Analysts starting to bet stocks have bottomed with a ton of upgrades Wednesday, including Kraft Heinz, Apple & more

Key Points
  • Deutsche Bank upgraded Apple to buy from hold.
  • JPMorgan upgraded Kraft Heinz to overweight from neutral.
  • Stephens upgraded McDonald's to overweight from equal weight.
  • Citi added a positive catalyst watch to T-Mobile.
  • RBC upgraded TJX Companies to outperform from sector perform.
  • Goldman Sachs upgraded Ross Stores to buy from sell.
  • Goldman Sachs downgraded Under Armour to neutral from buy.
  • Piper Sandler upgraded Hershey to overweight from neutral.
  • Nomura Instinet upgraded Square to neutral from reduce.
  • Barclays downgraded Hertz to equal weight from overweight.
  • Berenberg upgraded Activision Blizzard to buy from hold.
  • Gordon Haskett upgraded Rockwell Automation to buy from hold.
  • Cowen upgraded Southwest Airlines to outperform from market perform.
  • Morgan Stanley upgraded Box to overweight from equal weight.
  • Deutsche Bank upgraded Delta, American, United, Southwest and JetBlue to buy from hold.
Boxes of Kraft Macaroni & Cheese and Velveeta Shells and Cheese sit on a store shelf in Los Angeles.
Kevork Djansezian | Getty Images

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A day after the market's historic surge, Wall Street analysts upgraded a slew of stocks on Wednesday. The calls of the day include, Apple, Kraft Heinz, McDonald's, Hershey and more.

Here are the biggest calls on Wall Street on Wednesday:

Deutsche Bank upgraded Apple to 'buy' from 'hold'

Deutsche Bank said in its upgrade of the stock that it saw a buying opportunity for investors led by four key drivers, including iPhone, AirPods, services, and gross margins.

"We are upgrading AAPL to a Buy rating in light of the recent market correction. AAPL has long been a quality company that we've admired but have felt the recent valuation run was too rich for us from a risk-reward standpoint. With the recent correction so far, we feel comfortable that investors will return to 4 drivers of the stock (iPhone, AirPods, Services, and GM mix shift) when the market stabilizes. While there are risks (retail closures, supply chain/timing disruptions, overall macro impacts to purchasing), we believe they are more near-term than long-term in nature."

Read more about this call here.

JPMorgan upgraded Kraft Heinz to 'overweight' from 'neutral'

JPMorgan said it was "tactically" upgrading the stock and that investors should own "retail-centric" food companies with higher levels of debt right now.

"Though we continue to have a number of structural, longer-term concerns about Kraft Heinz's portfolio and margin profile, we think investors should own retail-centric packaged food companies with higher levels of debt right now. Leverage works both ways, and during relatively good times – which COVID-19 currently brings to US food producers' revenues – higher debt loads likely will disproportionately reward the bottom lines of companies that rely on it."

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