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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 Dec. 8-12, 2025. First, here are the top 5 Buy calls of the week.

1. Amazon Initiated With a Buy at Guggenheim

Guggenheim initiated coverage of Amazon.com (AMZN) with a Buy rating and a $300 price target. The retail sector still seems to be perceived as "structurally sick," but the firm says "holiday brought the cheer," tariffs have been manageable so far, and "most importantly and likely going unnoticed" is the fact that the majority of the firm's coverage actually operates at, or close to, their gross margin peaks.

2. JPMorgan Names Roku Top Sector Pick for 2026, Jefferies Upgrades

JPMorgan raised the firm's price target on Roku (ROKU) to $125 from $115, and it keeps an Overweight rating on the shares. The firm adjusted ratings and targets in the small- and mid-cap internet and video games group as part of its 2026 outlook. It named Roku its top pick for next year.

JPMorgan expects Roku's monetization initiatives to "become more apparent" in the coming quarters. The company's Platform revenue growth is likely to accelerate in 2026, the firm tells investors in a research note.

Meanwhile, Jefferies upgraded Roku to Buy from Hold with a price target of $135, up from $100. The firm recommends staying selective across the internet sector in 2026.

Incremental investments could limit margin expansion, and concerns around artificial intelligence disintermediation could limit multiple appreciation, the analyst tells investors in a research note. Jefferies sees +20% platform revenue growth in an upside case for Roku. It cites this growth potential for the upgrade.

3. Five Below Upgraded to Buy at Truist

Truist upgraded Five Below (FIVE) to Buy from Hold with a price target of $216, up from $179. The company's Q3 report is a "game changer," the firm tells investors in a research note. Truist now believes Five Below's sales growth is "far more sustainable" than previously anticipated. With the upcoming tax refund season and management's additional levers margins, the stock can "command a significantly higher multiple," contends the firm.

4. Ulta Beauty Upgraded to Buy at TD Cowen

TD Cowen upgraded Ulta Beauty (ULTA) to Buy from Hold with a price target of $725, up from $600. The firm sees the new CEO and management team driving stronger merchandising, "disciplined" promotions, and global growth. Ulta has positive long-term growth prospects with its 46 million people loyalty program in the "resilient" beauty market, TD tells investors in a research note. The firm believes the stock's recent valuation offers upside.

5. General Motors Upgraded to Overweight at Morgan Stanley

Morgan Stanley upgraded General Motors (GM) to Overweight from Equal Weight with a price target of $90, up from $54, following a change in analyst coverage. The firm adjusted ratings in the autos and shared mobility group as part of its 2026 outlook.

Morgan Stanley is "leaning more cautious" into next year, saying the electric vehicle "winter" will sustain through 2026. This is counterbalanced by a "moderately more positive" outlook on internal combustion engines and hybrids, the firm tells investors in a research note.

Next, here are the top 5 Sell calls of the week.

1. Rivian Downgraded to Underweight at Morgan Stanley

Morgan Stanley downgraded Rivian (RIVN) to Underweight from Equal Weight with an unchanged price target of $12 following a change in analysts. The firm adjusted ratings in the autos and shared mobility group as part of its 2026 outlook.

2. Biogen Downgraded to Reduce at HSBC

HSBC downgraded Biogen (BIIB) to Reduce from Hold with a price target of $143, down from $144. The company's "ailing" multiple sclerosis franchise is outweighing its growth elsewhere, the firm tells investors in a research note.

HSBC expects margin pressure from lower royalties and says Biogen's 50% share re-rating is overdone. The company has limited near-term earnings improvement potential and risk to its long-term earnings power, contends the firm.

3. Carter's Initiated With a Sell at Goldman Sachs

Goldman Sachs initiated coverage of Carter's (CRI) with a Sell rating and a $26 price target. The firm rolled out coverage of the apparel retail sector with a preference for store growth and pricing power.

Apparel prices have lagged inflation, providing an opportunity for a "catch-up" to offset tariff pressures for retailers with a value perception, Goldman tells investors in a research note. The firm says that in an environment where the middle-to-high income consumer remains resilient, it prefers newer concepts with larger store growth opportunities.

4. Alcon Downgraded to Underperform from Buy at BofA

BofA double downgraded Alcon (ALC) to Underperform from Buy with a price target of $75, down from $100. The firm sees limited share upside and market uncertainty for Alcon, saying 2025 was marked by a market slowdown, competition, and guidance cuts.

Consensus expectations are too optimistic heading into 2026, the analyst tells investors in a research note. Bofa believes consensus estimates assume a sharp rebound, share gains, and "ambitious" Unity ramp-up despite Alcon's low visibility. This leaves little room for positive surprises, the firm contends.

5. Compass Point Double Downgrades SLM to Sell as Update Signals "Major Reset"

Compass Point double downgraded SLM (SLM) to Sell from Buy with a price target of $23, down from $35, after the company hosted an investor forum to present an updated medium-term outlook that reflects expected growth from the Grad PLUS opportunity and the impact of its recently launched strategic partnership loan-sale program.

The forum update "signals a major reset," says the firm, which adds that this reset is "a major surprise" given prior expectations for steady EPS improvement from the current FY25 outlook, and the firm notes that FY26 EPS is now projected to decline about 19% year-over-year.

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