Five stocks stand out heading into Thursday, November 5, 2026, each backed by a bullish rating change or new coverage issued on Wednesday, November 4. The midterm elections reshaped the market. Democrats won control of both the House and Senate on November 3. Stock futures fell sharply as the early results came in, then reversed after President Trump said he would accept the outcome. By late morning on November 4, the Dow was up about 2.6%, or roughly 1,300 points, while the S&P 500 had gained 1.6% and the Nasdaq Composite 1.7%. Treasury yields fell and gold rose as investors bet on divided government and less fiscal stimulus. Nvidia and Broadcom slipped about 2% and Micron fell 6% on worries about tighter AI regulation. AMD rose after reporting strong results and raising its outlook. The October jobs report is due November 6.
The five ideas below span heart devices, athletic footwear, AI connectivity chips, water infrastructure, and respiratory drugs. Editorial notes only, not investment advice.
Edwards Lifesciences (EW) – Truist Upgrades the Heart Valve Leader
Edwards Lifesciences was upgraded from Hold to Buy on Wednesday by Truist analyst Richard Newitter, who raised his price target to $113 from $95. Edwards is a leader in replacement heart valves delivered through a catheter rather than open-heart surgery, and it is building a business in devices that repair other heart valves. In our view, an aging population and the shift toward less invasive procedures support steady growth for Edwards.
Shares traded near $100.17 during Wednesday's session, up about 5.23%, giving Edwards a market capitalization near $58 billion. The stock is trading at its 52-week high of $100.25, well above its low of $74.66. The trailing price-to-earnings multiple is 57.57.
Consensus reads strong buy, with 15 of 18 tracked firms bullish and three neutral. The average price target of $102.17 sits just above the share price, so the Truist target, implying about 13% upside, is the better guide. BTIG's Marie Thibault reiterated Buy at $110 on September 11.
Risks: Three firms rate the stock neutral. Competition in heart valves, hospital capacity, and a stock trading at its high remain factors to monitor.
On Holding (ONON) – Wells Fargo Initiates the Running Shoe Brand at Overweight
On Holding was initiated with an Overweight rating on Wednesday by Wells Fargo. On is a Swiss maker of premium running shoes and apparel and sells through stores and its own website. In our view, On's premium pricing and fast growth in new markets give it room to keep taking share from older athletic brands.
Shares traded near $38.96 during Wednesday's session, up about 6.74%, giving On a market capitalization near $13 billion. The 52-week range runs from $26.36 to $51.08, and the trailing price-to-earnings multiple is 26.78.
Consensus reads strong buy, with 17 of 20 tracked firms bullish and three neutral. The average price target of $48.90 implies roughly 26% upside. BTIG's Janine Stichter reiterated Buy with a $60 target on November 3.
Risks: Three firms rate the stock neutral. Tariffs on imported footwear, currency swings, and competition from Nike, Hoka, and other running brands remain factors to monitor.
Astera Labs (ALAB) – Northland Upgrades the AI Connectivity Chip Maker
Astera Labs was upgraded from Market Perform to Outperform on Wednesday by Northland. Morgan Stanley's Joseph Moore kept his Overweight rating the same day and raised his target to $389 from $382. Astera designs chips that move data between processors, memory, and other parts inside AI servers. In our view, as AI systems link more chips together, demand for fast connections grows, which plays to Astera's strengths.
Shares traded near $221.59 during Wednesday's session, down about 5.15%, giving Astera a market capitalization near $38 billion. The stock trades far below its 52-week high of $499.48 and well above its low of $97.89. The trailing price-to-earnings multiple is 87.72.
Consensus reads buy, with 11 of 16 tracked firms bullish and five neutral. The average price target of $312.06 implies roughly 41% upside. RBC Capital's Srini Pajjuri kept his Outperform rating on November 4 but cut his target to $400 from $500.
Risks: Evercore ISI's Mark Lipacis cut his target to $311 from $452 on November 4, and TD Cowen rates the stock Hold. Sharp price swings, customer concentration, and possible AI regulation remain factors to monitor.
Core & Main (CNM) – Jefferies Initiates the Water Infrastructure Distributor at Buy
Core & Main was initiated with a Buy rating on Wednesday by Jefferies. Core & Main distributes pipes, valves, fittings, and water meters used in water, sewer, storm drainage, and fire protection systems. Its customers are mainly cities and contractors. In our view, aging water systems across the U.S. need years of repair and replacement work, which supports steady demand.
Shares traded near $48.97 during Wednesday's session, up about 9.13%, giving Core & Main a market capitalization near $9.0 billion. The 52-week range runs from $39.41 to $59.66, and the trailing price-to-earnings multiple is 20.24.
Consensus reads buy, with six of nine tracked firms bullish and three neutral. The average price target of $55 implies roughly 12% upside. RBC Capital's Mike Dahl kept his Outperform rating with a $57 target on October 7.
Risks: Citigroup's Anthony Pettinari rates the stock Neutral with a $46 target, and Wells Fargo's Sam Reid cut his target to $48 on September 10. Slower housing construction, city budget limits, and pipe price swings remain factors to monitor.
Insmed (INSM) – H.C. Wainwright Assumes Coverage of the Respiratory Drug Maker at Buy
Insmed was assumed with a Buy rating on Wednesday by H.C. Wainwright. Insmed sells Brinsupri, a treatment for the lung disease bronchiectasis, and Arikayce, a treatment for a hard-to-treat lung infection. Third-quarter revenue of $524.4 million on October 29 beat forecasts, with Brinsupri contributing $400.1 million, and the company raised its 2026 Brinsupri guidance. In our view, Brinsupri's strong launch could make it one of the larger new drugs in respiratory care.
Shares traded near $110.56 during Wednesday's session, up about 5.86%, giving Insmed a market capitalization near $24 billion. The stock sits closer to its 52-week low of $90.39 than its high of $212.75. The company is not yet profitable, so the price-to-earnings multiple is not meaningful.
Consensus reads strong buy, with all 18 tracked firms bullish. The average price target of $206.72 implies roughly 87% upside, a gap that reflects the stock's steep decline from its high. Guggenheim's Vamil Divan kept his Buy rating on November 2 while trimming his target to $201.
Risks: Insmed still posts losses, and its chief financial officer's departure took effect on October 30. Launch pace, reimbursement in Europe, and a January 28, 2027, FDA decision on an expanded Arikayce label remain factors to monitor.
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