Here are the biggest calls on Wall Street on Wednesday: Stifel initiates Tesla at buy Stifel said it’s bullish on Tesla for the long term. “We believe TSLA is very well positioned to deliver robust multi-year growth in 2025-27+. In the near term, the revamped Model 3 and upcoming Model Y refresh should bolster sales, followed by the commencement of its next-generation vehicle (Model 2) production, which will likely garner very strong demand.” Piper Sandler initiates Humana at overweight Piper said the healthcare company has an “enduring competitive moat.” ” HUM is a nationally scaled, government focused managed care organization (MCO) with diversified, value-based healthcare delivery and services capabilities designed to serve low-income, high acuity Medicare eligible and disabled individuals.” JPMorgan upgrades FedEx to overweight from neutral JPMorgan upgraded the shipping giant following earnings on Tuesday. “We are upgrading shares of FedEx to Overweight and establishing a Dec. 2025 price target of $359 after the company took the surprising step of pursuing strategic options for the Freight segment…” Goldman Sachs upgrades PagSeguro to buy from hold Goldman said investors should buy the dip in the Brazilian payments company. ‘We upgrade PagBank to Buy after the stock has fallen 20% since April 1 despite improving fundamentals with revenue growth accelerating to 15% yoy and earnings growing 33% yoy in 1Q24.” JPMorgan upgrades Campbell Soup to overweight from neutral JPMorgan upgraded the condensed soup and Goldfish maker following a series of constructive investor meetings. “We are upgrading the CPB shares to Overweight from Neutral following our meeting yesterday with CEO Mark Clouse, CFO Carrie Anderson, and Chief [investor relations] Officer Rebecca Gardy.” Barclays initiates Nu Holdings at overweight Barclays said the LatAm digital bank has “growth momentum.” “We believe Nubank (NU) can replicate in Mexico the high growth momentum it established as the premier neobank in Brazil.” Wolfe upgrades Robinhood to outperform from peer perform Wolfe said it came away with more conviction on the stock following a series of investor meetings. “We hosted a dinner with HOOD CFO Warnick. We came away more convicted in the strength / durability of HOOD’s EPS growth algorithm.” BMO upgrades U.S. Steel to outperform from market perform BMO said the steelmaker’s valuation is “compelling.” “Unsurprisingly, there is little conviction that the Nippon/ US Steel deal will close, with X shares currently trading > 35% below Nippon’s offer price of $55/sh.” BMO upgrades Digital Realty to outperform from market perform BMO said the data center real estate investment trust is seeing “unprecedented demand.” “We are upgrading shares of DLR to Outperform from Market Perform and increasing our target price to $170 from $144.” Citi adds Shopify to focus list Citi said Shopify is a “good” software idea. “In the spirit of identifying good ideas for a software recovery, we are reiterating our Buy/H rating on SHOP and adding it to our U.S. Focus List.” Citi initiates Caterpillar at buy Citi said the construction equipment maker has several positive catalysts ahead. “We also rate CAT and OSK Buy, as we think both have idiosyncratic catalysts and solid exposure to secular tailwinds.” Rosenblatt upgrades Apple to buy from neutral Rosenblatt said Apple’s ability to provide privacy-based AI will “resonate.” “Strong privacy is by far the top feature consumers want in AI, based on our recent U.S. survey, arguing for market share lift potential for Apple in AI, based on the unique privacy focus of Apple Intelligence, to date unmatched by Android.” UBS reiterates Nike as buy UBS said it’s waiting for the stock to rebound but is sticking with its buy rating. “The market believes Nike’s lead times around new product innovations are 18-24 months.” Morgan Stanley initiates Super-Hi as overweight Morgan Stanley said it’s bullish on shares of the China online coding and learning company. “We are optimistic Super Hi can gain market share overseas given its established brand name and a more favorable competitive landscape vs. China.” Jefferies reiterates Alphabet as buy Jefferies said its survey checks show Alphabet is top of mind for consumers when it comes to AI. “We surveyed > 1,500 consumers and office workers on AI. Key takes: 1) GOOGL leads in consumer mindshare for AI prowess; 2) more consumers prefer GOOGL’ s AI-powered search answers than traditional results; 3) but > 60% of consumers would consider using a non-GOOGL AI search.” Stephens upgrades Prosperity Bancshares to overweight from equal weight Stephens says shares of the Houston-based regional bank are attractive. “PB trades at 10x 2025 EPS and 1.5x [tangible book value] which is below its 5-year average of 12x and 2.1x, respectively. We’re upgrading our rating to Overweight from Equal-Weight.” Citi reiterates Nvidia as buy Citi raised its price target on Nvidia to $150 per share from $126. “Fundamentally, we believe AI adoption remains in the 3rd/4th innings. Maintain Buy.” Barclays initiates Monday.com and Jfrog at overweight Barclays said in its initiation of several software companies that they have a long runway for growth. “We believe MNDY and FROG benefit from organizations starting to deploy generative AI, which in turn supports a broadening DevOps [total addressable market].” DA Davidson upgrades Home Depot to buy from neutral DA said it sees a host of positive catalysts ahead for Home Depot. “From a company specific perspective, while sales remain on the softer side, we believe a return to positive comps is in sight as both industry and company trends bounce along the bottom.” Bank of America reiterates Apple as buy Bank of America says Apple Services like the App Store has a “lever for growth.” “Our Buy rating on Apple is based on: 1) expected strong iPhone upgrade cycle in F25 driven by the need for latest hardware to enable Gen AI features, 2) higher growth in Services revenue…” Bank of America reiterates Amazon as buy Bank of America raised its price target on the stock to $220 per share from $210. ” Amazon has built a Logistics (AMZL) powerhouse, we project over 9bn packages to be delivered globally this year, and AMZL could now be the largest U.S. shipper, ahead of UPS.” Wells Fargo reiterates Disney as overweight Wells said investors should be “long into the print” when the company reports earnings later this summer. “We sharpen up Experiences ests., incl. Cruises, and think DIS’s current price bakes in too much risk for a Parks slowdown. We think investors should be long into the print.” BTIG initiates Northrop Grumman at buy BTIG said in its initiation of the defense company that it sees a long runway for growth for shares of Northrop Grumman. “Still Ascending: Revenue and Margins Still Have Room for Growth; Initiate at Buy with $565 PT.” Morgan Stanley reiterates Rivian as overweight Morgan Stanley said it’s sticking with its overweight rating following VW’s $5 billion investment in the electric vehicle company. “Anyone could have provided money, but we believe VW may potentially value much more what Rivian has to offer.” Piper Sandler downgrades Aptiv to underweight from neutral Piper said it’s concerned about the auto tech supplier’s strategy following VW’s stake in Rivian. “At first glance, this may seem unrelated to Aptiv, but in our view, the rationale for the JV is a red flag for the APTV thesis.” Morgan Stanley downgrades Accenture to equal weight from overweight Morgan Stanley said shares of the IT company are “no longer” attractive. “We downgrade ACN to EW as we no longer see it as relatively attractive. Further, we see potential valuation compression from decelerating cloud growth, longer-than-expected time for Gen AI rev contribution, and more acquisition spend.”
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