- Citi raised its price target on Tesla to $222 from $191.
- BMO downgraded Marvell to market perform from outperform.
- Cowen named Target as a top pick for 2020.
- Cowen named United Technologies as a top pick for 2020.
- Maxim upgraded Denny's to buy from hold.
Here are the biggest calls on Wall Street on Wednesday:
Citi kept its sell rating on Tesla but raised its target price and said it saw improved free cash flow.
"We're also introducing 2022 estimates and expanding our valuation framework to consider 2022E multiples. Our 2019-20 EPS estimates rise reflecting the Q3 beat and expected Model Y pull-forward. Our 2021E EPS declines somewhat mostly on below-the-line items. We're also introducing 2022E EPS of $13.33. Our price target rises to $222 from $191 on slight improvements to our probably-weighted terminal value approach. Our full bull case / moderate bull case / full bear base probabilities improve to 10/55/35 from prior 5/55/40, in order to reflect Tesla's recently improved FCF generation and the uptick in auto gross margin."
BMO said after the global semiconductor company's earnings report that it didn't find the risk/reward "compelling" anymore.
"With the shares within striking distance of our target price, and with the opportunity in communications well understood and discounted in the current share price, we find MRVL reasonably valued with a balanced risk/reward profile. We are thus lowering our rating to Market Perform from Outperform."