Every single trading morning feels a little like Christmas when the analyst notes start hitting my inbox. Some days it’s quiet crickets, other days it’s an absolute firehose of conviction buys, price-target hikes, and the occasional “yeah, we still love this name” reassurance. Today, November 26, 2025, was definitely the firehose version.
I grabbed my third coffee, opened the Bloomberg terminal, and just watched the upgrades roll in like a freight train. Nvidia, Amazon, Dell, Broadcom, ASML — the usual AI and tech suspects — but also some less obvious names that suddenly have the Street pounding the table. Here’s my take on the calls that actually matter today, the ones that could move your portfolio before the closing bell.
Wednesday’s Heavy Hitters: The Calls Everyone Is Talking About
Nvidia – Still the King, Still Outperform
Let’s start with the 800-pound gorilla. Bernstein came out swinging with another Outperform rating on Nvidia after the company quietly sent a memo to sell-side analysts addressing the usual FUD points (China restrictions, Blackwell delays, competition, you name it).
Look, I’ve been riding the Nvidia train for years, and every time someone screams “peak GPU,” demand somehow gets even crazier. The memo apparently satisfied the Street because the stock is acting like it never even blinked at last week’s volatility. If you thought the run was over, analysts are basically saying: not even close.
“We believe the company’s responses to these points are broadly valid and useful.”
– Bernstein note, Nov 26
Amazon – “Buy This Dip Like Your Life Depends On It”
JPMorgan basically stamped a giant neon sign on Amazon shares that reads OVERWEIGHT and “please buy more.” After a monster Q3 where AWS clocked its fastest growth in 11 quarters, the stock still managed to fall 10% from November highs. That, my friends, smells like opportunity.
In my experience, when Amazon trades like a boring retailer instead of the cloud/AI juggernaut it actually is, that’s usually the moment smart money starts backing up the truck. JPMorgan agrees.
Dell – From Server Boxes to AI Cash Machine
Bank of America just lifted its price target on Dell to $163 (from $160) and kept the Buy rating intact. The thesis is pretty straightforward: Dell is no longer just the company your IT guy orders laptops from. The AI server backlog is measured in tens of billions now.
BofA sees 15% EPS growth over the next five years like it’s the easiest forecast in the world. Honestly? After the print they just dropped, I’m not arguing.
Broadcom – $435 Target Because AI Doesn’t Run on Hopes and Dreams
Goldman Sachs said hold onto your hats and bumped Broadcom’s target all the way to $435 from $380. The logic? Nvidia’s blowout quarter is great, but someone has to build the custom silicon and networking fabric that ties these mega-clusters together. That someone is increasingly Broadcom.
Google dropping Gemini 3 details didn’t hurt sentiment either. Every new model announcement basically translates to more chips—and more Broadcom chips specifically.
ASML – Morgan Stanley Says “Yeah, This Dip Is Ridiculous”
Possibly my favorite call of the day: Morgan Stanley officially crowned ASML its Top Pick in European semiconductors after the recent sell-off. When the only company that makes EUV machines—the literal bottleneck for next-gen chips—trades like a cyclical value trap, you pay attention.
Every single leading-edge fab expansion on the planet needs more ASML machines. The order book is exploding, yet the stock got crushed with the semi group. Morgan Stanley is basically daring you to fade them.
Pinterest – Still Overweight Even After Cutting the Target
Morgan Stanley lowered its price target to $32 from $41 but kept the Overweight rating. Translation: revenue trends are softer than hoped, but at roughly 12x 2026 EBITDA with mid-teens growth baked in, the risk/reward still screams buy.
They highlighted three specific catalysts still in the deck for 2026. I won’t spoil the note, but if you’ve been waiting for a better entry on Pinterest, this might be your sign.
Oracle – Getting Zero Credit for the OpenAI Deal
Deutsche Bank ran the numbers on Oracle’s cloud infrastructure deal with OpenAI and basically concluded the market is giving the stock zero credit for what could be a multi-billion-dollar revenue stream.
The pullback? Perfect entry point, according to the note. I’ve rarely seen analysts this direct: “the risk/reward skews strongly to the upside.” When Deutsche gets that excited about Oracle, you listen.
Quick-Hit Upgrades You Shouldn’t Sleep On
- Autodesk – Deutsche Bank to Buy, $375 target (from Hold)
- Autoliv – JPMorgan to Overweight on China recovery
- Atmus Filtration – JPMorgan back to Overweight on portfolio diversification
- XPO – Rothschild & Co initiates Buy expecting margin expansion
- Oscar Health – Piper Sandler to Overweight (“priced for adversity” in 2026)
- Kyndryl – Guggenheim initiates Buy – post-IBM spinco finally hitting stride
- Astronics – TD Cowen initiates Buy on aircraft power system dominance
That Kyndryl one caught my eye in particular. A lot of investors wrote it off after the IBM spin, but management has been quietly cleaning house and the numbers are finally inflecting. Guggenheim sees a lot of runway left.
Here’s the bottom line: today felt like one of those sessions where the pros are separating the real compounders from the noise. AI infrastructure names continue to get love at every layer of the stack—GPUs, custom silicon, networking, lithography machines, cloud, even the servers and power systems that make it all run.
Meanwhile, high-quality businesses trading at inexplicably cheap multiples (Pinterest, Oracle, ASML) are getting fresh “come to Jesus” calls from the Street.
If your portfolio has been feeling a little bruised after the last couple weeks, today’s note barrage is a friendly reminder: dips in secular winners rarely last when the fundamental demand picture keeps accelerating.
Now if you’ll excuse me, I have some buy lists to update before tomorrow’s open.
