Here are Wednesday's biggest analyst calls of the day: Tesla, Nvidia, Adobe & more

Published Wed, Feb 19 20209:11 AM EST

Key Points

Piper Sandler raised its price target on Tesla to $928 from $729.
Bernstein upgraded Nvidia to outperform from market perform and raised its price target to $360 from $300.
Guggenheim initiated iHeartMedia as buy.
Oppenheimer downgraded Tencent Music Entertainment to perform from outperform.
UBS raised its price target on Adobe to $430 from $360.
Argus downgraded Royal Caribbean to hold from buy.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Wednesday: Piper Sandler raised its price target on Tesla to $928 from $729 Piper raised its price target on Tesla to a Street high and said it thinks the company can have the same success in storage and solar power that it's had with autos. "We're nudging our price target higher after installing a solar system to charge a Model X. Since August 2016, we have been using a Model X SUV in a four-person, single-vehicle household. After logging 53,448 miles and surviving four Minnesota winters, we are convinced that Tesla' s automotive products offer a superior ownership experience. If history is any indication, we'll eventually be saying something similar about generating and storing our own solar power. But for now we're increasingly our price target from $729 to $928, which is enough to partially capture TSLA's solar+storage opportunity in our 20-year DCF." Read more about this call here . Bernstein upgraded Nvidia to 'outperform' from 'market perform' and raised its price target to $360 from $300 Bernstein raised its price target on Nvidia to a Street high and said the company has upside potential to due to its upcoming product cycles among other things. "With the stock almost exactly back to prior peak levels, it is obvious that not growing more constructive, sooner, was an error. But while that peak (in hindsight) was built on a shaky foundation, the current situation seems much more stable w/ a 'clean' (no crypto) gaming profile, improved Turing traction ( & forthcoming new product cycle), & return to hyperscale builds; had these been true 16 months ago we suspect the stock would have continued rising." Read more about this call here . Guggenheim initiated iHeartMedia as 'buy' Guggenheim initiated the media company and said management has the ability to "outperform" the traditional radio broadcast market. "We are initiating coverage of iHeartMedia with a BUY rating and a price target of $21.50. iHeart's portfolio of radio and digital audio assets reaches consumers at industry-leading scale and generates robust, stable free cash flow. Management has not only demonstrated an ability to outperform the traditional radio broadcast market, but also leverage iHeart's brand/platform to leadership positions in emerging audio formats such as podcasting and streaming." Oppenheimer downgraded Tencent Music Entertainment to 'perform' from 'outperform' Oppenheimer downgraded the China music streaming service ahead of the company's earnings report and said investors should wait for a "better" entry point. "We are lowering our rating to Perform from Outperform and removing our $16 PT as shares are likely to be range-bound on uncertain live streaming regulations and increasing competition with short video platforms. We expect in-line 4Q results but are lowering '20 estimates. TME is expected to cease master licensing agreement with one of the Big Three labels, which should further weigh on its sublicensing revenue and content cost savings likely offset by higher live streaming costs." UBS raised its price target on Adobe to $430 from $360 UBS raised its price target to a Street high on the computer software company and said its survey shows revenue per user for its Creative software is continuing to grow at a rapid rate. "UBS Evidence Lab surveyed 316 Creative buyers, and our analysis of the data shows both growing adoption and increasing ARPU within the CC base. We see this sustaining high-teens rev. growth and EPS growth > 20%. Adobe 's multiple has increased along with the broader market, but we think the premium is justified by superior growth, and see shares grinding higher by ~20%/year on the back of underlying EPS growth." Argus downgraded Royal Caribbean to 'hold from 'buy' Argus downgraded the stock on concerns about the impact of the coronavirus on the cruise line. "We are downgrading Royal Caribbean Cruises Ltd. to HOLD from BUY. On February 13, RCL announced that it had cancelled an additional 10 cruises in Southeast Asia (it had previously cancelled eight) due to the coronavirus outbreak. It also warned that the 18 cancellations would reduce 2020 earnings by $0.65 per share, and that the cancellation of its remaining Asian cruises in 2020 could reduce EPS by an additional $0.55."

Tesla founder Elon Musk speaks at the unveiling event by "The Boring Company" for the test tunnel of a proposed underground transportation network across Los Angeles County, in Hawthorne, California, December 18, 2018.

Robyn Beck | Pool | Reuters

(This story is for subscribers only.)

Here are the biggest calls on Wall Street on Wednesday:

Piper Sandler raised its price target on Tesla to $928 from $729

Piper raised its price target on Tesla to a Street high and said it thinks the company can have the same success in storage and solar power that it's had with autos.

"We're nudging our price target higher after installing a solar system to charge a Model X. Since August 2016, we have been using a Model X SUV in a four-person, single-vehicle household. After logging 53,448 miles and surviving four Minnesota winters, we are convinced that Tesla's automotive products offer a superior ownership experience. If history is any indication, we'll eventually be saying something similar about generating and storing our own solar power. But for now we're increasingly our price target from $729 to $928, which is enough to partially capture TSLA's solar+storage opportunity in our 20-year DCF."

Bernstein upgraded Nvidia to 'outperform' from 'market perform' and raised its price target to $360 from $300

Bernstein raised its price target on Nvidia to a Street high and said the company has upside potential to due to its upcoming product cycles among other things.

"With the stock almost exactly back to prior peak levels, it is obvious that not growing more constructive, sooner, was an error. But while that peak (in hindsight) was built on a shaky foundation, the current situation seems much more stable w/ a 'clean' (no crypto) gaming profile, improved Turing traction (& forthcoming new product cycle), & return to hyperscale builds; had these been true 16 months ago we suspect the stock would have continued rising."