Here are the biggest calls on Wall Street on Thursday: Roth initiates Real Real as buy Roth says the luxury resale shop has a differentiated offering. “The RealReal (TRR) is in the midst of a positive business inflection that has gained momentum under CEO Rati Levesque.” Oppenheimer downgrades Meta to perform from outperform The firm says there’s “too much uncertainty” surround the company’s AI investments following earnings. “Downgrading META to Perform (from Outperform) as risk/reward properly reflected after-hours.” Read more . Oppenheimer upgrades Extreme Networks to outperform from perform Oppenheimer upgraded the networking equipment company following earnings. “EXTR entered fiscal 2026 with strong momentum after reporting another solid quarter of improved results.” Roth initiates ThredUp as buy Roth says the resale shop is well positioned. ” ThredUp Inc.is an online resale platform for women’s/ kids apparel, shoes, and accessories.” Bank of America upgrades Teradyne to buy from underperform Bank of America said in its double upgrade of the stock that it’s in “front of a multi-year acceleration.” ” TER’ s Q3 eps call addressed our prior concerns about the lack of sales/eps revisions and we are upgrading the stock to Buy from Underperform with a $205 PO vs. $145 prior.” Evercore ISI downgrades Etsy to in line from outperform Evercore downgraded the stock following earnings. “We are downgrading ETSY to In Line from Outperform, though we raise our price target modestly to $73 from $72 prior. ETSY produced a solid beat Q3 with GMS/Revenue/EBITDA of $2.73B/$678MM/$172MM coming in 2%/3%/5% above Street estimates.” Rothschild Redburn & Co upgrades Warner Bros Discovery to buy from neutral The firm says it likes the revenue synergies in a take-out of the company. ” Warner Bros Discovery (WBD) is up for sale. … .Higher than expected revenue synergies is the biggest surprise, making a $27-30 take-out seem reasonable.” Deutsche Bank downgrades Boeing to hold from buy Deutsche downgraded Boeing following earnings. “Over the next few years, however, we think the financial picture of the company remains constrained by the burdens of the past, which are impacting the unit economics and working capital trends in the near medium term.” Telsey upgrades Steven Madden to outperform from market perform Telsey says the shoe company is firing on all cylinders. “Ahead of next week’s earnings release, we are raising our rating on SHOO to Outperform from Market Perform. Overall, we believe SHOO has been bringing trend-right products to market quickly, growing its apparel and accessories business, and expanding internationally. Tariff pressures and consumer uncertainty continue to cloud visibility to 2H25.” Morgan Stanley reiterates Carvana as overweight Morgan Stanley says it’s sticking with Carvana following earnings. “We reit. our OW rating and strong conviction in CVNA’s competitive moat with improved balance sheet position and incremental confidence in the vertically integrated financing platform.” Morgan Stanley downgrades Fiserv to equal weight from overweight The firm says it sees too many negative catalysts for Fiserv. “40 years of double-digit EPS growth ends. Downgrade to EW as mgmt goes through an investment process to improve service and product, targeting eventual mid-single-digit revenue growth and a return to double-digit EPS growth.” H.C. Wainwright upgrades Coinbase to buy from sell The firm upgraded the stock ahead of earnings. “We are upgrading our rating on COIN to Buy from Sell on our bullish outlook for crypto asset prices in 4Q alongside regulatory tailwinds.” Citi upgrades Form Factor to buy from hold Citi upgraded the semis company following earnings. “FormFactor, Inc. is a leading manufacturer of advanced semiconductor wafer probe cards used in testing integrated circuits during the chip manufacturing process.” Barclays upgrades Verisk Analytics to overweight from equal weight Barclays said in its upgrade of Verisk that it sees a slew of positive catalysts ahead. “We see Feb. guidance, 3/5 IR day and its defensive characteristics (in a increasingly uncertain macro) as catalysts for the stock.” Needham initiates DraganFly as buy Needham says it’s bullish on the drone company. “We are initiating coverage on Draganfly (DPRO) with a buy rating and $20 price target.” JPMorgan reiterates ServiceNow as overweight JPMorgan raised its price target on the stock to $1,075 per share from $1,020 following earnings. ” ServiceNow stands out as the pioneer and leader of cloud-based IT Workflow management and is in the early stages of transforming into a true multi-product success story as it expands its presence in Employee, Customer, and Creator Workflows.” Morgan Stanley reiterates Chipotle as overweight Morgan Stanley says it’s standing by the stock following earnings. ” CMG is the best larger cap unit growth story in our coverage and a unique consumer asset with many levers to pull over time, hence the OW rating remains, and we aren’t of the view current issues have changed the structural story and long term opportunity, but the cyclical issues are indeed worse, and will take time for CMG, and peers, to work though.” Wells Fargo reiterates Starbucks as overweight Wells says it’s standing by Starbucks following earnings. “FQ4 was expectedly noisy, but Global comps beat & a Sep/Oct US inflection offers credibility amidst ample skepticism. EPS visibility is still poor & labor costs take our ’26 ests lower, but positive FQ1 comps and A-Day/China catalysts help the cause.” Bank of America reiterates Caterpillar as buy The firm raised its price target to $650 per share from $594. “Q3 results provide a window that CAT’s through cycle EPS power is trending higher vs prior expectations.” Bank of America reiterates Alphabet as buy Bank of America raised its price target on the stock to $335 per share from $280 following earnings. “We see Alphabet as well positioned long term with leading AI technology to apply to search, YouTube and Cloud businesses.” Bank of America reiterates Meta as buy Bank of America lowered its price target to $810 per share from $900 following earnings. “We expect Meta stock to be controversial given a limited EPS growth outlook and y/y FCF pressure in 2026.” Morgan Stanley reiterates Microsoft as overweight Morgan Stanley raised its price target on the stock to $650 per share from $625 following earnings. ” Microsoft exceeded consensus across all three business segments, yielding a ~3% total revenue beat, as the company executes well to ramping AI demand.” Stephens upgrades C.H. Robinson to overweight from equal weight Stephens says the shipping company has a “first mover” advantage. “After the quarter, and industry conversations ahead of the quarter, we are upgrading CHRW to Overweight, from Equal- Weight, and introducing 2027 EPS estimates. We believe that CHRW’s scale and first mover advantage will allow for continued productivity and share gains in the coming years, and management has shown its operating model is differentiated.” JPMorgan reiterates Nvidia as overweight JPMorgan says Nvidia is a beneficiary of “strong AI server spending.” “We expect AI-related demand to drive a multi-year runway of growth for NVDA’s datacenter GPU business…”