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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 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 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."