Here are the biggest calls on Wall Street on Wednesday:

Goldman Sachs reiterates Walt Disney as a buy

Goldman says shares of the theme park operator and movie maker are very attractive.

“We view DIS as a high quality EPS compounder at an undemanding valuation.”

Morgan Stanley reiterates Dell Technologies Inc. at overweight

After meeting with company management, Morgan Stanley says Dell is “hitting its stride.”

“After spending time digging into key investor debates with DELL’s COO and CFO, we remain just as [convinced] that DELL can extend its leadership position in AI systems while rebuilding momentum in storage and PCs and controlling costs to deliver above-plan revenue and EPS growth.”

Rosenblatt reiterates Coinbase Global, Inc. as buy

The research firm says to buy the dip in the cryptocurrency company.

“With stablecoin legislation increasingly likely in 3Q25, we believe investors underestimate the potential of COIN’s non-trading revenue streams in this political environment and expect the stock to revalue higher as investors grow more comfortable with COIN’s business mix. As a result, we view any volume-related weakness in the shares as a buying opportunity and reiterate our BUY rating.”

Wells Fargo initiates Dutch Bros Inc. at overweight

Wells says the coffee chain is well positioned.

“BROS is among the best consumer growth stories, w/ a disruptive strategy, sizable white space, margin upside & ’25/’26 comp drivers; Our ests. are above Street & we see upside as initiatives unfold & momentum builds.”

William Blair reiterates Tesla Motors as outperform

The investment bank says it’s standing by shares of Tesla.

“We believe expectations are near a bottom, and as they are reset, shares will bottom and momentum will rebound.”

Melius reiterates Cisco and NVIDIA as buy

The researcher says it’s bullish on the partnership between the two companies.

“However, Cisco’s latest 2 announcements with Nvidia showcase how its customers can invest in Cisco’s front-end networking gear and its software — and know it will work on the back-end with Nvidia’s [graphics processing units].”

Bank of America upgrades New Gold to buy from underperform

The bank says the Canadian gold miner is well positioned.

“NGD = an unfolding operational turnaround that is driving strong gold and copper production growth, falling unit costs and an inflection higher in free cash flow.”

Stephens upgrades CarMax to overweight from equal weight

Stephens says the used car company’s valuation is more reasonable and that it will benefit from tariffs.

“We believe KMX will likely marginally benefit from most tariff scenarios, at least in year 1.”