Wall Street analysts lift calls on Nvidia, Broadcom and other U.S. stocks

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Analysts lift calls on U.S. stocks

Highlights

Goldman Sachs raises Broadcom's price target to $500 from $480 and William Blair sees Nvidia poised for another beat-and-raise quarter ahead of earnings.
Wells Fargo increases Marvell's price target to $195 from $135 and Bank of America maintains Alphabet as overweight after faster AI product launches at I/O 2026.
Citi upgrades California Resources and Ovintiv to buy on continued upside potential, while Deutsche Bank upgrades Humana, Centene, and Elevance citing early stage of managed care rally.

Brokerage moves highlight earnings and product catalysts

As reported by CNBC, Wall Street analysts issue a fresh round of rating changes and target revisions on Wednesday, with chipmakers and AI-linked names drawing some of the strongest support. Goldman Sachs reiterates Broadcom as buy and lifts its price target to $500 from $480 ahead of earnings, while William Blair reiterates Nvidia as outperform, saying the company is positioned for another beat-and-raise quarter.

Needham initiates QuickLogic with a buy rating and a $22 price target, citing revenue upside, and Wells Fargo reiterates Marvell as overweight ahead of earnings next week, raising its price target to $195 from $135. Bank of America also reiterates Alphabet as overweight after its I/O 2026 developer conference, saying the company is accelerating AI product launches and showing stronger leadership in consumer AI experiences.

Outside large-cap technology, Oppenheimer upgrades Rubrik to outperform from perform on product strength, and Baird initiates Pinnacle Financial as outperform with a $115 price target. William Blair also starts Casey's General Stores at outperform, describing the stock as compelling, while Baird reiterates Amazon as outperform ahead of Prime Day in June, arguing consensus may be underestimating the revenue shift into the second quarter.

Upgrades extend across industrial, energy and healthcare sectors

Analyst optimism also reaches more cyclical and defensive areas of the market. UBS upgrades Packaging Corp to buy from neutral, pointing to pricing power from tighter supply and improving demand, while Jefferies upgrades C.H. Robinson to buy from hold after a headquarters visit that reinforced its view on technology transformation, regulatory tailwinds and balance-sheet flexibility.

In consumer and luxury, TD Cowen upgrades Ermenegildo Zegna to buy from hold, citing improving fundamentals and a clearer path to stabilization at Tom Ford and Thom Browne. Wolfe reiterates Five Below as outperform after checks tied to its weekend Dumpling event, saying the promotion appears to have driven stronger search trends and positive employee feedback.

Energy and healthcare names also feature prominently. Citi upgrades California Resources and Ovintiv to buy from neutral, saying both exploration companies still have upside, and Raymond James upgrades SM Energy to outperform from underperform, citing support from higher oil prices after the Iran war. Deutsche Bank upgrades Humana to buy from hold, alongside upgrades to Centene and Elevance, saying the managed care rally is only beginning, while Maxim upgrades Gilead to buy from neutral on valuation and further growth potential.

In our earlier article on Nvidia’s upcoming fiscal Q1 2026 earnings, we outlined why the report is seen as a key read-through for AI infrastructure demand across the tech sector. We also highlighted Nvidia’s plans to open a new AI research hub in Singapore and noted that intensifying competition from rivals and in-house chips at major cloud players is raising the stakes for guidance and valuation.

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