Here are Wednesday's biggest analyst calls of the day: Apple, Beyond Meat, Delta, Disney & more

Published Wed, Jan 15 20209:47 AM EST

Key Points

Bernstein downgraded Beyond Meat to market perform from outperform.
Canaccord raised its price target on Apple to $355 from $275.
Guggenheim raised its price target on Facebook to $275 from $230.
Wedbush initiated Peloton as outperform.
MoffettNathanson raised its price target on Disney to $165 from $150.
Piper Sandler downgraded Wells Fargo to neutral from overweight.
KeyBanc reinstated coverage of Zynga as overweight.
Piper Sandler raised its price target on Nvidia to $275 from $250.
Citi opened a 30-day positive catalyst watch on Delta.

Here are the biggest calls on Wall Street on Wednesday: Bernstein downgraded Beyond Meat to 'market perform' from 'outperform' Bernstein downgraded the stock on valuation. "As the risk/reward has become less attractive following the recent rally, we are downgrading Beyond Meat from Outperform to Market-Perform while keeping our target price at $106. In particular, we believe that Beyond Meat's near-term sales growth potential in the U.S. is largely priced in at this point." Read more about this call here . Canaccord raised its price target on Apple to $355 from $275 Canaccord raised its price target on the stock and said it was encouraged by the strong demand for the iPhone 11 line-up. "We believe Apple' s ecosystem approach, including an installed base that exceeds 1.4B devices globally, is leading to record services revenue, and we expect the highermargin services revenue growth to continue outpacing total company growth. We are also encouraged by the strong demand for the iPhone 11 lineup and believe Apple will maintain its market share leadership of premium-tier smartphones that could be bolstered by a 5G upgrade cycle." Read more about this call here . Guggenheim raised its price target on Facebook to $275 from $230 Guggenheim raised its price target on the stock and said it sees company revenue, spending, and operating profit exceeding consensus through 2021. "We see significant further appreciation potential for Facebook shares in 2020 given 1) its steady, industry-leading position in mobile social media and advertising, 2) near-term (Stories, messaging, and video) and longer-term (e-commerce, payments, and Oculus gaming platform) incremental monetization opportunities, 3) increasingly transparent approach towards regulatory/privacy issues, and 4) significant financial resources. We expect company revenue, spending, and operating profit to each exceed consensus expectations through 2021, supporting additional investor enthusiasm." Wedbush initiated Peloton as 'outperform' Wedbush called the fitness company an "enduring force" going forward. "Based on our analysis of the business model, our expansive survey work of both PTON users and prospective customers, and our own experience with the product, we do not believe that Peloton will prove to be a fad, but instead one of a small number of fitness companies likely to be an enduring force going forward. Peloton has a first-mover advantage in an emerging and compelling subset of the fitness market, providing consumers what they want, where and when they want it." MoffettNathanson raised its price target on Disney to $165 from $150 MoffettNathanson raised its price target on the stock on the heels of a "successful" rollout of Disney+. "For Disney , while we struggle with its valuation from a fundamental perspective, we think the company is benefiting from successfully moving investors away from the short-to-medium term EPS revisions as more of a story stock thanks to its successful initial rollout of Disney+." Piper Sandler downgraded Wells Fargo to 'neutral' from 'overweight' Piper downgraded Wells Fargo after the company's earnings report and said it saw a "lack of visibility" on improvement in costs. "An earnings miss and, more importantly, a lack of visibility on improvement in costs puts heavy downward pressure on our EPS estimates. Given our reduced earnings outlook and the uncertain path to improved profitability/EPS momentum, we have trouble substantiating our favorable outlook and arguing for a higher multiple." KeyBanc reinstated coverage of Zynga as 'overweight' KeyBanc resumed coverage of the social game developer and said it had a strong portfolio. "We believe Zynga has a strong portfolio with a combination of sustainable and proven brands and a deep pipeline that should supplement the growth over the next few years. With a proven formula in live services displayed since 2016, we believe Zynga is well-positioned to continue building a broad and scaled game portfolio that, when combined with expanding margins and further M & A potential, presents an attractive story going forward." Piper Sandler raised its price target on Nvidia to $275 from $250 Piper raised its price target on the stock and said the company's gaming and data center segments are "firing on all cylinders." "In our view, gaming is back in growth mode and set to grow in the double-digit range in calendar 2020. We do not see AMD gaining much share in 2020, as NVDA is known as the must-have gaming card. In addition, data center visibility continues to improve. The data center business is looking more like a secular grower in calendar 2020." Citi opened a "30-day positive catalyst watch on Delta Citi opened a positive catalyst watch on Delta after the company's strong earnings report. "As improving trends on Trans-Atlantic routes, high-margin revenue growth from the carrier's American Express card program and upside from its partnerships with LATAM Airlines and others boost the market's 2020 Total Operating Revenue divided by Available Seat Miles outlook for the carrier, consensus should rise. Moreover, 2021 consensus EPS bakes in < 3%/yr annual growth, a low bar that Delta management has consistently exceeded in historical, non-recessionary periods."

Source: Beyond Meat

Here are the biggest calls on Wall Street on Wednesday:

Bernstein downgraded Beyond Meat to 'market perform' from 'outperform'

Bernstein downgraded the stock on valuation.

"As the risk/reward has become less attractive following the recent rally, we are downgrading Beyond Meat from Outperform to Market-Perform while keeping our target price at $106. In particular, we believe that Beyond Meat's near-term sales growth potential in the U.S. is largely priced in at this point."

Canaccord raised its price target on Apple to $355 from $275

Canaccord raised its price target on the stock and said it was encouraged by the strong demand for the iPhone 11 line-up.

"We believe Apple's ecosystem approach, including an installed base that exceeds 1.4B devices globally, is leading to record services revenue, and we expect the highermargin services revenue growth to continue outpacing total company growth. We are also encouraged by the strong demand for the iPhone 11 lineup and believe Apple will maintain its market share leadership of premium-tier smartphones that could be bolstered by a 5G upgrade cycle."