Here are the biggest calls on Wall Street on Wednesday:
Goldman raised its price target on the stock but warned that services business growth may fall short.
"Apple App Store data from Sensor Tower suggests a material slowdown in May and June revenues after a spike in activity in March and April driven by Greater China. In revenue terms Sensor Tower indicates iOS App Store revenue growth of 14% Y/Y in June down from 18% Y/Y in May, 21% in April and 22% in March."
Read more about this call here.
Goldman upgraded the stock based on the decision by competitor Mars to follow Hershey's lead in raising prices.
"We upgrade HSY to Neutral from Sell in light of new information. We have conﬁrmed with industry sources and HSY management that Mars has announced a 9-9.5% price increase on single-serve chocolate while also announcing that it is following Hershey's previously announced lead to raise seasonal chocolate prices for this upcoming Halloween selling season."
Goldman downgraded Ralph Lauren citing headwinds in the core North American market as well as brand-specific challenges.
"Headwinds in the core North America wholesale market are set to persist, compounded by brand specific challenges at Polo and Lauren, fading AUR growth, and lighter retail comps as outlet pressures weigh."
Goldman said in its downgrade of Levi that it saw an elevated valuation compared to peers even amid solid brand momentum.
"Solid brand momentum is driving healthy growth in DTC channels and international regions. However, recent results were evidence that the company is not immune from headwinds in the US wholesale channel. We have additional concerns about fading growth in tops and stagnant gross margins, while operating margin expansion remains a show-me story for now. With valuation elevated vs peers, we downgrade the stock to sell."
Evercore upgraded the homebuilder and said it is "well positioned" heading into its earnings report.
"In the midst of a homebuilding sector where individual stock returns are likely to be highly data-driven, we believe KBH is well positioned with its focus on the entry-level and its strong community count growth. KBH should show some of the highest growth in the space this year, and if the company sustains its order momentum, it has the potential to produce order growth of 30%+ in 4Q."
Macquarie downgraded the stock after the company's earnings report citing higher expense guidance.
"We are downgrading WFC to N given higher expense guidance driving a 12% cut in our 2020E, leaving a valuation now at a 5% premium to BAC. WFC expense guidance changed to the upper end of $52bn to $53bn in 2019 and to flat expenses in 2020, from $50bn to $51bn previously. Despite NIM pressure, the quarter was a modest core beat on low credit costs, good EOP loan growth and a rebound in wealth management fees."
Susquehanna said it sees an "attractive" risk/reward trade-off for the real estate brokerage company.
"After a ~25% pullback in shares since our April 8 downgrade and combined with an improved housing market in 2Q19, we are upgrading RDFN shares from Neutral to Positive as we see an attractive risk/reward trade-off. Our $23 price target remains unchanged."