roku, suggesting that the company is likely to be acquired within the next 12 months. Analysts pointed to potential buyers across various sectors, including streaming platforms, connected TV ad buyers, retailers, and data-focused large language model developers.

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Bernstein Reiterates Tesla as Underperform

Bernstein reiterated its "underperform" rating for Tesla, raising concerns about the valuation and the uncertainties surrounding its robotaxi initiative. The firm acknowledged a lack of immediate downside catalysts but viewed the stock’s risk/reward profile negatively.

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Goldman Sachs Reiterates Amazon as a Buy

Goldman Sachs maintained its "buy" rating for Amazon, highlighting its resilience during the holiday season. The firm noted that Amazon remains the best-positioned e-commerce platform in its coverage, supported by strong consumer engagement and selective purchasing trends.

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Citi Reiterates Marvell Technology as a Buy

Citi raised its price target for Marvell Technology from $91 to $112 per share while maintaining its "buy" rating. The firm identified Marvell as a leading player in custom ASIC compute solutions, projecting strong growth into 2025.

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UBS Initiates Gen Digital as a Buy

UBS initiated coverage on Gen Digital with a "buy" rating and a price target of $36. Analysts emphasized the company’s potential for double-digit earnings-per-share (EPS) growth in the coming years.

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Jefferies Initiates Coherent as a Buy

Jefferies launched coverage of Coherent with a "buy" rating, praising the company's underappreciated EPS potential. The firm described Coherent as a leader in materials science with expertise in optoelectronic components and laser systems.

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Wolfe Research Initiates GE Vernova as a Buy

Wolfe Research began coverage of GE Vernova with an "outperform" rating and a year-end 2025 price target of $403. The firm sees significant growth and margin expansion opportunities for the GE spinoff, which has already been a strong performer since its separation.

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Evercore ISI Reiterates Apple as Outperform

Evercore ISI reiterated its "outperform" rating for Apple, citing continued growth in App Store revenue. November's revenue growth of 16% showed a slight acceleration compared to October's 15%, supporting Apple’s guidance for 13% growth in its services segment for the December quarter.

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JPMorgan Downgrades M&T Bank to Neutral

JPMorgan downgraded M&T Bank to "neutral" from "overweight," citing concerns about the bank’s commercial real estate exposure. While the firm acknowledged solid earnings prospects, it pointed to challenges from office CRE exposure and relatively lower loan loss reserves as potential headwinds.

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These analyst updates highlight key trends across various sectors, showcasing the market’s focus on growth, regulatory improvements, and strategic acquisitions.

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