<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2016/12/13/22/15/chart-1905225__340.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2016/12/13/22/15/chart-1905225__340.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>华尔街本周在讨论什么？以下是 2025 年 11 月 17 日至 21 日交易周华尔街最佳分析师所做的前五大买入推荐和前五大卖出推荐的快速回顾。首先，来看本周的前五大买入推荐。</p>
<h3><strong>1. Loop Capital 将 Alphabet 升级为买入</strong></h3>
<p>Loop Capital 将 Alphabet (GOOGL) 的评级从持有升级为买入，目标价从 260 美元上调至 320 美元。该公司撤回了对人工智能蚕食下公司搜索收入增长可持续性的担忧，转型风险不再是投资者共同关注的问题。</p>
<p>分析师在研究报告中告诉投资者，谷歌的搜索结果 “依然健康”，而流量份额到 Gemini 的同比增长已翻倍，谷歌云的地位及其专有人工智能处理器的机会规模 “正变得越来越被认可”。Loop 在显著提高谷歌云的增长前景后升级了 Alphabet。</p>
<h3><strong>2. Raymond James 将 Nvidia 重新评为强力买入</strong></h3>
<p>Raymond James 重新覆盖 Nvidia (NVDA)，给予强力买入评级，目标价为 272 美元。作为加速和人工智能计算的领导者，该公司直接受益于 “人工智能工厂” 和数据中心规模平台的多年度建设，分析师在研究报告中告诉投资者。</p>
<p>凭借数亿台已安装的 GPU、超过六百万名开发者以及在全球企业和主权人工智能项目中的深度整合，Nvidia 在其所称的 “人工智能工业革命” 的中心独具优势，在这一革命中，数据是原材料，数字智能是产出，该公司补充道。</p>
<h3><strong>3. Jefferies 将 DoorDash 升级为买入</strong></h3>
<p>Jefferies 将 DoorDash (DASH) 的评级从持有升级为买入，目标价从 220 美元上调至 260 美元。该公司 2026 年的前景降低了预期，这为其长期投资和对共识预期的上行提供了 “灵活性”，分析师在研究报告中告诉投资者。</p>
<p>该公司认为，美国餐厅外卖在过去四个季度的更快增长，值得对 DoorDash 最盈利业务的增长前景采取更乐观的态度。Jefferies 在过去 30 天股价下跌 20% 后升级了该股票。Jefferies 认为公司的 “强劲执行和增长算法现在似乎被低估了”。</p>
<h3><strong>4. Deutsche Bank 将 Carvana 重新评为买入</strong></h3>
<p>Deutsche Bank 重新覆盖 Carvana (CVNA)，给予买入评级，目标价为 395 美元。该公司正进入一个 “黄金时刻”，其固定运营杠杆将使其能够以高速度再投资于其 “市场领先的竞争护城河”，该公司在研究报告中告诉投资者。</p>
<p>Deutsche 预计 Carvana 也将在当前预期之前实现利润率扩张。该公司认为，随着二手车供应基本面的改善以及对利率的 “温和压力”，在线购车的接受度将提高。</p>
<h3><strong>5. Wells Fargo 将 Flutter Entertainment 评级为超配</strong></h3>
<p>Wells Fargo 启动了对 Flutter Entertainment (FLUT) 的覆盖，给予超配评级，目标价为 272 美元。该公司认为，在股票最近的抛售后，存在 “引人注目的估值”。Flutter 提供了对 “高质量” 管理团队和 “高增长” 美国数字市场的曝光，Wells 在研究报告中告诉投资者。</p>
<p>接下来是本周的前五大卖出推荐。</p>
<h3><strong>1. HSBC 将 Palo Alto 下调至减持，因销售增长放缓</strong></h3>
<p>HSBC 将 Palo Alto Networks (PANW) 的评级从持有下调至减持，目标价维持在 157 美元不变。该公司认为，公司的 2024 财年第一季度业绩 “足够，但不具变革性”。</p>
<p>该股票的风险/回报正在转为负面，2026 和 2027 财年的上调预期潜力有限，HSBC 在研究报告中告诉投资者。该公司表示，随着 Palo Alto 收入增长放缓，负面股价重估的机会增加。</p>
<h3><strong>2. Morgan Stanley 将 Dell Technologies 从超配下调至减持</strong></h3>
<p>Morgan Stanley 将 Dell Technologies (DELL) 的评级从超配下调至减持，目标价从 144 美元下调至 110 美元。该公司认为，内存 “超级周期” 给硬件制造商的收益带来了下行风险，进入 2026 年。</p>
<p>该周期导致输入成本膨胀，伴随 “温和” 的非人工智能硬件需求趋势，分析师在研究报告中告诉投资者。Morgan Stanley 下调了多家全球硬件公司的评级，表示较低的毛利率将导致负面收益修正和倍数压缩。</p>
<h3><strong>3. Morgan Stanley 将 HP Inc. 下调至减持</strong></h3>
<p>Morgan Stanley 将 HP Inc. (HPQ) 的评级从等权下调至减持，目标价从 26 美元下调至 24 美元。该公司认为，内存 “超级周期” 给硬件制造商的收益带来了下行风险，正如之前提到的。</p>
<h3><strong>4. HSBC 将 QuantumScape 下调至减持</strong></h3>
<p>HSBC 将 QuantumScape (QS) 的评级从持有下调至减持，目标价从 5.30 美元上调至 10.50 美元。尽管该公司在其目标上取得了一些进展，并宣布了一些关键协议和合作关系，但可见性或合同经济的披露仍然有限，分析师在研究报告中告诉投资者。</p>
<p>HSBC 认为 QuantumScape 的股票已经反映出 “乐观情景”。该公司现在认为下行风险大于上行风险，原因是缺乏对许可合同结构和新收入来源的详细信息。</p>
<h3>**5. Mizuho 将 Canadian Solar 下调至卖出，因 “过度” 反弹</h3>
<p>瑞穗证券将加拿大太阳能（CSIQ）的评级从 “跑赢大盘” 下调至 “表现不佳”，目标价从 15 美元上调至 21 美元。该公司在研究报告中告诉投资者，股票近期的反弹反映了加拿大太阳能电池储存业务的更高增长倍数和太阳能倍数的扩张。</p>
<p>然而，瑞穗证券表示，美国工厂问题的影响仍然不确定。瑞穗指出，由于对电池储存需求以满足负载增长的预期以及太阳能倍数触底的预期，该股票在过去三个月上涨了 108%，表现优于同行。该公司认为：“这似乎有些过头。” 它相信加拿大太阳能在美国的扩张仍在按计划进行，但补充说其外部关注实体的合规性仍在待定中。</p>
<hr/>
<p><em>更多来自该作者的内容：</em></p>
<p>华尔街专家对沃尔玛财报前的看法</p>
<p>华尔街专家对英伟达财报前的看法</p>
<p>华尔街专家对塔吉特财报前的看法</p>

FLTR

<p>华尔街在 2025 年 11 月 17 日至 21 日的顶级股票推荐包括对 Alphabet、Nvidia、DoorDash、Carvana 和 Flutter Entertainment 的买入评级，以及对 Palo Alto Networks、Dell Technologies、HP Inc.和 QuantumScape 的卖出评级。分析师提到的推荐因素包括人工智能的增长、市场定位和估值</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2016/12/13/22/15/chart-1905225__340.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2016/12/13/22/15/chart-1905225__340.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>What has Wall Street been buzzing about this week? Here is a quick look at the top 5 Buy calls and the top 5 Sell calls made by Wall Street's best analysts during the trading week of Nov. 17-21, 2025. First, here are the top 5 Buy calls of the week.</p>
<div class="lb-trans"><p>华尔街本周在讨论什么？以下是 2025 年 11 月 17 日至 21 日交易周华尔街最佳分析师所做的前五大买入推荐和前五大卖出推荐的快速回顾。首先，来看本周的前五大买入推荐。</p>
</div><h3><strong>1. Alphabet Upgraded to Buy at Loop Capital</strong></h3>
<div class="lb-trans"><h3><strong>1. Loop Capital 将 Alphabet 升级为买入</strong></h3>
</div><p>Loop Capital upgraded Alphabet (GOOGL) to Buy from Hold with a price target of $320, up from $260. The firm retracts its concerns regarding the sustainability of the company's search revenue growth under artificial intelligence cannibalization, and transition risk is no longer a concern shared by investors.</p>
<div class="lb-trans"><p>Loop Capital 将 Alphabet (GOOGL) 的评级从持有升级为买入，目标价从 260 美元上调至 320 美元。该公司撤回了对人工智能蚕食下公司搜索收入增长可持续性的担忧，转型风险不再是投资者共同关注的问题。</p>
</div><p>Google's search results &#34;remain as healthy as ever&#34; while traffic share to Gemini has doubled year-over-year, and the position of Google Cloud and size of opportunity for its proprietary artificial intelligence processors &#34;is becoming better appreciated,&#34; the analyst tells investors in a research note. Loop upgraded Alphabet after significantly raising its growth outlook for Google Cloud.</p>
<div class="lb-trans"><p>分析师在研究报告中告诉投资者，谷歌的搜索结果 “依然健康”，而流量份额到 Gemini 的同比增长已翻倍，谷歌云的地位及其专有人工智能处理器的机会规模 “正变得越来越被认可”。Loop 在显著提高谷歌云的增长前景后升级了 Alphabet。</p>
</div><h3><strong>2. Nvidia Resumed With a Strong Buy at Raymond James</strong></h3>
<div class="lb-trans"><h3><strong>2. Raymond James 将 Nvidia 重新评为强力买入</strong></h3>
</div><p>Raymond James resumed coverage of Nvidia (NVDA) with a Strong Buy rating and a $272 price target. As the leader in accelerated and AI computing, the company benefits directly from a multi-year build-out of &#34;AI factories&#34; and data-center-scale platforms, the analyst tells investors in a research note.</p>
<div class="lb-trans"><p>Raymond James 重新覆盖 Nvidia (NVDA)，给予强力买入评级，目标价为 272 美元。作为加速和人工智能计算的领导者，该公司直接受益于 “人工智能工厂” 和数据中心规模平台的多年度建设，分析师在研究报告中告诉投资者。</p>
</div><p>With hundreds of millions of installed GPUs, more than six million developers, and deep integration into enterprise and sovereign AI initiatives worldwide, Nvidia is uniquely positioned at the center of what it calls the &#34;AI industrial revolution,&#34; where data is the raw material and digital intelligence is the output, the firm added.</p>
<div class="lb-trans"><p>凭借数亿台已安装的 GPU、超过六百万名开发者以及在全球企业和主权人工智能项目中的深度整合，Nvidia 在其所称的 “人工智能工业革命” 的中心独具优势，在这一革命中，数据是原材料，数字智能是产出，该公司补充道。</p>
</div><h3><strong>3. DoorDash Upgraded to Buy at Jefferies</strong></h3>
<div class="lb-trans"><h3><strong>3. Jefferies 将 DoorDash 升级为买入</strong></h3>
</div><p>Jefferies upgraded DoorDash (DASH) to Buy from Hold with a price target of $260, up from $220. The company's 2026 outlook lowered expectations, which provides &#34;flexibility&#34; for both its long-term investments and upside to consensus estimates, the analyst tells investors in a research note.</p>
<div class="lb-trans"><p>Jefferies 将 DoorDash (DASH) 的评级从持有升级为买入，目标价从 220 美元上调至 260 美元。该公司 2026 年的前景降低了预期，这为其长期投资和对共识预期的上行提供了 “灵活性”，分析师在研究报告中告诉投资者。</p>
</div><p>The firm believes faster growth in U.S. restaurant delivery over the past four quarters warrant a more bullish stance on the growth runway for DoorDash's most profitable business. It upgraded the shares following the 20% selloff in the past 30 days. Jefferies believes the company's &#34;strong execution and growth algorithm now appear underappreciated.&#34;</p>
<div class="lb-trans"><p>该公司认为，美国餐厅外卖在过去四个季度的更快增长，值得对 DoorDash 最盈利业务的增长前景采取更乐观的态度。Jefferies 在过去 30 天股价下跌 20% 后升级了该股票。Jefferies 认为公司的 “强劲执行和增长算法现在似乎被低估了”。</p>
</div><h3><strong>4. Carvana Resumed With a Buy at Deutsche Bank</strong></h3>
<div class="lb-trans"><h3><strong>4. Deutsche Bank 将 Carvana 重新评为买入</strong></h3>
</div><p>Deutsche Bank resumed coverage of Carvana (CVNA) with a Buy rating and a $395 price target. The company is entering a &#34;Goldilocks scenario&#34; where its fixed operating leverage will allow it to reinvest into its &#34;market leading competitive moats&#34; at a high rate, the firm tells investors in a research note.</p>
<div class="lb-trans"><p>Deutsche Bank 重新覆盖 Carvana (CVNA)，给予买入评级，目标价为 395 美元。该公司正进入一个 “黄金时刻”，其固定运营杠杆将使其能够以高速度再投资于其 “市场领先的竞争护城河”，该公司在研究报告中告诉投资者。</p>
</div><p>Deutsche sees Carvana also delivering margin expansion ahead of current expectations. The firm sees online car adoption moving higher amid improved used car supply fundamentals and &#34;modest pressures&#34; on interest rates.</p>
<div class="lb-trans"><p>Deutsche 预计 Carvana 也将在当前预期之前实现利润率扩张。该公司认为，随着二手车供应基本面的改善以及对利率的 “温和压力”，在线购车的接受度将提高。</p>
</div><h3><strong>5. Flutter Entertainment Initiated With an Overweight at Wells Fargo</strong></h3>
<div class="lb-trans"><h3><strong>5. Wells Fargo 将 Flutter Entertainment 评级为超配</strong></h3>
</div><p>Wells Fargo initiated coverage of Flutter Entertainment (FLUT) with an Overweight rating and a $272 price target. The firm sees a &#34;compelling valuation&#34; following the stock's recent selloff. Flutter provides exposure to a &#34;high-quality&#34; management team and &#34;high-growth&#34; U.S. digital markets, Wells tells investors in a research note.</p>
<div class="lb-trans"><p>Wells Fargo 启动了对 Flutter Entertainment (FLUT) 的覆盖，给予超配评级，目标价为 272 美元。该公司认为，在股票最近的抛售后，存在 “引人注目的估值”。Flutter 提供了对 “高质量” 管理团队和 “高增长” 美国数字市场的曝光，Wells 在研究报告中告诉投资者。</p>
</div><p>Next, here are the top 5 Sell calls of the week.</p>
<div class="lb-trans"><p>接下来是本周的前五大卖出推荐。</p>
</div><h3><strong>1. HSBC Downgrades Palo Alto to Reduce on Decelerating Sales Growth</strong></h3>
<div class="lb-trans"><h3><strong>1. HSBC 将 Palo Alto 下调至减持，因销售增长放缓</strong></h3>
</div><p>HSBC downgraded Palo Alto Networks (PANW) to Reduce from Hold with an unchanged price target of $157. The firm views the company's fiscal Q1 print as &#34;sufficient, not transformational.&#34;</p>
<div class="lb-trans"><p>HSBC 将 Palo Alto Networks (PANW) 的评级从持有下调至减持，目标价维持在 157 美元不变。该公司认为，公司的 2024 财年第一季度业绩 “足够，但不具变革性”。</p>
</div><p>The stock's risk/reward is turning negative with limited potential for upward estimate revisions in fiscal 2026 and 2027, HSBC tells investors in a research note. The firm says that with Palo Alto's decelerating revenue growth, it sees an increased opportunity of a negative share re-rating.</p>
<div class="lb-trans"><p>该股票的风险/回报正在转为负面，2026 和 2027 财年的上调预期潜力有限，HSBC 在研究报告中告诉投资者。该公司表示，随着 Palo Alto 收入增长放缓，负面股价重估的机会增加。</p>
</div><h3><strong>2. Dell Technologies Downgraded to Underweight from Overweight at Morgan Stanley</strong></h3>
<div class="lb-trans"><h3><strong>2. Morgan Stanley 将 Dell Technologies 从超配下调至减持</strong></h3>
</div><p>Morgan Stanley double downgraded Dell Technologies (DELL) to Underweight from Overweight with a price target of $110, down from $144. The firm believes the memory &#34;supercycle&#34; brings downside risk to hardware manufacturer earnings heading into 2026.</p>
<div class="lb-trans"><p>Morgan Stanley 将 Dell Technologies (DELL) 的评级从超配下调至减持，目标价从 144 美元下调至 110 美元。该公司认为，内存 “超级周期” 给硬件制造商的收益带来了下行风险，进入 2026 年。</p>
</div><p>The cycle is driving inflated input costs amid &#34;tepid&#34; non-artificial intelligence hardware demand trends, the analyst tells investors in a research note. Morgan Stanley downgraded a number of global hardware names, saying lower gross margins will lead to negative earnings revisions and multiple compression.</p>
<div class="lb-trans"><p>该周期导致输入成本膨胀，伴随 “温和” 的非人工智能硬件需求趋势，分析师在研究报告中告诉投资者。Morgan Stanley 下调了多家全球硬件公司的评级，表示较低的毛利率将导致负面收益修正和倍数压缩。</p>
</div><h3><strong>3. HP Inc. Downgraded to Underweight at Morgan Stanley</strong></h3>
<div class="lb-trans"><h3><strong>3. Morgan Stanley 将 HP Inc. 下调至减持</strong></h3>
</div><p>Morgan Stanley downgraded HP Inc. (HPQ) to Underweight from Equal Weight with a price target of $24, down from $26. The firm believes the memory &#34;supercycle&#34; brings downside risk to hardware manufacturer earnings heading into 2026, as previously mentioned.</p>
<div class="lb-trans"><p>Morgan Stanley 将 HP Inc. (HPQ) 的评级从等权下调至减持，目标价从 26 美元下调至 24 美元。该公司认为，内存 “超级周期” 给硬件制造商的收益带来了下行风险，正如之前提到的。</p>
</div><h3><strong>4. QuantumScape Downgraded to Reduce at HSBC</strong></h3>
<div class="lb-trans"><h3><strong>4. HSBC 将 QuantumScape 下调至减持</strong></h3>
</div><p>HSBC downgraded QuantumScape (QS) to Reduce from Hold with a price target of $10.50, up from $5.30. While the company has made progress on its targets and announced some key agreements and partnerships, visibility or the disclosure of contract economics remains limited, the analyst tells investors in a research note.</p>
<div class="lb-trans"><p>HSBC 将 QuantumScape (QS) 的评级从持有下调至减持，目标价从 5.30 美元上调至 10.50 美元。尽管该公司在其目标上取得了一些进展，并宣布了一些关键协议和合作关系，但可见性或合同经济的披露仍然有限，分析师在研究报告中告诉投资者。</p>
</div><p>HSBC believes QuantumScape shares already reflect a &#34;bullish scenario.&#34; The firm now sees more risk to the downside than upside, citing a lack of details on the licensing contract structure and new revenue streams.</p>
<div class="lb-trans"><p>HSBC 认为 QuantumScape 的股票已经反映出 “乐观情景”。该公司现在认为下行风险大于上行风险，原因是缺乏对许可合同结构和新收入来源的详细信息。</p>
</div><h3><strong>5. Mizuho Double Downgrades Canadian Solar to Sell on &#34;Overdone&#34; Rally</strong></h3>
<div class="lb-trans"><h3>**5. Mizuho 将 Canadian Solar 下调至卖出，因 “过度” 反弹</h3>
</div><p>Mizuho double downgraded Canadian Solar (CSIQ) to Underperform from Outperform with a price target of $21, up from $15. The stock's recent rally reflects a higher growth multiple for Canadian Solar's battery storage business and solar multiple expansion, the firm tells investors in a research note.</p>
<div class="lb-trans"><p>瑞穗证券将加拿大太阳能（CSIQ）的评级从 “跑赢大盘” 下调至 “表现不佳”，目标价从 15 美元上调至 21 美元。该公司在研究报告中告诉投资者，股票近期的反弹反映了加拿大太阳能电池储存业务的更高增长倍数和太阳能倍数的扩张。</p>
</div><p>However, Mizuho says the impact of U.S. factory resolution remains uncertain. Mizuho points out the stock has rallied 108% in the last three months, outperforming peers, due to expectations for battery storage demand to meet load growth and solar multiples bottoming out. &#34;This seems overdone,&#34; the firm contends. It believes Canadian Solar's U.S. expansion remains on track, but adds that its Foreign Entity of Concern compliance is still pending.</p>
<div class="lb-trans"><p>然而，瑞穗证券表示，美国工厂问题的影响仍然不确定。瑞穗指出，由于对电池储存需求以满足负载增长的预期以及太阳能倍数触底的预期，该股票在过去三个月上涨了 108%，表现优于同行。该公司认为：“这似乎有些过头。” 它相信加拿大太阳能在美国的扩张仍在按计划进行，但补充说其外部关注实体的合规性仍在待定中。</p>
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