Wednesday’s analyst calls of day

Here are the biggest calls on Wall Street on Wednesday: UBS reiterates Nvidia as buy UBS said it’s standing by its buy rating heading into Nvidia earnings next week. “Net, we remain bullish and our price target remains $1150.” Bank of America reiterates Alphabet as buy Bank of America said it came away from Alphabet’s Developer Conference event increasingly more bullish on the internet giant’s AI plans. “We continue to see Google as a net AI beneficiary and believe growing Gen-AI integrations should likely help drive higher usage and incremental spend across Search, Cloud and Workspace.” JPMorgan upgrades Nio to neutral from underperform JPMorgan said in its upgrade of the China electric vehicle company that its strategy is improving. “Since Feb, NIO’s share price has been on a roller-coaster ride, falling 40% towards the trough in mid-April and then rebounding by a similar amount afterward.” Cantor Fitzgerald reiterates Tesla as overweight Canto says it remains encouraged by Tesla’s full-self driving. “TSLA recently lowered its FSD [full-self driving] subscription purchase price to $8,000 (from $12,000) and also lowered its monthly subscription fee to $99/month (from $199), which we view as encouraging.” Deutsche Bank downgrades Six Flags to hold from buy Deutsche said it prefers investors buy shares of Cedar Fair in its merger with Six Flags. “Although we continue to have confidence that the planned merger with FUN will be consummated, Buy-rated FUN (the surviving entity, in a new C-Corp structure in this otherwise merger of equals) is our preferred way to gain access to the anticipated benefits of the transaction.” Wells Fargo initiates Wave Life Sciences as overweight Wells said the biotech company has an “interesting mix of product/technology exposure.” “We initiate coverage of WVE at OW, $11 PT.” Wells Fargo names Natera a top pick Wells said the fertilizer company is a new top pick at the firm. “Following 1Q24 results, CTVA remains our top pick for 2024, with NTR rising to top fertilizer pick on preference for potash exposure in 2H. KeyBanc reiterates Netflix as overweight KeyBanc said it’s bullish on Netflix’s presentation this week to advertisers. ” Netflix’s crawl, walk, run progression into ads continues with its second upfronts. This week, Netflix will be hosting its second upfront presentation for advertisers. Additionally, we will be attending a Q & A session with leadership.” TD Cowen upgrades Janus Henderson to buy from hold TD Cowen said it sees “underappreciated inflections” for the asset management company. “We upgrade JHG to Buy from Hold, raise ’24-25E adjusted EPS and lift 12-month price target $3 to $37.” TD Cowen upgrades TKO Holdings to buy from hold TD Cowen said in its upgrade of TKO that he sees a compelling entry point for shares of the entertainment and wrestling company. “Coming out of strong 1Q24 earnings, we see an attractive entry point to own unique sports and entertainment properties.” Morgan Stanley resumes Exxon as overweight Morgan Stanley resumed coverage of the stock and says it has “attractive growth at a compelling valuation.” ” XOM trades at a ~55% discount to the broader market, nearly double historical levels despite cash flow/sh growth 50% above the S & P (~2x that of Energy peers) and a strong ~7% shareholder return yield.” Morgan Stanley reiterates Palo Alto as overweight Morgan Stanley said it’s bullish on shares of Palo Alto heading into earnings next week. “We see a favorable setup into FQ3 results next week, given conservative estimates and checks indicating large deal momentum.” Bernstein upgrades General Mills & Campbell Soup to market perform from underperform Bernstein upgraded several food products companies on Wednesday and says it sees volume improvement. “U.S. Food: Upgrading CPB and GIS to Market-Perform on trough valuation and second half volume improvement.” Wolfe downgrades SunPower to peer perform from outperform Wolfe said the solar company is caught in the meme craze and that it’s going to “come back to reality.” ” SPWR is the most extreme example of the meme stock resurgence within Clean Tech with the stock up ~100% WTD on a massive short squeeze despite no positive fundamental updates.” Morgan Stanley names Dell a top pick Morga Stanley raised its price target on the stock and says it remains a best idea. “Our customer and supply chain checks suggests DELL’s AI server and storage businesses are seeing more momentum than we had previously assumed; PT moves to a Street-high $152 (from $128).” Stephens names Cheesecake Factory a best idea Stephens said the stock is a new top pick at the firm as foot traffic continues to pick up. “We are naming The Cheesecake Factory (CAKE) our Best Idea in our restaurant coverage.” Barclays reiterates General Motors as overweight Barclays said it’s sticking with its overweight rating on the stock, but that it’s a “show me” story. “Unpacking GM EV losses – path to improved profitability still a “show me” story, but even partial success could drive earnings upside.” Truist initiates Integer Holdings as buy Truist said the medical equipment company is a unique way to play medtech. “Initiating w/ a Buy on ITGR , one of the largest med device outsource manufacturers (MDO) & a unique SMID given: (1) high-teens EPS growth prospects; (2) rising exposure to emerging product cycles across MedTech.” Oppenheimer upgrades Alcon to outperform from perform Oppenheimer said it sees a slew positive catalysts ahead for the ophthalmology company. “We upgrade shares of ALC from Perform to Outperform with a $103 PT.” Bank of America reiterates Apple as buy Bank of America said it’s bullish heading into Apple’s Worldwide Developer’s Conference in June. “As we look forward to WWDC, the key questions are (1) Will Apple pick OpenAI or Google for cloud based AI or both, (2) how will the economics work between the companies, (3) will Apple have to change the economics with Google and what is the monetization model for AI across devices, apps and subscriptions.” DA Davidson reiterates Walmart as buy DA said the stock is “best-in-class.” “We are adding Walmart as our next ‘Best-of-Breed Bison’ company within the framework developed by D.A. Davidson’s research team to find long term, best in class companies with sustainable moats and favorable risk / reward dynamics.”