All the market-moving Wall Street chatter from Wednesday

(This is CNBC Pro’s live coverage of Wednesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) Tesla and a major bank were in focus Wednesday as part of the day’s analyst chatter. The EV maker got a price target cut from Citi, citing concern round the company’s upcoming delivery numbers. Wells Fargo was downgraded to market perform by KBW, which noted the stock is due for a consolidation phase after outperforming recently. Check out the latest calls and chatter below. All times ET. 5:31 a.m.: Citi cuts Tesla price target Citi thinks there’s not much upside potential for Tesla ahead of the release of its Q1 production and delivery numbers. As a result, the firm lowered its price target on shares to $196 from $224. This suggests shares rising 10.3% from Tuesday’s close. Analyst Itay Michaeli also retained his neutral rating on the stock. “While buy-side Q1 delivery estimates (we believe in the low 400s range) sit well-below the sell-side consensus (460-470k, but coming down), the setup remains challenging with street estimates still looking too high, not only for 2024 but also 2025,” Michaeli wrote in a Tuesday note. “Given recent datapoints and the heavy reliance on March, we see somewhat more downside than upside potential to our numbers. Year to date, Tesla shares have slumped 28.5% as the company struggles with weak EV demand and increased competition in the market. TSLA YTD mountain TSLA year to date — Hakyung Kim 5:31 a.m.: KBW downgrades Wells Fargo Wells Fargo is due for a pause after the bank’s strong run-up, according to KBW. Analyst David Konrad downgraded the stock to market perform from outperform. He did, however, raise his price target to $62 from $56, with the new forecast calling for 9% upside. Wells Fargo shares are up more than 15% in 2024. Over the past year, they have rallied 51.3%. WFC YTD mountain WFC YTD Konrad noted the outperformance comes amid “renewed investor enthusiasm for the asset cap to be lifted. Although we share this enthusiasm, we believe the stock is set for a consolidation phase given expectations for [net interest income] to underperform peers and trough in 1H25.” — Fred Imbert